Bitcoin's market value held steady near $105,000 following a 3% drop last week, according to CoinDesk data. Tech billionaire Elon Musk announced the launch of a new messaging app, XChat, on Sunday.
XChat is built on Rust with Bitcoin-style encryption. The crypto community expressed doubts about the app's security and the meaning of "Bitcoin-style" encryption.
Ian Miers, Assistant Professor of Computer Science at the University of Maryland, clarified that Bitcoin uses signatures, not encryption. He noted that Bitcoin transactions are signed, not encrypted, and all data shared between Bitcoin nodes is unencrypted.
Miers added that "Bitcoin style" and "Rust" are not descriptions of an encryption scheme. XChat features include end-to-end encryption, disappearing messages, and file sharing across platforms without a phone number.