ECash creator David Chaum introduced the new Praxxis cryptocurrency, which is resistant to attacks by quantum computers.
According to Chaum, it took 6 months to develop Praxxis. The Praxxis team was developed by a development team from WBM Corp., a company registered in the Cayman Islands. It is known that the new product will work closely with another Chaum development – the Elixxir project, which was introduced in September. Elixxir is a blockchain solution aimed at providing its users with a fast, secure way to exchange cryptocurrency with minimal fees, while maintaining confidentiality.
The Praxxis protocol addresses scalability, privacy, and security issues. The company’s publication says that the developers worked on creating such a form of cryptocurrency, which Satoshi Nakomoto wrote about at the beginning of his “white paper”. Chaum devoted 40 years to the study of the digital monetary system – Praxxis implements solutions that have been reached thanks to many years of experience, taking into account the current problems of blockchains and cryptocurrencies.
It’s not in vain that Chaum focused on developing a cryptocurrency that is resistant to quantum computers, as earlier information appeared on the network that scientists were able to find out that even the most complex key needs to be decrypted if the resources of a quantum computer are enough. Experts found that due to the incredible speed of solving problems, such a machine could decrypt the cryptographic code that is used in the Bitcoin blockchain, which compromises the security of data and funds of Bitcoin users.
