The eCash pioneer David Chaum suggests to have with Praxxis the quadrature of the circle is made: a consensus-based network, manages the without the hunger for energy of the Proof-of-Work and without the centralization, the danger of Proof-of-Stake. This Praxxis is to be decentralized, highly scalable, and discreet.
By Christopher clover
21. August 2019BTC$10.083,54 -5.72%part Facebook Twitter LinkedIn xing mail
The American programmer and crypto-legend David Chaum has reported with a new project. The inventor of eCash, a first Version of digital cash, has been presented on the occasion of the Berlin Blockchain Week, a new cryptocurrency with the name „Praxxis“.
Praxxis is supposed to be immune – unlike the Bitcoin Blockchain, even against attacks by quantum computers. While most of the block chains rely on Elliptic curve cryptography, which can theoretically quantum computers decrypted, the encryption at Praxxis, a more sophisticated, quantum-resistant encryption algorithm as a basis.
Praxxis: The eggs legend Jack of all trades?
In a press release, promises to Chaum not less than the solution of the Blockchain dilemma: Praxxis security, scalability, and decentralization to combine. And without one of the three problem areas of compromise. A special focus is on crypto legend on the topic of privacy. Chaum believes to act in the spirit of Satoshi Nakomotos, the anonymous Bitcoin inventors:
The consensus Protocol of Praxxis overcomes at the same time, the challenges of scalability, data protection and security, which older block chains are faced to deliver the „pure Peer-to-Peer Version of electronic cash“ that Satoshi has claimed in the first words of his White Papers.
How exactly is this consensus mechanism looks like, is the 20. August press release did not provide further details, however. On the Homepage of the project, the following description is found for the consensus mechanism of Praxxis:
A geographically-ordered, world-wide network of Nodes [network node] provides efficient transactions and quick communication. And a fractionated endorsement approach allows a transaction to reach finality, the absence of all the Nodes in the network must draw. A unmanipulierbarer random number generator and a transparent Community Governance will enable an intelligent block team planning that is not dependent on inefficient Proof-of-Work Algorithms, or non-egalitarian Proof-of-Stake Algorithms.
Technical Details are to follow in the White Paper to Praxxis, which will be published this year. In the development of Praxxis, the IT Start-up, WBM Corp. is involved. Its COO, William Carter, keeps the Design of the practice for a breakthrough:
The technical requirements for the speed and the requirements of the privacy and security are usually at odds. The Praxxis-Design breaks this compromise, which is an amazing performance with a really important, practical impacts on the performance,
Carter.
Elixxir for private transactions
the privacy of The Praxxis-users is to be maintained, among other things, that the dismembered amount to be transferred automatically into small, distinct units. Furthermore, no usable metadata to transactions intended to keep arise
With the cheque-similar structure of other block chains and it is, by nature, difficult, certain transaction information privately. For example, a credit card transaction from 9,32 dollars can say every second Morning in combination with meta-data to an observer, where is your favorite place to have Breakfast is and what it means in the General order,
on the Homepage of Praxxis.
Praxxis should be compatible with Elixxir, a Chaum-developed Payment and Messaging network that is currently in the Alpha stage. Elixxir is to be able to metadata to transactions, to „shredding“.
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