Quantum requirement needed for the blockchain

David Chaum challenged the blockchain industry to focus on quantum-resistant blockchains and digital currencies. This news emerged on 26 September.

Praxxis conveyed the news that Chaum created the International Association for Cryptologic Research and has tracked the adoption of government-sponsored cryptographic protocols over the last four decades. David Chaum also happens to be Praxxis CEO and Founder, made the assertion following a groundbreaking week for quantum technology.

David Chaum cited on this development as – 

“We have no way of knowing how far along nation states are in developing quantum computers.  In the past, government entities have broken codes and possessed cryptographic capabilities for many years without anyone knowing. The news that Google has achieved quantum supremacy strengthens my belief that quantum computing is coming and as a consequence, I believe we should all use approaches that are quantum-resistant.”

Praxxis further added that Chaum shared details of his own new digital currency technology supported by the quantum-resistant blockchain. The blockchain firm sustained by adding that designed under Chaum’s leadership by a team of cryptographers and developers, the Praxxis blockchain features a new approach to consensus. This innovation is based on four decades of work on digital currency, voting, and distributed consensus.

The-Praxxis-protocol-uses-quantum-resistant-signatures-to-solve-blockchain-problems

Praxxis maintained that its protocol uses quantum-resistant signatures based on large random numbers. Such a system simultaneously overcomes the scalability, privacy, and security challenges faced by legacy blockchains. Praxxis noted that the result is a usable peer-to-peer version of electronic cash as described in an important whitepaper. Praxxis stated that the protocol also addresses the consensus requirements for Chaum’s Elixxir project.

David Chaum announced a new virtual coin, Praxxis, supported by a quantum-resistant blockchain. Praxxis informed 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.

Elixxir announced the launch of the network public alpha, maintained by a team of nodes run by independent operators. Elixxir conveyed that the network provides unprecedented consumer privacy and security. The firm further added that in the coming time users would have a chance to test the network for themselves. Elixxir stated that currently, select partners were testing the public network.