Recently, the encrypted instant messaging app Signal announced the integration of the privacy payment project MobileCoin, which integrates the use of MobileCoin for payments. The price of its token, MOB, has also risen sharply, with an increase of over 800% in the past 30 days. The current total market value of MobileCoin is about 13.8 billion U.S. dollars (data from CoinMarketCap on April 12).
MobileCoin is an encrypted digital currency based on UTXO, ring signature, and zero-knowledge proof written in RUST language. Compared with other digital currencies with privacy concepts such as Zcash and MXR, the biggest advantage of MOB is that not only the transfer amount is private, but the sending and receiving addresses of each transaction are also private. Therefore, from the perspective of privacy technology, MOB’s privacy technology direction is undoubtedly very cutting-edge with high potential.
But for now, the greatest value of MOB is in the field of payments. Its largest channel and carrier being Signal. From the perspective of payment alone, this is indeed excellent. However, paying with privacy cryptocurrencies is still a niche market. It’s a new currency and not an already established currency like BTC. From the perspective of the entire cryptocurrency market, the status of BTC is unshakable. If cryptocurrency payments are to make a breakthrough and actual progress, it must start with BTC, but not limited by its native TPS capabilities. The application of BTC as a payment method is a layer still being explored. Manyh technical teams and projects are building their applications to make this a reality and give greater function to BTC as a form of payment, rather than a store of value.
Speaking of BTC payment and Layer 2 applications, ChainX is a project worthy of research and attention. ChainX is also a blockchain written in RUST, but it is based on the Substrate framework designed by Parity. ChainX is not focusing on making a new currency from scratch to function as a payment solution, but instead is dedicated to further expanding the payment function of BTC and realizing a second layer for BTC with zero-fee payments.
ChainX has not yet added any element of privacy, because, from the perspective of the real world, the encrypted payment of non-privacy payment is a payment method that is more in line with the general needs of the public. Using BTC as the currency for payments is also more easilly accepted by the greater public who are very familiar with BTC. ChainX has already established a plan for this. X-BTC 2.0 is currently in a open testnet and is believed to be released soon. This will bring great utility to BTC custody, payment, and Layer applications, making the use of BTC faster and safer.
For the future, ChainX is also actively exploring the integration of privacy elements. For example, the cooperation with Platon, a privacy AI public chain, is believed to be able to leverage Platon’s powerful technology and market to form a strong alliance for the BTC (X-BTC) on ChainX chain, providing [rivacy payments for its users. Within ChainX’s vision, users should be allowed to freely choose between private or non-private BTC payments.
Coming, an encrypted messaging app with digital asset transfer function. Our communication module is built on the end-to-end encryption protocol to ensure the privacy of communication , and the transfer module will use X-BTC (BTC after cross-chain) as the circulating currency in the system with extremely low transaction fee.