Creator of Ecash David Chaum is Developing a Blockchain Plat
David Chaum who conceived Ecash, an anonymous cryptographic electronic money system, is reportedly developing a decentralised blockchain platform. The platform is designed to address the current limitations experienced by other blockchains such as scalability when buying crypto.
The platform named Elixxir is stated to be a significant step for blockchain technology. Users can expect fast speeds and privacy through a blockchain with enhanced security that is able to meet the needs of the consumer as it tries to achieve mainstream adoption.
Elixxir released a technical brief on the 20th September depicting a payment platform that preserves a user’s rights to digital sovereignty without compromising their experience. The project addresses performance issues that other projects have come across stifling adoption.
Scalability can cause many issues that many projects run into such as Ethereum. The Ethereum network on average processes 20 transactions a second. An order to buy Ethereum can be delayed when the network becomes congested due to lower processing speeds. Elixxir is reportedly able to scale to tens of thousands of transactions per second; meaning that it can keep up with demand.
Elixxir have released a technical brief of the project stating that the consensus protocol of the platform both expedites the payment and blockchain messaging completely anonymously and to scale. The team will validate and authenticate each encrypted message, then agree to process all messages to finally independently decrypt and process each message. A team is randomly formed out of nodes that exist only for the duration of the block. Once the block is completed the team is disbanded with nodes becoming available for new teams.
The protocol has the advantage of each node that completes a block and provides a short proof that the transaction was processed correctly. The platform has been designed to accomplish performance from current conventional systems whilst increasing its adoption with added security and trust. When a user submits an order to buy crypto, they expect the processing to be done swiftly within seconds.
If you’re looking to keep up to date with the latest announcements or to buy cryptocurrency then have a look at BC Bitcoin.