Crypto guru and pioneer David Chaum is launching his own platform which he is promising will be able to process thousands of transactions a second.
The new platform named Elixxir will not only outpace Bitcoin, said Chaum at the Consensus conference in Singapore last week, but will allow digital cash to be traded at a similar speed to physical cash as well as cut down on the energy required.
Chaum is an American computer scientist and cryptographer famous for developing ecash, an electronic cash application that aims to preserve a user’s anonymity. He has also invented many cryptographic protocols and founded DigiCash, an electronic money corporation.
One of the reasons for cryptocurrency’s popularity is its speed of delivery to the user, with the Bitcoin network able to process around seven transactions a second. Chaum had been working on speeding up the processing time of electronic funds since the launch of DigiCash and then Bitcoin ten years later.
“These breakthroughs I’ve made change the whole game,” Chaum said in an interview. “We can actually meet the requirements to go to consumer scale…Truth be told, when I invented [DigiCash] there was no chance of using it… People didn’t even know about the internet.”
On the current Bitcoin network, transactions are processed in blocks. When connected, they create the blockchain which the stores the transaction on a ledger replicated on every computer. Miners compete to be the first to verify and process the transaction in a valid block, thus adding to the blockchain and collecting newly-created Bitcoin generated as a reward for finding new blocks.
Chaum’s Elixxir system limits these types of transactions, making the system less decentralized. These blocks won’t carry the transactions and won’t be linked to wallets, requiring less processing power due to less stored information. The key, he claims, is that producers will be given equal status, unlike the current system, thus eliminating the energy-intensive status quo.
Chaum has said that he will open up Elixxir as an open-sourced project to encourage improvement from developers in the future.
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