Home / Cryptocurrency / The creator of Ecash is back – and he thinks he built the fastest cryptocurrency

The creator of Ecash is back – and he thinks he built the fastest cryptocurrency

One of the founders of the cypherpunk movement has just revealed a new technology that he believes will revolutionize the cryptocurrency from this moment on.

Revealed exclusively to CoinDesk, the gray and digital money pioneer David Chaum is launching a new cryptocurrency Elixxir through his startup.

And his goals are bold. Using cryptographic techniques that he invented decades ago, he believes he has "reinvented" cryptocurrency, solving fundamental problems afflicting emerging technology, including speed, privacy, scalability, and – perhaps they do not get as much attention – resistance to future disasters.

In addition, he thinks that the resolution of these problems will take the "mainstream" blockchain.

One of the most influential pioneers of the digital money that led to bitcoin, the famous cryptographer has been investigating conferences on cryptocurrencies recently – dropping suggestions here and there – unleashing theories about exactly what he did . [19659002] What he found, however, were many problems with the technology.

Not the least of all that requires more than one hour to send a secure payment, which is not competitive at all with PayPal, Visa or other major digital payments

"Yes, it's not really suitable for use widespread, "Chaum told CoinDesk.

But using his more than 30 years of experience working with cryptography and payments, including the development of anonymous digital money eCash before the Internet existed, he thinks he has found a new way to solve these problems.

"I think we can kill these problems," Chaum told CoinDesk, adding:

"It's not bullshit, we have code running in our lab."

Cl targeted discoveries

The cryptographer claims to have made two discoveries of blockchain.

One is to change digital signatures, a crucial cryptographic component of cryptocurrency, used to check if anyone has the cryptocurrency they say they do.

According to Chaum, the way digital signatures are calculated in most cryptocurrencies today is just a nuisance. These signatures are too costly from a computational point of view, as Chaum claims.

"There is no way to get speed and scalability if for every transaction a server has to perform a" public key operation "like making a signature or checking a signature," ha

So, Elixxir lo change a little.

"We can cheat a little", said Chaum

claiming that the system could perform these operations with the public keys "in advance", explained Chaum doing so, Elixxir is not less than a thousand times more fast than any other blockchain.

"It's a turning point – nobody else does anything like that," he added.

The public-key cryptography used in Elixxir also has another impact: in the future it resists the cryptocurrency for the quantum computers. Currently, most cryptocurrency architectures make them vulnerable to quantum computers.

And although this technology is probably still far from being released, Chaum believes this is such an important notion that governments should spend time making sure that digital money is

An honest person

# 39; is the privacy of Elixxir – probably the strong point of Chaum, since he is known as the "father of online anonymity".

Within the Elixxir architecture, Chaum believes that "true privacy" can be achieved through so-called "multi-party computations" – a term that he coined decades ago and a feature used to improve the privacy in cryptocurrency projects like Zcash and Enigma.

The juice of the system is that a group of developers or nodes are involved in a cryptocurrency calculation, but only one person must be honest to make the calculation work and keep private data.

Elixxir uses this idea in a novel w Ay. The nodes on the network, called "Mixnode", produce a multiparty calculation for each block of transactions.

Chaum compares this process with a group of people sitting around a gaming table. Everyone cuts the deck and mixes it, passing it to the next person. Let's say that three of them are card sharks who know how to mix in a way that helps them determine the position of the cards in the deck.

But if only one of these people is honest and fray enough, the card sharks, in the end, are "completely in the dark," Chaum said.

He continued:

"Despite their best efforts to collude, and you know how to take exactly what they do and everything, they are powerless against one

And in this way, Elixxir privatizes transactions.

Skepticism, everywhere

What brought Chaum to build Elixxir was the suspicion and apprehension of the state of the cryptocurrency industry today.

"In this space, there are a lot of claims groundless, "he told CoinDesk.

" People bend the rules, they try to present things in a way that makes them look as good as possible, "continued Chaum, arguing that many projects" fly over "various techniques problems that could break or weaken a project

Yet, there is a similar skepticism on the part of the enthusiasts of the crypt who investigate the promises of Chaum.A remarkable example is when the pseudonym blogger of cryptocurrencies WhalePanda has unearthed the site Elixxir's web before today's announcement, expressing doubts on what he found.

While Elixxir claims to increase privacy, WhalePanda has claimed that requiring participants to submit their name and position in a "KYC form" are inconsistent with these goals.

But with the technical brief now released, the wider community will be able to determine if the discoveries are actually those or if there are any bumps in the system.

All in all, though, while the project is currently focused on payments, Chaum believes that Elixxir could play an even more important role in ensuring more people control their data online.

"The biggest goal is to create broader public expectations for fundamental human rights – digital rights in their ability to control all these aspects of their digital lives," he told CoinDesk, concluding: [19659041] "Cryptography is the only thing that can empower the individual in the information age."

David Chaum picture via Elixxir


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