quantum computing-resistant cryptocurrency
The "Godfather" of the cipher bank movement and the creator of the first eCash digital monetary system, Dr. David Chaum announced on Tuesday, August 20, the launch of a new cryptocurrency based on the Praxxis blockchain resistant to quantum computing.
“I am extremely pleased to present a new amazing project that I have been working on in secret,” David Chaum wrote on Twitter.
I am extremely pleased to finally be able to bring a new, exciting project out of stealth: @praxxis_io https://t.co/CMcVZLtSxe
– David Chaum (@chaumdotcom) August 20, 2019
Led by Chaum, Praxxis has been developed over the past few months by a development team from WBM Corp., a company registered in the Cayman Islands.
The accompanying press release states that Praxxis has a new consensus approach based on 40 years of Chaum’s previous work on digital currencies, voting systems, and distributed consensus.
The new blockchain also works closely with another brainchild of Chaum – the user-oriented platform Elixxir, the launch of which the creator of the first digital monetary system eCash announced last year .
“We are working on Praxxis decentralized digital currency to provide high-speed financial transactions. The world also needs Elixxir communications technology, as it is the only known practical way to break down the metadata that inevitably forms during our digital life. In order to support Elixxir, a better type of consensus is needed in comparison with what we have in the current blockchains. Today, he works in alpha mode without consensus, and this is the reason why I focus on the Praxxis project , ”said David Chaum.
Allegedly, the Praxxis consensus protocol simultaneously addresses the scalability, privacy, and security challenges that traditional blockchains face, thereby providing a “clean, p2p version of electronic money,” which Satoshi Nakamoto called for bitcoin in his white paper.
To make payments, the scaling and speed of which meets the requirements of the global financial market, Praxxis uses a structure with a fixed face value of coins. Payments are divided into individual coins, which can then be mixed with other payments, thereby ensuring the necessary level of privacy.
The #Praxxis blockchain supports a new digital currency which uses a denominated coin structure that breaks payments down into individual coins which can then be commingled with coins associated with other payments to provide privacy. Similar to physical cash, and e-cash. pic.twitter.com/ii3MNkRNxQ
– David Chaum (@chaumdotcom) August 20, 2019
Also, David Chaum emphasizes, Praxxis uses a type of cryptography, which is not only fundamentally different from those approaches that government structures profess, but is also resistant to attacks at the quantum level. Thus, he argues, the rarely discussed fundamental vulnerability inherent in current widely used cryptographic tools is avoided.
The resulting combination of this unique quantum-resistant consensus & denominated coin structure, w / @Elixxir_io 's metadata-shredding privacy & speed, is a technology capable of creating a truly global electronic cash, built to satisfy all 4 requirements for mainstream adoption pic .twitter.com / SF6hdwEuIP
– David Chaum (@chaumdotcom) August 20, 2019
“The challenge is to create a digital currency that really works for people. Technical requirements for speed, privacy and security in such cases usually remain in the background. Praxxis breaks this forced compromise, and it is an incredible achievement with really important and practical consequences in terms of performance, ”added COO WBM Corp. William Carter
The full technical specifications of Praxxis will be included in the white paper, due later this year. Interaction with Praxxis and Elixxir networks will be possible through the xx collective application, which David Chaum launched earlier this year.
Recall that earlier BlockchainJournal published the “Genesis Archives: David Chaum's eCash and the Birth of the Dream of Cipherpunk” , which describes the creation of cryptographic technologies, thanks to which Tor and the first digital money system appeared.
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