Following a groundbreaking week for quantum technology, Praxxis CEO and founder David Chaum challenged the blockchain industry to focus on quantum-resistant blockchains and digital currencies on his way to Korea Blockchain week.
“We have no way of knowing how far along nation states are in developing quantum computers,” Chaum stated.
“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.”
Chaum also shared details of his own new digital currency technology supported by the quantum-resistant blockchain, Praxxis.
Designed under his leadership by a team of cryptographers and developers working in stealth, the Praxxis blockchain features a new approach to consensus based on Chaum’s four decades of work on digital currency, voting, and distributed consensus.
The Praxxis protocol uses quantum-resistant signatures based on large random numbers while simultaneously overcoming the scalability, privacy, and security challenges faced by legacy blockchains.
The result is a useable “purely peer-to-peer version of electronic cash” as Satoshi called for in the first few words of his whitepaper.
The protocol also addresses the consensus requirements for Chaum’s Elixxir project which protects user metadata.
“The technical requirements for speed and the requirements for privacy and security are usually in opposition,” said Praxxis COO, William Carter.
“The Praxxis design breaks this tradeoff and allows us to deliver a highly useable digital currency for everyday life, while also supporting Elixxir’s privacy.”
The full technical details of the Praxxis approach will be included in a forthcoming whitepaper currently being prepared for release later this year.
The xx collective, David Chaum’s community app, launched earlier this year, will allow users to test and interact with the Praxxis and Elixxir network.