Following the recent finalisation of its privacy technology, XCurrency is readying its code for rigorous testing and its business for commercial operation.
After months of intensive development, XCurrency is in preparation to “bulletproof” its code, which will be through consultation with other security experts, specialist reviews, and public bounties for anyone who can provably break XC’s privacy. XCurrency is additionally preparing to launch publicly, which will enable it to commence commercial operations for its web 3.0 distributed content server, support in-app XC purchases, and a host of other blockchain 2.0 features. XCurrency’s launch will include an ITO (initial token offering), giving the public an opportunity to own shares in XC.
Bullet-proofing XC’s technology
While XC is not short on security expertise, reviews by third parties and extensive empirical testing are of course necessary to establish public consensus on the security of XC’s technology. XC’s privacy solution is now ready to enter this phase of its development, and should take the following course:
The appointment of security consultant(s) to internally review XC’s code.
The commissioning of public reviews from recognised experts in privacy-centric cryptocurrency design.
The publishing of an academic presentation of XC’s technological advancements.
The creation of at least one large public bounty, claimable by anyone who can provably (demonstrably) falsify XC’s claims about the privacy of its payments.
XCurrency claims that no link exists on the blockchain between the sender and receiver of a private payment. It claims that not even the nodes that forward and mix transactions hold this information. It claims that the amount sent or received is kept private. And it claims that if the recipient of a transaction is known, the sender cannot be ascertained, and vice versa. Each of these aspects – and perhaps more – may acquire bounties.
XCurrency’s upcoming web 3.0 services and “bitcoin 2.0” apps will serve everything from advertising and webpage content to personal files, messages, and payments. But in order to do so, XCurrency will need to function as a licensed public entity, and thus will be registered as a closed corporation in the USA and as functionally equivalent entities in other regions of the globe.
This role draws out a clear distinction between the value of XC the currency and XC Inc. The former is determined by factors like public adoption, its usefulness in ensuring privacy, and its open source code. The latter is determined by XC’s ability to consistently create ground-breaking technology for a market that is awakening to the need for personal privacy. Therefore there is good reason to abstract the value of XC Inc. from XC the currency. Having separate tokens to signify, on the one hand, an open source currency, and on the other a company that creates apps and services upon it, will clarify a relationship hitherto relatively opaque. XC Inc. will have no direct control over XCurrency’s code, but it will continue to extend its features and produce its reference software.
To this end, XC Inc. plans an ITO, giving investors the opportunity to own shares in XC Inc. as well as owning coins. Rules of the ITO are by no means finalised, and XC welcomes discussion about its plans:
Since a decentralised exchange has long been on XC’s development plan, it is most likely that XC shares will be made available from within the XC app.
To maximise access, shares will additionally be made available for purchase at several asset exchanges. To this end, XC lead developer Dan Metcalf has been contracted to review – and, if necessary, improve – the NHZ asset exchange, ensuring its security and reliability.
During the course of the ITO, holders of XC will be entitled to claim shares in XC Inc. This will not require selling units of currency in exchange for shares; proof of ownership of 10 XC coins will entitle one to own an XC Inc. share.
As such, XC coins will be equivalent to, and not tradable for, XC Inc. shares. Thus XC’s money supply will not be diluted.
After the ITO has ended, XC Inc. shares will trade independently of XC coins.
Owners of currencies other than XC will be able to purchase XC Inc. shares.
No date for the ITO has been set, and the rules above are for discussion purposes. The ITO can be expected to take place in the coming months. Interested parties are invited to discuss the ITO on XC’s Bitcointalk thread.