Xeonbit’s team that is responsible for the private digital currency for secure payments aims at developing a platform that would enable their customers to be their own banks. By this, Xeonbit means that the customer can send and receive crypto with their desired gadgets.
Xeonbit claims that its peer-to-peer technology is secure from all the out of reach prying eyes. It has a feature named “ring signature.” This feature shuffles all the public keys so that once a transaction is made the user cannot be identified. At the same time, the introduction of this feature has not affected the speed, scalability or security of the system.
Xeonbit in a blog post stated that it wants to become a commercial foundation for the internet, it quoted “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.”
Xeonbit also offers optional transparency for addresses or selected transactions. An account holder can allow certain parties to have read-only access to the details of the user. Also, the ring signature ensures that the receiver is the only person who knows where the funds have gone with the help of one-time addresses.
The View keys option has a number of uses if given a thought. Charities could maintain transparency with their supporters, businesses will be able to achieve regulatory compliance by opening up their accounts for auditing. It is also possible for parents to watch over their kid’s transactions by using the view keys option and also then the kids can have their own accounts for spending pocket money.
The company has also launched the desktop wallet of its cryptocurrency, Xeonbit (XNB) to the general public. It is available for download on MacOS, Windows and Linux devices. The company further added that the reason for choosing the application was due to the fact that it is challenging for the cryptocurrency as a private Blockchain to be accepted by cryptocurrency exchanges.
For the future, the company plans to introduce a number of merchants so that it would strengthen its use cases. Also, the company plans to reduce the transaction fees and make it lesser than the standard fees of crypto exchanges. The company hopes that its project would be ready by the last quarter of 2019.