Praxxis offers a solution to the so-called blockchain trilemma

Praxxis offers a solution to the so-called blockchain trilemma

Crypto pioneer David Chaum, whose Ecash project was the inspiration for Bitcoin, is launching a new digital currency project.

In an interview with The Block, David Chaum presented Praxxis, a digital currency that wants to replace cash. The objective of the new project is to serve as a vehicle for fast and secure payments, fulfilling Satoshi Nakamoto’s initial vision for Bitcoin as a “peer-to-peer version of electronic money”. The digital asset is built on the Elixxir blockchain, launched at the beginning of last year.

“Bitcoin is not cash, it is a digital currency and a value deposit. But he lacks the key features of cash, “

said Elixxir President Jim Dolbear.

“What we want to solve with Praxxis in payment management is more like electronic money, in the same way that Bitcoin is a valuable deposit.”

Chaum is famous as an inspiration for Bitcoin

Cryptographer David Chaum is known as the creator of the first digital currency, Ecash. His 1982 dissertation was the inspiration for Satoshi’s Bitcoin whitepaper. Chaum started a company in 1990 to implement Ecash, but went bankrupt in 1998.

He believes, however, that Praxxis will have a different future because it offers a solution to the so-called “blockchain trilemma”. Currently, scalability, decentralization and security cannot be satisfied with a single protocol. Chaum believes the crypto industry needs a new paradigm because a viable solution to blockchain problems has not been found so far.

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Praxxis Whitepapaer will be published this year

Failure to address security, scalability and speed at the same time also prevented cryptocurrencies from developing into a global trading system, Chaum said. Praxxis is trying to solve this problem and to ensure user confidentiality by implementing the so-called “denominated coin structure”.

The operating system divides payments into smaller amounts and associates them with other payments. This way only the user knows how much money he spends for each transaction.

According to Chaum, the Praxxis protocol is also resistant to attacks generated by quantum computers and might even be resistant to cryptanalysis. The project whitepaper will be launched by the end of that year. No details have yet been offered regarding a possible initial sale of the currency (ICO).

Chaum has been critical of the development of the blockchain and crypto industry in recent years. He regretted that he failed to realize his vision for digital cash and felt the need to be “more active in this space”.

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