Initial sale of David Chaum’s new cryptocurrency is complete
The xx network has completed its initial sale of the xx coin, the revolutionary cryptocurrency led by David Chaum. The sale was focused on rewarding early backers who helped drive decentralization of the xx network.
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During the Regulation S offering, 500 coin holders from outside the U.S purchased $9.7M in xx coins totaling approximately 3.5% of the overall supply. 55 countries on 5 continents participated. Until xx MainNet, coins will be secured by an ERC-1404 contract with an associated lockup period (See xx-coin.io).
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“The strengths of the xx coin,” Chaum shared, “address the three main technical crypto challenges as well as the one issue that matters to users. How long does it take for a crypto transaction to complete to finality? Will processing be fast if the whole world adopts? Can bad actors steal or destroy my money? And, is it easy to use?”
Chaum explained, “xx transactions take 10 seconds to finalize and easily meet global transaction rates, all because of unique xx endorser sampling. The xx coin uses national labs level cryptography and with our compact endorsement signatures, a smartphone can validate, instantly in app, which means the xx coin will be easy to use like any fiat payment app.”
xx security “is grounded in quantum secure, hash-based cryptography similar to what NSA uses for its most sensitive data,” William Carter added. Carter, who leads the Cayman xx consensus team, also pointed out, “To reach consensus, we use a constant-size subset of nodes to endorse each block, the entire network doesn’t have to communicate. We call this ‘endorser sampling.’ For each block, endorsers use quantum-secure signatures to prove unforkable finality in seconds and the signatures are performant enough for smartphones to validate directly. The result is a decentralized xx network that scales linearly with the number of nodes, supporting tens of thousands of transactions a second while maintaining optimal robustness against insider or network attacks.”
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