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XMTP: Institutional Report

3 min readResearch

XMTP: Abbreviated Introduction

Web3 encompasses technological concepts like decentralization, blockchain technologies, and cryptocurrency-and-token-based economics, and within Web3, participants use blockchain accounts that they control and own, represented by publicly available unique identifiers. These accounts allow participants to transact directly with one another without the need for trusted intermediaries. However, one blatant limitation exists that is an otherwise ubiquitous feature of Web2: the ability for participants to easily and privately communicate between themselves.

The goal of XMTP (Extensible Message Transport Protocol) is to enable any blockchain account to receive and send encrypted messages to any other blockchain account, irrespective if the recipient even knows about XMTP. The protocol is also interoperable across Ethereum Virtual Machine chains, including Testnets.

At this time, there is an idea being circulated to introduce a token that would offer both governance and utility services. However, this still needs to be confirmed.

XMTP Labs, a Web3 software company that is incorporated in Delaware, contributes to the development of XMTP. The project’s team has a strong technical and entrepreneurial background. Moreover, several investors are backing the project.

XMTP v2 is ready for production use, though no launch date for either the testnet or mainnet has been provided.

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