Platform Lets Users Send, Receive Crypto With Flexibility
Xeonbit recently revealed that its peer-to-peer technology is capable of ensuring that every user’s accounts and transactions are kept at bay from any “prying eyes.” Here is everything about it in a nutshell.
The ‘Ring Signatures’ Explained
The ability of the technology to do so lies beneath its feature called “ring signatures.” Through the latter, all public keys are continuously shuffled in an attempt to prevent particular users from identifying them once a transaction takes place. The startup claims the process, albeit efficient in its own, does not affect scalability, security, and speed.
Xeonbit revealed in a blog post its desire to become a commercial foundation dedicated to the Internet. The company said that decentralized digital currency is gradually turning into a normal part of people’s life. However, their main internet device has always been mobile. This device, according to the company, is one that comes with a low-powered CPU and is even limited in terms of storage capability.
It holds true that ring signatures are known for utilizing one-time addresses, ensuring recipients to be the person who actually knows the whereabouts of the funds. Xeonbit, however, explains that its technology is more than that. It can also offer optional transparency for addresses and/or even some certain transactions. Thanks to the existence of view keys, account holders can only provide read-only access to their selected entities.
An Attempt to Branch Out
Xeonbit has its own desktop wallet specifically designed for its native currency called xeonbit (XNB). It is currently available for Linux, macOS, and Windows computers. As the company tries to further its platform development, it has already decided to apply a separate token called XNS. It is already available on the Binance decentralized exchange.
The startup explains that the decision to do is because of the difficult to get XNB accepted. XNB, on the other hand, is a private crypto blockchain, and it proves to be having a hard time getting accepted on some major exchanges.
The company is confident that XNS is capable of making its transaction fee five times cheaper. Above all, it suggests that the XNS will be able to make the process of accept payments for merchants up to 100 times. And yes, this involves the use of digital currency. The company is also hopeful that its decentralized marketplace, which is based on a third-party protocol, will be fully able to launch.