Bitcoin Global News (BGN)
September 20, 2018 -- ADVFN Crypto NewsWire -- Prior to the
internet gaining widespread public adoption, there was an early
version of a cryptocurrency. It was called ecash, from company
DigiCash, founded by David Chaum. His invention suffered from one
of the biggest issues that Bitcoin and subsequent cryptocurrencies
have endured - lack of user-friendly interface. As the e-commerce
grew with the internet, the vast majority so no value in anything
other than using their credit card numbers for purchases, and ecash
faded away.
But at the recent CoinDesk
Consensus Singapore conference, David Chaum reveal his new start
up, Elixxir. The essential function is a cryptocurrency that is
constructed in a way where transaction speeds could compete with
credit networks like Visa and Mastercard, while maintaining and
improving on the security aspects of Bitcoin.
Roots In The Cyberpunk
Movement
Some of the foundational concepts
of ecash were carried on with the cyberpunk movement of the time.
The loose association of computer savvy people around the globe
were united by their interest in computers and the internet is
often characterized by the media as the root of hacker communities
and criminals using the internet for inappropriate
purposes.
What goes unheard is their extreme
concern with methods for maintaining freedom of access to the
internet and security of users personal information. Ecash was the
first expression of digital signatures using cryptography, which
are used in Bitcoin and most cryptocurrency and blockchain
applications.
"Cryptography is the only thing
that can give power to the individual in the Information Age." -
David Chaum
Two Major
Innovations
New process for digital signatures
- Elixxir enables a secure way for digital signatures to be signed
preemptively, instead of taking up computing power from the miners
and nodes with each transaction.
"There's no way we can get speed
and scalability if for every transaction a server has to do a
public key operation like making a signature or checking a
signature” - David Chaum
Quantum Resistance - Many see the
downfall of cryptocurrencies as the advent of quantum computing.
This refers to the jump from current computers that are based on
physical transistors with binary computing structure, meaning only
zeros and ones, to computers capable of handling zeros, ones or
both simultaneously. This increases computing capacity infinitely,
and would ultimately break down current cryptographic security
methods. Chaum claims the specific cryptography used for the
Elixxir protocol is quantum proof
"The bigger aim is to create the
expectation of the broader public for fundamental human rights –
digital rights in their ability to control all these aspects of
their digital lives.” - David Chaum
By: BGN Editorial Staff
News:
Elixxir
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