David Chaum, a digital currency pioneer, has announced a new virtual coin, Praxxis, supported by a quantum-resistant blockchain. This development was reported on 20 August.
Praxxis commenced by informing that the currency had been designed to leverage the power of its privacy-protecting platform, Elixxir. The blockchain firm further added that the Praxxis consensus protocol overcomes the scalability, privacy, and security challenges. Such adversities are faced by legacy blockchains. Praxxis scales to deliver the seamless peer-to-peer version of electronic cash.
Praxxis quoted on the potential of the digital currency as –
“Praxxis delivers blockchain performance capable of finalizing payments at the scale and speed required by a global transaction system. Praxxis uses a denominated coin structure that breaks payments into individual coins, which can then be commingled with coins associated with other payments to provide privacy. And Praxxis uses distinctive cryptography which is fundamentally different from that promulgated by 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.”
Praxxis personnel expressed enthusiasm to be able to work on the Praxxis currency to support high-speed financial transactions. Praxxis clarified that users also need Elixxir communication technology since it is the only known way to solve other problems. The blockchain firm noted that a better type of consensus, compared to what powers current blockchains, was ongoing.
WBM Corp. COO William Carter stated that the challenge is to make a digital currency that actually works. He opined that the technical requirements for speed and the requirements for privacy are usually contradictory. William summarized that the Praxxis design overcomes this shortcoming, which is a significant achievement.
In another launch of a new digital coin aimed for practical gain, a Swiss national and his consortium have launched The Swissx Bank of Cannabis. The Bank also operates SWX Coin, a Bitcoin blockchain-based cryptocurrency. Swissx informed that Alkiviades David had created the Swissx Bank of Cannabis to facilitate legal cannabis transactions worldwide. Swiss further added that SWX Coin is backed by a bank of proprietary hemp strain seeds worth 750 million U.S. dollars.
While winding up, Praxxis informed that the full technical details of the Praxxis approach would be included in a forthcoming whitepaper. The whitepaper is currently being prepared for release. Praxxis added that the xx collective, David Chaum’s community app, would allow users to test and interact with the Praxxis networks.