Quantum-resistant, Quantum-safe Digital Currency Revealed
David Chaum’s New Quantum-Resistant Digital Currency, Praxxis, Has Arrived
Selected notes ~
+ David Chaum, widely known for inventing the first digital currency, e-Cash, in the early 1980s, and Amsterdam-based DigiCash, an electronic cash company, in 1990s – has announced a new digital currency supported by a fresh, quantum-resistant blockchain called Praxxis. The xx collective, David Chaum’s community app, launched earlier this year, will allow users to test and interact with the Praxxis and Elixxir networks.
“I am thrilled to be able to reveal that we’re working on the Praxxis decentralized digital currency to support high-speed financial transactions. The world also needs Elixxir communication technology, since it is the only known practical way to shred the metadata that is inevitably created as we live our digital lives. A better type of consensus, compared to what powers current blockchains, is needed in order to support Elixxir—now running in Alpha without consensus. These are the reasons I’ve focused on the Praxxis project.”
+ With any monetary instrument, security is paramount. Most existing digital infrastructure and blockchains are built on the security of elliptic curve public-key cryptography that is vulnerable to attack by quantum computing and possibly by nation-state adversaries (the NSA has already transitioned from elliptic curve cryptography to quantum-resistant cryptography). Praxxis is one of the first blockchain platforms to offer quantum-resistant signatures in both its consensus mechanism and token structure.
+ Praxxis uses distinctive cryptography which is fundamentally different from that promulgated by the government and which is strongly resistant even to quantum-level attack, thereby avoiding the rarely discussed yet fundamental security weaknesses of current widely-used cryptographic tools.
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