Crypto Pioneer David Chaum Announces New Digital Currency – Praxxis

The known eCash inventor David Chaum unveils new digital currency and related quantum-resistant blockchain dubbed as Praxxis, on August 20. David Chaum is widely recognized as the creator of the first digital cash, known as eCash. He is an American computer scientist and cryptographer who is noted for pioneering privacy-preserving technologies.

Chaum stated in an interview that he is “thrilled to be able to reveal that we’re working on the Praxxis decentralized digital currency to support high-speed financial transactions. The world also needs the Elixxir communication technology, since it is the only known practical way to shred the metadata that is inevitably created as we live our digital lives.”

According to its website, “The Praxxis consensus protocol simultaneously overcomes the scalability, privacy, and security challenges faced by legacy blockchains, the ‘trilemma’, to deliver the ‘purely peer-to-peer version of electronic cash’.”

As of press time, the Proof of Work (POW) and Proof of Stake (POS) are the commonly used methods to ensure a blockchain’s integrity. Meanwhile, the consensus protocol used by Chaum makes Praxxis very distinct—it divides the work of reaching consensus between a few nodes.

The new currency, Praxxis, was created to “leverage the power” of its “sister platform” Elixxir. It is built on the Elixxir blockchain, which was launched last year. It is a “transaction platform running on a full-stack blockchain” which uses nodes as the foundation for protecting the privacy of mix network that supports “messaging, payments, and decentralized application (dApp) data transfer.”