The Everything App: XChat Being Added To X

Elon Musk announced that XChat is going to be added to X. This will replace the existing DM feature that is presently available to premium users.

Since purchasing Twitter in 2022, Musk has espoused the idea of X becoming "the everything app". He is modeling it after the popular Chinese application, WeChat. The idea is to integrate social media, commerce, and financial all in one.

Earlier this year, the CEO of X, Linda Yaccarino, announced that X would roll out its payment system. This is being called XMoney. The company has secured licenses from most states in the US. This authorizes the company to transfer funds on behalf of people in those states.

As of now, there is still no word of crypto integration. My guess is that, on this end, X will wait for regulatory clarity. With two bills pending in Congress, it is of benefit to wait. A few months will not set anything back.

If I had to forecast, I think that X ultimately brings out its own stablecoin. That will facilitate the transactions. Nothing was stated by the company on this end but, since the bill prohibits publicly traded, non-financial corporations from doing this, X can get a leg up on Meta and Google.

In the meantime, we can entertain the idea of XChat.

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The Everything App: XChat Being Added To X

The pending addition of XChat to the X platform will be a major step forward. It appears this is going to mimic the capabilities of something like Signal.

Elon Musk has introduced XChat, a new messaging feature, on his platform X (formerly Twitter). With this latest addition, Musk is taking another big step toward turning X into an all-in-one platform for daily use. In a post, Musk shared that XChat offers end-to-end encryption, disappearing messages and support for sending any type of file. Additionally, you can do audio and video calls across all platforms without needing a phone number.

Source

There was some confusion as Musk mentioned Bitcoin-like encryption. That threw people since it does not seem that Bitcoin has encryption that is novel. What makes Bitcoin different is the distributed nature of the ledger, with unrelated nodes all keeping the ledger updated.

On this, there is no way X is setting up a decentralized node system to run XChat. Perhaps there is a new encryption type developed but it seems this is more of a marketing pitch.

That aside, this will offer a lot to the platform. Musk is operating from the standpoint of having all the features rolled into one platform. Even Meta has things siloed between its different applications.

More Than Social Media

Remember when the media was promoting Bluesky as the next great thing. It was laughable how desperate they were to keep attacking Musk. Many felt that Bluesky would become the X killer.

Since that time, Bluesky has leveled out. The mistake people make is to think about social media as a destination. Bluesky, or any other platform, is doomed to fail if it operates simply as a social media application.

Those days are dead.

Instead, we are looking at platforms that are multi-featured. Not only are we seeing the merging of commerce, financial, and social media, AI is playing an ever larger role. It just so happens, like Google and Meta, X has its own LLM.

Then we have banking.

For the moment, things are a bit uncertain. The lobbyists for the banks did a good job getting regulatory protection. However, the last 20 years showed us that the banks cannot stand up to FinTech.

At some point, the larger technology players will get into finance. The path is blurred at the moment until regulatory clarity is provided. Once that happens, the Silicon Valley giants will figure out a way to get around them.

Exploiting loopholes is the specialty of their highly paid legal teams.

If digital wallets become the foundation of finance, then we are looking at the walled systems the banks operate being threatened. Of course, adding a wallet system to a digital platform is child's play for these tech giants.

XChat will likely offer commercial activities. This means the money transfer system will be integrated.

The idea is to have it all build upon itself.

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Banks built a regulatory moat around themselves to squash the smaller competitors. Now that same moat prevents them from getting in front of crypto. If they lobby to relax regulatory compliance, then they also increase smaller competitors.

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The mistake people make is to think about social media as a destination.

Agreed. The social media landscape is certainly evolving. GaryV talks about the modern day SEO isn't Search Engine Optimization. The new SEO is Search Everywhere Optimization. He also talk about no longer being in social media society, but more of an interest based society. Which resonates with me in a big way. When I want to catch up with people I know well, I go to FB, when I want get info about topics I am interested in I go to X. And of course when I want to get EVERYTHING without concerning myself with algorithms etc, I come here to Hive. It reminds me of the early days of social media when it was just a few early adopter geeks. Way before the general public showed up. Hive is definitely home.

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Hi @taskmaster4450

I don't know if you know about the V4V.APP being created by @brianoflondon and how it is helping to connect content creators on Hive and ThreeSpeak to Podcasting 2.0, which is an attempt to create a decentralized backbone and databased system for the literally hundreds of millions of Podcastors worlwide, and help them monetize their work.

V4v.APP connects Hive Content creators to Content creators and listeners outside Hive, and lets Hive listeners send Bitcoin Sats to Content Creators outside Hive, and lets Outside Content Listeners Send Hive to content creators on Hive.

It's complicated but it's simple at the same time, a two way street for content creators using two different types of digital monies.

You will find a summary here link and I think you will want to support the project through DHF.

I am not connected to the project, nor paid by the project, I just think it's great for Hive and deserves some support.

I think it doesn't get the support it deserves because I have read their posts and their too complicated. So I wrote a post breaking it down into what they are trying to do in non-developer terms. If you read it, I think you will get it and understand how big this could be for Hive.

Thanks
@shortsegments

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That's a inspiring development and innovation around X

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XChat sounds like a serious upgrade. If Musk pulls this off, I am curious to see how people respond to it!

!BBH

!PIZZA

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