X11 is a widely used hashing algorithm created by Dash core developer Evan Duffield.
The X11 algorithm uses multiple rounds of 11 different hashes (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, echo), thus making it one of the safest and more sophisticated cryptographic hashes in use by modern cryptocurrencies.
The increased complexity and sophistication of the chained algorithm provides enhanced levels of security and less uncertainty for a digital currency, compared to single-hash PoW solutions that are not protected against security risks like SPOF (Single Point Of Failure).
For example, a possible but not probable computing breakthrough that “breaks” the SHA256 hash could jeopardize the entire Bitcoin network until the network shifts through a hard fork to another cryptographic hash.
Given the speculative nature of digital currencies and their inherent uncertainties as a new field, the X11 algorithm can provide increased confidence for its users and potential investors that single-hash approaches cannot. Chained hashing solutions, like X11, provide increased safety and longevity for store of wealth purposes, investment diversification and hedging against risks associated with single-hash currencies plagued by SPOF (Single Point Of Failure).