David Chaum Creates Elixxir To Counter Bitcoin’s Lack Of Privacy
David Chaum, a blockchain enthusiast, and legendary digital money creator, recently sat down for an interview where he discussed in depth his thoughts of the crypto scene and his upcoming project, Elixxir. Chaum believes that Bitcoin has done has done well when it comes to acting as a store of value but has failed to provide the much-needed privacy it was designed for.
Does Chaum Think That Privacy Has Improved Or Worsened?
Well, the pioneer cryptographer believes that privacy has decreased dramatically since metadata has infiltrated all aspects of peoples’ lives and algorithms continue to run in the background of machines without the user’s consent.
There are various technologies that have been put forward such as Bulletproof and MimbleWimble that are designed to bring privacy to the Bitcoin network. To Chaum, the technologies have their risks but are definitely good for the network and may lead Bitcoin towards a better direction in terms of privacy.
As much as Bitcoin has been great as a store of value, it has failed to deliver on various characteristics especially the slow speed of transactions and the scalability issues. The market has seen a lot of developments lately with an increase in DApps that are built to help with the scalability of given tokens. The market is also shifting towards issuance of security tokens that seem like a replacement for ICOs.
According to Chaum, Elixxir is designed to give its users complete control over their private keys which seems to be lacking with Bitcoin. The platform is meant to maintain all the properties associated with cash which has been lost in most cryptocurrencies. The permission-less and private platform will offer a peer to peer exchange.
The name Elixxir holds a special meaning to the team developing it since they are working from what they have learned from cryptography. The developers believe that Elixir holds the cure to the scalability issue that’s plaguing most blockchains.
Does Elixir Hold Any Disadvantages?
Well, except for entering the blockchain a bit late, Chaum claims that the Elixir it’s pretty solid. Actually according to him, what may be considered a late entrance has worked to the project’s advantage since the project won’t make the common mistakes experienced by the older projects.
The project’s team has learned a lot from the challenges faced by previous projects and has put the lessons learned into good use in the creation of Elixxir. Scalability is a key component of the project and will be crucial to the adoption of Elixxir by the masses. The next phase of Elixxir is rolling out to the general public this year.
Chaum is currently attending the Israel Bitcoin Summit and hopes that blockchain will continue to frow in 2019 through the creation of a solid global network. There’s a handful of countries a foundation for the global adoption of blockchain and among these nations id Israel. Elixxir will soon invite application from developers who want to run nodes on the platform.