David Chaum, a pioneer in the crypto world, has recently decided to launch a new cryptocurrency called Praxxis. According to him, Praxxis will be a token that will follow his original vision for digital money.
He affirmed that the new project is set to have upgraded security and be quicker and more scalable than the other cryptos in the market. The idea is, like Bitcoin’s main goal, to replace cash. Chaum was recently interviewed by The Block Crypto and revealed more details about the asset.
He affirmed that it is based on the Elixxir blockchain and that it will also follow Satoshi Nakamoto’s vision of cryptocurrencies. He believes that Bitcoin is a great way to store value, but it is currently missing some key features in order to be used properly as cash. His goal is to create a currency that can fully satisfy scalability, decentralization and security.
This new protocol is also set to be “quantum-resistant”, meaning that even quantum computers will not be able to hack it. This is the kind of threat that many people are already predicting that the future will bring, so it is certainly a good idea.
At the moment, the new revolutionary currency is being backed by private investors. However, a token sale will probably happen whenever the protocol is finally ready.
The Father of Digital Currencies
David Chaum is the real father of all digital currencies. While the figure nicknamed as Satoshi Nakamoto created Bitcoin and ushered us into the current era of crypto, Chaum was the first to come up with Ecash back in 1982.
He started a company to create it in 1990, only to went bankrupt in 1998. The idea of Ecash inspired Satoshi and led to the creation of Bitcoin.