The team behind a private digital currency for secure payments says its goal is to make every consumer their own bank — enabling them to send and receive cryptocurrency with the gadget of their choice.
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Xeonbit says its peer-to-peer technology ensures that every user’s accounts and transactions are “out of reach to any prying eyes.” A feature known as “ring signatures” means public keys are shuffled in order to ensure that particular users cannot be identified once a transaction has taken place. The startup says this is not at the expense of speed, scalability or security.
In a blog post setting out its vision, Xeonbit expressed hope of becoming a commercial foundation for the internet — adding: “Decentralized digital currency is slowly becoming a normal part of everyday life. Yet people’s main internet device continues to be their mobile, a device with a low-powered CPU and limited available storage.”
Although ring signatures use one-time addresses to ensure recipients are the only person who know where the funds have gone, Xeonbit says its technology offers optional transparency for addresses or certain transactions. Through view keys, an account holder can give read-only access to selected parties.
The company believes that there is a plethora of use cases for view keys. While charities could deliver transparency to their supporters, businesses will be able to achieve regulatory compliance by opening up their accounts for auditing. It is even suggested that high-schoolers could have their own accounts for spending pocket money, with parents using view keys to monitor their transactions.
The desktop wallet for the high-privacy cryptocurrency, xeonbit (XNB), is available to download for Windows computers, macOS and Linux. The project says it has chosen to file this application because it is difficult for XNB, as a private cryptocurrency blockchain, to be accepted by major exchanges.
Looking ahead to its plans for the future, Xeonbit told HedgeCulture that they have begun researching the possibilities of a decentralised exchange just for high-privacy cryptocurrency.