The man who created Ecash over a decade ago has announced his plans to improve on Bitcoin’s biggest failure-speed. The “godfather” of cryptocurrency says his new creation, Elixxir, will be capable of processing thousands of transactions per second.
Crypto Godfather Comes Back
David Chaum is one pioneer of digital cash who created his cryptocurrency more than the decade before the emergence of Bitcoin has announced unveiling a new digital platform he claims will completely transform cryptoshpere by being able to transfer digital cash between users as fast as digital cash. The digital money pioneer will launch Elixxir through his own startup.
David Chaum’s goal is to use the cryptographic techniques he invented a few years ago to reinvent a crypto product that will fix the fundamental challenges facing the current technology including scalability, speed, and privacy besides resistance to future disasters. He also believes it’s those problems that have prevented blockchain from going mainstream. The founder of Elixxir has been quoted elsewhere saying:
“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.”
David Chaum is often referred to as the inventor of cryptocurrency and the “father of online privacy; he revealed that Elixxir comes after a hectic two-year development that has been going on behind the scenes. The famed digital money pioneer and celebrated cryptographer has been snooping in various cryptocurrency conferences in the recent past where he dropped small hints that sparked theories on whether he was up to something.
Circumventing the Current Challenges
The current leading platforms in the crypto world are plagued with several teething problems and they take at least an hour or more to make a secure transaction making them pale shadows of systems like Visa and PayPal and other leading digital payment solution providers. This, Chaum says is “not suitable for widespread use.”
Chaum states he will use his experience of over three decades in payments and cryptography including the development of the anonymous digital money eCash way before the existence of the internet to solve the existing problems. David believes that Elixxir that focusses on payments will a big role in ensuring people can control their data online. He stated:
“The bigger aim is to create the expectation of the broader public for fundamental human rights–digital rights in their ability to control all these aspects of their digital lives.”