Praxxis is a new blockchain that implements a completely new approach to consensus, building on David Chaum's previous experience with digital assets, voting and distributed consensus.
With Chaum leading the WBM Corp. team. worked on Cryptocurrency Praxxis, while most development has been kept confidential so far. Building on previous work on the focused Elixxir platform, the new blockchain features the feature of quantum computing resistance.
According to Chaum, Praxxis will bring a much needed change in the way blockchains reach consensus:
“I am excited to be able to reveal that we are working on a decentralized digital currency to support high-speed financial transactions. The world also needs Elixxir communication technology, as it is the only known practical way to destroy the metadata that is inevitably created as we live our digital lives. A better type of consensus, compared to what feeds current block chains, is needed to support Elixxir - now running in the Alpha phase without consensus. These are the reasons why I focused on the Praxxis project. "
Praxxis consensus protocol aims to replicate the features of the “pure peer-to-peer e-money version” and provide a solution to the scalability, privacy and security issues facing existing blockchains.
Praxxis can finalize payments at scale without sacrificing transaction speed, which is what a global transaction infrastructure requires. To preserve privacy, Praxxis uses multiple currency denominations that split transactions into various amounts, which can be shuffled with currencies associated with other payments.
In addition, Praxxis uses cryptographic protocols that would be resistant to quantum threats, a theoretical threat that addresses the fundamental security weakness of most existing cryptographic algorithms.
The full technical details of the Praxxis blockchain and cryptocurrency will be revealed in the next whitepaper, which is scheduled to be released later this year.