Praxxis is a new blockchain that implements a completely new approach to consensus, based on David Chaum’s previous experience with digital assets, voting, and distributed consensus.
With Chaum at the lead, the team of WBM Corp. worked on the new cryptocurrency Praxxis while most of the development was kept under wraps until now. Building on previous work done on privacy-focused platform Elixxir, the new blockchain brings the quantum-resistant feature for Praxxis.
According to Chaum, Praxxis will bring a much-needed change in how blockchains reach consensus:
“I am thrilled to be able to reveal that we’re working on the Praxxis decentralized digital currency to support high speed financial transactions. The world also needs the Elixxir communication technology, since it is the only known practical way to shred the metadata that is inevitably created as we live our digital lives. A better type of consensus, compared to what powers current blockchains, is needed in order to support Elixxir—now running in Alpha without consensus. These are the reasons I’ve focused on the Praxxis project.”
The Praxxis consensus protocol aims to reproduce the characteristics of the “pure peer-to-peer version of electronic cash” and bring a solution for scalability, privacy and security issues existing blockchains face.
Praxxis can finalize payments at scale without sacrificing transaction speed, which is what a global transaction infrastructure requires. In order to preserve privacy, Praxxis uses several denominations of coins that break transactions into several amounts, which can then be shuffled with coins associated with other payments.
Moreover, Praxxis uses cryptographic protocols that would be resistant to quantum computer threats, addressing the fundamental security weakness of most of the existing cryptographic algorithms.
COO William Carter stated:
“The challenge is to make a digital currency that actually works for people.The technical requirements for speed and the requirements for privacy and security are usually in opposition. The Praxxis design breaks this tradeoff, which is an incredible achievement with really important, practical implications for performance.”
The full technical details of the Praxxis blockchain and cryptocurrency will be revealed in the upcoming whitepaper, which is currently scheduled for release later this year. The xx collective, David Chaum’s community app launched earlier this year, will allow its users to test and get a glimpse of the Praxxis and Elixxir networks.