Home / Blockchain / eCash founder David Chaum makes big promises with Elixxir Blockchain

eCash founder David Chaum makes big promises with Elixxir Blockchain

Over 30 years after creating eCash, a predecessor of bitcoin and other cryptocurrencies that generated the Cypherpunk movement of the 80s, Dr. David Chaum returned to the public with the statement of inventing "the fastest cryptocurrency in the world." [19659002] Chaum is widely regarded as the ancestor of cryptocurrencies and the world's largest cryptographic security and online privacy thanks to his pioneering work on security research over the years 80. His academic paper, "The blind signatures for untraceable payments", laid the groundwork for the modern cryptography used to secure blockchain and cryptocurrency. The "private key" and the structure of the "public key" that it exposed decades ago are still the basis on how to conserve cryptocurrencies in portfolios.

Birth of Elixxir

Now claims to have invented the first blockchain in the world with the ability to manage all the needs of messaging and payments on a consumer scale. The new platform, dubbed "Elixxir", is able to process hundreds of thousands of confidential and resilient transactions per second.

According to Chaum, the Elixxir blockchain offers faster and cheaper payment and messaging solutions than all other existing blockchains with the ability to scale up the current blockchains can not dream. While Elixxir claims to be able to handle hundreds of thousands of simultaneous transactions every second without any problem, Ethereum, in comparison, can handle only about 15 transactions per second.

In correspondence with Bitcoin Magazine Chaum said that the response to Elixxir was overwhelming.

"From our announcement, 24 hours ago, we had more than 600 expressions of interest for the management of nodes and thousands of interest expressed in our community, and we do not see the time to continue to grow and work. with our community. "

Based on the background of eCash and the latest cryptographic innovations, Chaum says Elixxir will offer users the advantage of speed and scalability at the level of non-blockchain platforms like PayPal or Visa – something that , if it is able to provide, promises to be a turning point for the cryptic industry in mass adoption.

Huge promises

According to Chaum, Elixxir is successful in two great things that generally other blockchains fail. The first is that it has changed the composition of digital signatures used to verify the ownership of cryptocurrency tokens. In his view, modern digital signatures are too complicated from a computational point of view, which in turn prevents blockchain platforms from scaling or achieving anything approaching the speed of non-blockchain networks. Elixxir will use a digital signature per block for each node that contributes to that block.

"You can not get speed and scalability if for every transaction a server has to perform a" public key operation how to perform a signature or check a signature we can cheat a little ", commented Chaum all & # 39; Consensus event, recently concluded in Singapore.

Elixxir does indeed "betray" by performing "public key operations" in advance, a framework that Chaum claims has never been attempted before, and which offers speeds up to 1,000 times faster than any other existing blockchain. This, says Chaum, is a turning point.

Asked if his blockchain could rival some popular networks such as Lightning, Chaum said: "Elixxir can bring the blockchain to a new level.

" A & # 39; consumer communication and payment app with performance , privacy and ability to which consumers are accustomed to today's centralized systems. But at the same time, it can be resistant or attack even at the level of national opponent. "

In addition to speed, Elixxir's cryptography effectively" fooled "future proofs of the network against the spectrum of quantum cyberattacks at a time when there is a considerable amount of debate about quantum computing poses a threat to blockchains.

For now, the project remains focused on transactions and is not yet ready to reach the market in a short time, but Chaum believes that Elixxir could eventually become much more than a simple cryptocurrency becoming a fixed element in online security frameworks.

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