Both ChainX and ComingChat will benefit from the Taproot upgrade

As Bitcoin gains more and more mainstream attention, unicorn companies that have emerged in the encryption field have been increasing. Today, NewBTC World will give you a detailed introduction to the Chainnet. Tech that aims to integrate the world’s best blockchain technology, build a new generation of free and fair Internet architecture, and promote the native economy and digital assets of blockchain infrastructure decentralization. .

Chainnet. Tech is a technology company that focuses on technology research and development, uses BTC as the financial framework, and uses technological expansion to improve the performance and privacy of the blockchain network, accelerating the arrival of the new blockchain era!

ChainX | Build Bitcoin infrastructure

Chainnet. Tech was founded by Guanghua Guo and a group of developers who are passionate about Bitcoin and its currency revolution potential. In 2017, we officially began to focus on the cross-chain technology of the blockchain industry. By connecting different blockchains to achieve direct communication, we have greatly expanded the application scenarios of the blockchain. The ChainX project from Chainnet. Tech is one of the best projects in the blockchain cross-chain field. ChainX builds Bitcoin’s layer 2 network to bring mainstream assets such as Bitcoin into more blockchains.

Today, Chainnet. Tech continues to expand more aspects of the company, providing Bitcoin infrastructure through its first-class product ComingChat. As of the post, ComingChat has 12.6w of global users and has brought profound ecosystem growth through a wide range of platform applications.

ChainX CEO Guanghua stated:

“In the past few years, Chainnet. Tech provided technical support for ChainX cross-chain before Taproot actives, helping it set up the process of asset locking and mapping, completing the so-called mirroring cross-chain, so as to realize the transfer on other public chains. With the completion of the 2.0 version upgrade, XBTC 2.0 introduces the Valut (asset custodian) mechanism. Based on the XCLAIM framework, two protocols are introduced to realize a trustless and efficient asset cross-chain system. The potential of this solution is obvious. We support users to perform various behaviors of BTC on the ChainX chain, and reduce transaction fees and transaction block time. From the perspective of BTC application, the creation of the BTC layer 2 network on top of existing BTC network assets will have a revolutionary impact on the world. We are looking forward to the Taproot upgrade, which will maximize the BTC layer 2 network capabilities from a technical level.”

Taproot | XBTC network solution reshaping

ChainX’s XBTC cross-chain version 3.0 and 4.0 versions are based on a private key sharding privacy distributed and MPC (secure multi-party computing) threshold signature mode.

With the upcoming Taproot upgrade in November this year, ChainX’s original XBTC cross-chain XBTC3.0 and XBTC4.0 solutions can be more comprehensively resolved. ChainX users can avoid the risk of leaking the recovered private key in a suitable executable environment. Based on Taproot’s threshold signature decentralized BTC cross-chain, using Taproot’s multiple signature algorithm, linear addition of each public key and signature can be achieved, that is, users no longer need to recover the first aggregate private key.

All of ChainX’s open source code is published on Github, allowing anyone to access it.

https://github.com/chainx-org

ChainX | Launched BTC network application

With the strong support of Chainnet. Tech, its development team has developed the MiniX chain and built an end-to-end encrypted decentralized instant privacy communication application. With the interface of decentralized digital identity and virtual reality, CID NFT will enter the meta-universe with the unique digital identity of CID NFT in the future.

The realization of the ComingChat network happens to provide a crucial multi-party distributed secure and private communication environment for multi-party secure distributed computing.

ChainX CEO Guanghua believes:

“We think that we have gone far and far on the road of encryption algorithms, and we can’t even see a team that is more advanced than us. People have experienced the opportunity of innovation and combination of encryption for the first time. ComingChat began to dominate by our product. However, the investment and finance of the entire encryption industry are lagging. For example, uniswap was officially released as early as 2018, but it will not drive people crazy until 2020.

We are leading the technology, and with the emergence of the product ComingChat, from my personal investment perspective, ComingChat will explode in 2 years. “

ComingChat | Threshold wallet opens another world

By using the ComingChat wallet framework, Coming Wallet supports a variety of ecological stable currency storage and transactions, such as USDT, PCX, ETH, and BTC.

With the growing interest in the BTC network ecosystem in the industry, ComingChat will become the entrance to innovative BTC investment products.

Chainnet. Tech combines ChainX’s BTC layer 2 network and ComingChat aggregation wallet. This type of multiple signature combined with the threshold signature wallet of the MAST contract version can be considered as Tesla — the ancestor of electric vehicles — in the true encrypted wallet. In the same way, we can think that the encrypted wallets before ComingChat are all traditional fuel vehicles. The market value of the threshold signature wallet will be higher than the sum of the market value of many other wallets, such as the market value of Tesla compared to the market value of other fuel vehicles.

The multi-signature usage rate of BTC is very high, and the data supports it as high as 11%.

The scenario of a BTC threshold signature wallet is very broad.

Technically speaking, the XBTC3.0 and 4.0 solutions will be abandoned with the upgrade of Taproot and replaced by the iterative solutions of XBTC2.1, 3.1, 4.1.

The network of BTC, ETH, and BNB is ECDSA. BTC supported the Schnorr algorithm in November, and ETH’s VB said that in the upcoming 2.0 version, Schnorr algorithm will be supported, and Substrate’s 25519 elliptic curve algorithm has also supported the Schnorr algorithm.

ComingChat’s threshold signature wallet can support all account systems that support the Schnorr algorithm. It can be said that ChainX, SherpaX, BTC will be supported by ComingChat’s threshold signature wallet for the first time.

Threshold signature wallets have multiple benefits:

  • Reduce transaction costs, which means that the user transaction fees for bitcoin are reduced.
  • It allows users to keep their private keys for separate protection. For safer storage of private keys, for example, it can be divided into 2/3 mode. Even if the user loses one, it will not affect the use.
  • It can enhance the scalability of Bitcoin, increase its anonymous privacy, and achieve signature account privacy.
  • Brute force cracking (such as quantum computing cracking) can be completely prevented. With multiple linearly synthesized public keys, a quantum computer cannot specifically brute force a public key because quantum computers cannot guess how many public keys there are. An account formed by superimposing the keys causes the difficulty of brute force cracking to increase by an order of magnitude. Therefore, with the advent of quantum computers, threshold signature wallets will be considered a good means to resist brute force cracking by quantum computers for a period of time.

ComingChat | Start trying

Now you can download an aggregated signature threshold wallet, take your XBTC, and go to the official website to experience it!

https://www.coming.chat/

We very much agree with Chainnet. Tech’s plan for the BTC network solution. The evidence that the crypto market is slow but bound to mature has become obvious, and the capital and resources flowing into the crypto field have increased significantly. Therefore, it is only a matter of time before cryptocurrency becomes the mainstream. This is why NewBTC World establishes a developer community and expands the scope of each other’s influence by cooperating with development technical teams from all walks of life, which has formed the core of the NewBTC World community.

NewBTC World will take you to find new opportunities in the layer2 era!