Famed cryptographer, David Chaum revealed that he is introducing a new blockchain network Elixxir at the ongoing Consensus 2018, in Singapore.
Elixxir is built on Chaum’s creation of the first cryptocurrency, E-cash, and also heavily relies on the entreprenuer’s pre-blockchain and bitcoin, mix network networks and multiparty computations.
Chaum says he has “reinvented” cryptocurrency, fixing fundamental problems plaguing the emerging technology, including speed, privacy, scalability and – one that perhaps doesn’t get quite as much attention – resistance to future disasters, in an exclusive conversation with news portal, CoinDesk.
Candidly he revealed to the portal that it takes more than an hour to process payments and does not ideally compete with Visa, Paypal and other forms of digital payments.
He added, “I think we can shoot these problems dead. It’s no bullshit. We have code running in our lab.”
A press release issued by the company said that Elixxir is a blockchain solution that can ensure fast, secure and confidential transactions and messaging in record time and at a minimal cost.
At the event, Chaum said, “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.”
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