David Chaum, one of the founders of the cypherpunk movement, and the creator of eCash believes that he has found the next big thing as far as blockchain technology is concerned.
The digital pioneer in his recent interview revealed the imminent launch of his cryptocurrency, Elixxir, through his startup.
Grey-haired and of big stature, he is not shy to talk up big about his innovation as he reflects on his experience with the present technology, and how his new version is a major improvement than people would come to expect.
Chaum sees his innovation as a revolution of cryptocurrencies and blockchain most importantly, as he claims his ‘reinvention’ fixes major problems that have plagued the infant blockchain technology for a while now. Problems Chaum did not fail to highlight, talking up vast improvement in privacy, speed, and scalability. He has also brought the future into consideration, something he believes the present technology has failed to consider, with the emerging blockchain technology still susceptible to future disasters, according to his predictions.
Chaum is one of the leading pioneers prior to the emergence of bitcoin and had even created his digital money, eCash before the internet even existed. Quite confident about his new engineered solution, he proudly jokes that his technology would ‘shoot’ all the above problems ‘dead.’ And this is why, his innovation after solving these crucial problems, might be the one to bring the blockchain into the mainstream.
What are the major highlights in Chaum’s innovation? The expert cryptographer claims that one of the major breakthroughs is the change of digital signatures. Signatures allow for verification of someone’s claim to ownership of a particular amount of cryptocurrency and are a particularly essential component of digital currencies.
However, the present day digital signature is actually unneeded trouble according to Dave, as they are costly. He complains:
“There’s no way we can get speed and scalability if for every transaction a server has to do a public key operation like making a signature or checking a signature.”
The solution? Elixxir practically works around it and makes it all better. He jokes, “We can cheat a little bit.”
Elixxir which would likely be the flagship product is at least a thousand times faster than any present-day blockchain, and Chaum is not even exaggerating! The technology employs public key cryptography and is futureproof. While the present blockchain and other products are not being created with the future of quantum computers in mind, Elixxir takes into consideration all the possibility. And according to him, this is a major weakness that makes most cryptocurrency architecture susceptible to quantum computers, say no more.