Ripple (XRP) Co-Founder To Invest In David Chaum’s Cryptocurrency Project Elixxir
On October 23rd, the news broke out that one of the wealthiest individuals in the world of cryptocurrencies, the co-founder of Ripple, Chris Larsen, is investing in David Chaum’s new blockchain startup Elixxir.
“David Chaum has been a defender of privacy in the digital world for almost forty years […] I am proud to be an early backer of Elixxir and look forward to seeing this consumer-facing blockchain open the door to secure use by millions of individuals in their daily lives.”
Elixxir’s creator is none other than the creator of the first theory of digital finances, DigiCash by Dr. David Chaum.
Chaum presented his vision in 1994, which precedes Bitcoin by 14 years. Much of his work was the basis of Bitcoin, which was later reused and improved by Satoshi Nakamoto, the anonymous founder or founders of Bitcoin.
When describing Elixxir, Chaum says:
“you can pay for access to a database, buy software or a newsletter by email, play a computer game over the net, receive $5 owed you by a friend, or just order a pizza. The possibilities are truly unlimited.”
Now, 24 years later, the official website of his latest startup project states that
“many have dreamed of scaling decentralized technology, providing consumers with the speed they are accustomed to and the privacy they expect — all without compromising security,”
and Elixxir is dedicated to fulfilling those dreams.
Focusing on solving Bitcoin’s problems
Although Bitcoin (BTC) can still be considered the king of cryptocurrencies, there are some undeniable issues that still linger.
Elixxir is looking to develop their network by focusing on four pivotal points:
- Speed – Payments & messaging in under 10 seconds.
- Privacy – Unprecedented transaction metadata unlinkability.
- Security – Near zero catastrophic risk, as well as cryptanalytic and quantum resistance.
- Scalability – Consumer scale transaction volumes up to 100,000 transactions per second (TPS)
Simply put, the company is producing a more efficient digital payment and messaging solution and claims that it will be superior to Bitcoin.
The technology behind Elixxir
When the technological aspect is concerned, Elixxir’s website explains that on their network, “nodes are selected to work together by a decentralized randomized algorithm to create increased privacy and network integrity.“
Furthermore, hash functions on Elixxir are used in real-time per-transaction, while all per-transaction public key operations are computed in advance.
In addition to running normal nodes, Elixxir also enables developers to create dApps on the platform.
While waiting for the BetaNet, which is scheduled to launch during the first half of 2019, users can test the waters on the already running Elixxir’s AlphaNet.
In an interview published in the Wall Street Journal on September 19th, Chaum said:
“These breakthroughs I’ve made change the whole game. We can actually meet the requirements to go to consumer scale.”
The level of scalability that Elixxir claims to hold would not only benefit the project but the wider adoption of cryptocurrencies in general.
Therefore, if one such persona like Chris Larsen believes that Chaum will be more successful this time around, who are we to contradict?