Elon Musk reveals futuristic plans: the X with "Bitcoin-style" encryption and new features

Elon Musk reveals futuristic plans: the X with "Bitcoin-style" encryption and new features

In recent days, a heated discussion has erupted on social media around the plans for X, the company owned by Elon Musk. The latter has announced the arrival of a new direct messaging feature called XChat, which is to include "Bitcoin-style encryption". This statement has sparked not only excitement but also a number of technical debates, as the cryptographic details are more complex than they first appear.

In a post on Platform X on June 1, Elon Musk outlined that XChat will be a more enhanced version of current messaging capabilities. In addition to text messaging, it will offer audio and video calls, disappearing messages, and the ability to share any kind of file. The new service is built on the Rust programming language and, according to Musk, has a "completely new architecture" with "Bitcoin-style encryption."

The announcements have sparked a lot of interest in the crypto community, along with questions about how exactly the encryption will work. On May 29, X suspended the encrypted messaging feature to make improvements - suggesting that the new version of XChat could bring advanced security features.

However, the reactions of the bitcoin community have not been unilaterally enthusiastic. Some experts, such as Samson Mow of JAN3, pointed out that "Bitcoin is not encrypted," while cryptoinfluencer Pledditor explained that Bitcoin uses elliptic curve cryptography, not regular encryption. Core developer Luke Dashjr then pointed out that "Bitcoin doesn't even use encryption", and criticized the use of the Rust language from a security perspective.

Some experts have suggested that Elon Musk may be referring to BIP-151-type encryption of peer-to-peer communications, a proposal to encrypt data within the bitcoin network. This system uses elliptic curve cryptography, which allows BTC holders to prove ownership and authorise transactions without revealing the private key - a system that is extremely secure and decentralised.

In addition to encryption, there is speculation that X plans to introduce a payment system called X Money, which is expected to launch in beta later this year. Elon Musk confirmed back in May that testing is underway and will initially be available to a limited range of users with a passcode. The move suggests that X is aiming to compete with platforms like Telegram or Signal, as well as fintech apps like Venmo and Cash App.

The whole project is part of Musk's goal to turn X into an "app for everything" - a platform that would combine communications, payments, and other services into one comprehensive app. After acquiring Twitter in October 2022, he promised to turn the platform into something more than just a social network.

In conclusion, Elon Musk and his team are trying to enter the world of encrypted communications and financial services with ambitious plans. Whether it's true "Bitcoin" encryption or innovations at the edge of technical possibility, it's certain that X will be heard a lot in the coming months.

*This is not an investment recommendation.

The Coingarage team