Praxxis: A new quantum resistance cryptocurrency
It is a sister concern of the highly scalable & private Elixxir Project launched last year
David Chaum, who is widely regarded as the forefather of the Cryptocurrencies & the associated Cryptographic security is the brainchild behind the new offering Praxxis, which is basically a continuation of highly scalable, secure & decentralized messaging payment platform Elixxir. The latter was unveiled in September of 2018.
Elixir achieves high scalability by performing the public key operations in advance thus saving precious time in performing the actual transactions. Also, the network employs hash-based authentication moving up from the traditional signature-based block processing.
The project offers anonymity via the native mixnet protocol on a blockchain that stores tokens rather than transactions. The project paper also claims Elixxir’s non-vulnerability to 51% attack where any single node protects team consensus as shown in the figure. High scalability is achieved by performing the public key operations in advance, thus saving precious time in performing the actual transactions.
The announcement of the new quantum-resistant blockchain was made at the Web3 Summit in Berlin recently. Praxxis consists of three components — a blockchain, digital tokens, and a consensus mechanism. The consensus protocol aims to address the trilemma of scalability, privacy, and security faced by the traditional blockchains.
It envisions the implementation of Satoshi’s peer-to-peer version of electronic cash by leveraging the privacy features of its sister concern Elixxir. Praxxis breaks up every single transaction into digitally denominated tokens & creates unlinkable transaction trees powered by the privacy of Elixxir messenger. Elixxir strips the metadata making it almost impossible for an outsider to snoop on your transactions.
The legacy blockchains are highly susceptible to the new age quantum hardware. This is is perhaps the best-proclaimed feature of Praxxis — employing distinctive cryptography techniques that are strongly resistant to quantum-level attacks, thus addressing the rarely mentioned fundamental flaw in the current cryptographic tools used in the blockchain systems.
Considering the project is backed by over 40 years of David’s cryptographic experience in Cryptograpgraphy field, it would be one to watch out for.