David Chaum, a digital currency pioneer, announced a new blockchain called Elixxir. In a press release, the Elixxir team stated that the project will be supported by Ripple co-founder Chris Larsen and his company H & D Company Ptd. Ltd.
The mission of the new Chaum company is to realize the dream of a fully decentralized digital currency. Elixxir is designed to conduct sensitive transactions, reliably ship transactions within 10 seconds, and scale to 100,000 transactions per second.
Now 63, David Chaum claims in an interview with the Wall Street Journal that he has achieved nothing less than the holy grail of network decentralization, blockchain security, and transaction speed.
From Ecash to Bitcoin
David Chaum is the founder of Elixxir, a American computer scientist and cryptographer, first known in 1982 for developing Ecash long before Bitcoin was born. In the ’80s, Chaum was regarded as a mastermind of the Cypherpunk movement. He developed pioneering cryptographic methods in the including the remailer, which cut off the link between digital news.
With eCash, he wanted to use this method for digital cash and developed a system. This would allow banks to make money transfers without even knowing who sent what to whom. In May 1994, eCash launched and received offers from major companies such as Microsoft, Visa and Mastercard. The story of eCash is long but ultimately unsuccessful. Many explained the failure by stating that a middleman (third party) was still needed in the system. Satoshi Nakamoto, inventor of Bitcoin, did share this opinion.
Elixxir – The future of Crypto?
Now, many years after the failure of eCash, David Chaum seems to want to make a fresh start to revolutionize digital cash. Elixxir began its development cycle early in 2016, according to the press release. The development began in “stealth” mode to keep it secret.
Elixxir implements a reversal of the traditional blockchain model, grouping transactions into blocks and then processing them by validating nodes. Chaum said that the blocks will be produced before transaction batching. This way the network can process payments faster, even on a large scale.
Elixxir is still in alpha status. A beta trial will be launched in the second quarter of 2019.
Meanwhile, the company announced a round of financing by leading figures from both Asia and the United States, led by Chris Larsen’s company, H & D Company Ptd. According to information Larsen and his company appreciate the experience of Chaum. According to Larsen:
“David Chaum has been a defender of privacy in the digital world for almost forty years. I am proud to be an early backer of Elixxir and look forward to seeing this consumer-facing blockchain open the door to secure use by millions of individuals in their daily lives.”