In 1982, being a graduate student at the University of California Berkeley, David Chaum was the first to create blockchain technology. He is known to be the inventor of digital cash and the “father of online privacy” and now he is ready to launch his innovative blockchain solution that he has been developing for several years behind-the-scenes.
With the help of cryptographic techniques that he invented more than 30 years ago, David Chaum has decided to reinvent cryptocurrency with a view to address its fundamental issues including speed, privacy, scalability and resistance to future disasters. The last point in this list is probably one of the most significant features, though it is not so widely discussed today as the first three points.
Speaking at CoinDesk Consensus Singapore, Chaum revealed his Elixxir technology that is said to be a fundamentally new solution that is able to revolutionize the entire crypto industry. This blockchain solution is able to ensure fast, secure and confidential messaging and payments at minimal cost.
Each second this blockchain can process hundreds of thousands of transactions and just a couple of seconds will be needed to deliver and confirm a message or a transaction. It means that Elixxir is much faster than any other blockchain and the difference of their speeds equals to thousand times.
Describing his new development, Elixxir founder, said:
“It is widely recognized that some fundamental solutions are needed in order for blockchain technology to make the critical leap from store-of-value to consumer-scale payment and messaging. We wanted to have the engineering done and software up and running before announcing our solution to those problems.”
Moreover, Elixxir is believed to be the most appropriate crypto technology for the era of quantum computers and it is a very important achievement given the fact that today the majority of cryptocurrencies are rather vulnerable to this type of computers due to their architecture.
Though at the current moment it is too early to speak about any concrete dates when the technology is to be launched, according to Chaum, it is already extremely important for governments to take measures to ensure that digital assets are quantum resistant.
Chaum has always paid a lot of attention to the questions of privacy and now he believes that true privacy within the Elixxir architecture can be achieved with the help of the feature that was used in such projects as Enigma and Zcash.
This feature is called multi-party computations and it presupposes involvement of a number of developers or nodes in a cryptocurrency computation but the honesty of only one person is needed to ensure privacy of data. On Elixxir network a multi-party computation will be conducted for each block of transactions.
Currently, the project is mostly focused on payments, but its founder hopes that in the future it will be also used by a wide group of people for taking control over their data online.