XX Network versus Internet Computer Protocol. You all asked me to compare these two, so if you're interested in XX Network, you'll want to see this review, because I'm going to compare it to Internet Computer Protocol, which, as far as I've seen in researching thousands of cryptos, is by far the crypto I'm invested the most in and has the best tech. I compare everything else to that, which tends to make it clear what we're actually looking at.
A small project with a falling chart
XX Network right now is a small crypto project in terms of market cap. The chart is almost completely negative the entire time, except for one little pump when a lot of things went up at the same time.
"Full stack platform" — but where is the product?
If you look at the About section for XX Network, it says XX Network is a, quote, full stack platform. Now, Internet Computer Protocol is actually a full stack platform. It's where you can build things like my website, which is on Internet Computer Protocol. I just invested a few thousand dollars into Tokens for Tagger, which is a fully on-chain RealWeb3 social media platform, linked on my website, and OpenChat, which I also use every day along with Tagger. OpenChat is a fully on-chain Discord or Telegram equivalent on ICP. This is RealWeb3. This is real compute on blockchain. This is blockchain with the Internet Computer.
So when XX Network says it's a, quote, full stack platform, I don't believe it, based on what I see and based on how small the market cap is. If you want to see why I keep coming back to this comparison, I go deep on it across my ICP Crypto playlist, and it's the same reason I keep arguing that crypto market caps are a distraction and only ICP is real.
The quantum-resistant and privacy narrative
Some of the hype for XX Network is that it calls itself quantum resistant. If you go on the homepage at XX Network, it says it's the first and only quantum resistant and private network. It's a privacy-focused blockchain ecosystem.
Now, what we've seen with other privacy projects is that, for example, Monero, which I reviewed recently, got delisted from Binance. So privacy-focused is not something I want to invest in. If you want my full take on that side of it, I walked through it in my review asking whether you can trust that Monero's transactions are really private.
Then there's the first part of it, quantum resistant. Internet Computer Protocol has the largest research and development team in blockchain. If anybody is prepared, or even thinking seriously about quantum resistance, I'd imagine it's a team at Internet Computer Protocol, because they have hundreds of engineers who have worked to make this the best tech in crypto. So I'm looking at XX Network by comparison. Okay, if this says it's quantum resistant, why is it quantum resistant? Who made it? I would think that would be a good bit of work to make something protected against quantum computing attacks.
And how big of a threat really are quantum computing attacks? Bitcoin should be very vulnerable to quantum computing attacks, given the amount of money in it and the huge wallets you could hack. You've got a lot of money flowing into Bitcoin from people who, in theory, should have a good idea about that. So are quantum computing attacks even very relevant in the foreseeable future? And if they are, is XX Network really in a position to withstand them?
Well, this is feeling to me like it's just a narrative crypto, where they've gone, okay, we need a unique narrative, let's talk about quantum resistance, and then we'll throw privacy in there too.
Where is the team?
It's hard to even see who's behind this. I've looked around, and I don't see the team at all. On CoinMarketCap, it says it was invented by the cryptographer David Chaum. I don't see anybody else involved in the project, and I don't see him listed anywhere on the project itself. People put up with that because they don't realize there are huge teams with hundreds of people and superstar cryptographers working on the Internet Computer. I don't put up with projects where I can't find the team, or where there's no working product that I can see is truly valuable.
Now, sure, I did invest in Tagger, and the founder is anonymous on that. But that's a small market, about 80 times smaller than this, its app is fully functional, and I'm actually using it. So that's drastically different. XX Network does not look like it really does anything that's that valuable. This looks like they basically made the easiest, simplest network they could make and got it up there to try to make a little bit of money. It doesn't even look like there's much energy being put into advancing it or marketing it. This is the kind of thing I dig into in my Money playlist, where I review coins like this one against what I already hold.
The white paper and the abandoned YouTube channel
If you look through the white paper, I don't see anything in it that impresses me. When you look through the Internet Computer's material, there's a lot of stuff that impressed me. With this one, I don't see anything in the white paper. It's talking about projected node specifications, and that should be updated, but it's not.
And here's a bad sign. Their YouTube channel, which they link to, has had only one video put up in the last year. It looks like this project, if anything, has slowed down, and not much is happening. They were putting a lot of stuff out, maybe trying toward the end of the last bull market, and then things slowed down. Maybe they put some material up during the previous bull market, but it looks like they've pretty much given up on this project, and nothing much is even happening with it. Compare that to the DFINITY YouTube channel, which has 400-and-something videos. They're cranking out tons of videos, more videos faster than ever on their channel, despite the price being down two thirds over the last few months.
A ghost chain: what the explorer shows
So everything I find when I go to look at XX Network tells me this is not something I'd want to invest in, especially compared to the Internet Computer. You read through the FAQ and it talks about game-changing technologies, but when you actually look at the explorer, it says active accounts, and what does that even mean? Active since when? The only number I can even get on accounts is about 9,000 accounts. On the total supply, you've got around 60 million dollars that still appears to be out there. It looks like a lot of that may be other allocations. You've got all these things that look like they're still staked and may be dumping on the market at any time. You've got vesting, you've got a bunch of rewards, and all these other pieces in the total supply, and then there's only 55 percent of this much smaller amount that's actually staked.
If you look at the blocks, there's almost nothing happening at all. The last real transaction looks like it was two hours ago, and the one before that was seven hours ago. Compare that to Tagger. Tagger is a million-dollar market cap, fully on-chain social media platform, and you've got a lot more transactions happening on Tagger than that. You've got people swapping, you've got all these transactions on Tagger, and that's a million-dollar market cap. This is why you've got to compare things to really understand them. XX Network looks like an absolute ghost chain that's being left behind. There are days where there's literally not a single new account at all on it.
My verdict: I'm not swapping my ICP
So XX Network is definitely not something I would want to invest in, and it's definitely not something I'd want to swap my ICP for. I'm very careful about where I put the vast majority of my portfolio: about 90 percent in ICP, then maybe seven or eight percent in Tagger, and then some other coins on ICP. That's just my own experience and opinion, not advice for you, but it's the same conviction behind why I keep telling people to sell altcoins for ICP when I look at projects like this one.
If you want to chat with me about reviews like this, or ask me to compare a coin you're holding, I keep these conversations going every day in the Jerry Banfield Family, where I share what I'm actually buying and why.