Last Updated on April 6th, 2024
The answer below refers to the Native Layer 1 XX Coin. The ERC20 wrapped XX token (WXX) is inherently not a privacy coin as it resides on the Ethereum blockchain and therefore all interactions with it are completely public.
This is often asked because folks are interested for two reasons:
- Whether transactions are completely private and hidden like privacy coins such as Monero
- If exchanges would be less inclined to list native XX Coin because of regulatory issues
The answer to both is no. Native XX Coin has a transparent ledger, just like Bitcoin. Using a tool like the explorer, you can see transactions as they occur and delve deeper into transaction histories and more ledger data.
For this reason, exchanges should not have any issue when it comes to transparency when considering listing the coin.
The reason for confusion is because the ecosystem around XX is privacy centric and so folks assume the coin itself has built-in privacy features. It is not the case as it stands.
XX Network uses its decentralised cMixx network to strip metadata from communications in applications that leverage that system. An example of such an app is Proxxy, which allows people to remain private at the network level whilst using Metamask and its associated relay servers. It does not make any Metamask compatible coins private, but rather stops the tracking of your network activity through Metamask so that the relay server operators cannot create a view over time of your address ownership and therefore asset holdings.
However! In the original XX Network specification and in updates to the xxBFT consensus, developments to introduce privacy features may be undertaken. See page 6 of the whitepaper for details of ‘denominated coins’. Denominated coins are the same technology to allow for private payments within the eCash and eCash 2.0 models (trialled as a CBDC in Project Tourbillon). There may be a future where even though XX Coin remains on a fully transparent ledger, there will bridges and methods to seemlessly obtain denominated coins from XX Coins to spend privately over cMixx. Time will tell.
FAQs
- What is the XX Network?
- What’s New in the XX Network?
- Is XX Coin a Privacy Coin?
- How Much and When Were the Original XX Coin Sales?
- What is cMixx? Is it Different From cMix?
- Is David Chaum Still Part of the XX Network?
- What is Project Tourbillon?
- What is the Circulating Supply and Market Cap of XX Coin?
- How Can I Buy XX Coin?
- How do I Stake XX Coins?
- When Will XX Be Listed on Another Exchange?
- Is The XX Network a Polkadot Parachain?
- How Do I Get XX Coin Funding for a Project, Initiative or Idea?
- Can I Run a Node in the XX Network?
- Are There Any Bounties Available?
