Crypto forefather David Chaum issues new digital currency, intended as a paradigm shift from bitcoin

Quick Take

  • David Chaum, the inventor of Ecash, is launching a new digital currency
  • The famed cryptocurrency forerunner is disappointed in current blockchain development, believing it is trapped in the trilemma of blockchains where scalability, decentralization, and security cannot be achieved all at once
  • The new cryptocurrency, Praxxis, is built on Chaum’s Elixxir blockchain platform and will be mainly used for payments 

Cryptocurrency pioneer David Chaum is reviving his original vision of digital cash.

The famed cryptographer is issuing a new digital currency, Praxxis, that has the security, speed, and scalability to grow into a replacement of physical cash, Chaum said in an interview with The Block. 

Previously in stealth mode, the aim of the new digital currency is to serve as a proper payments vehicle, fulfilling Chaum's view of Satoshi Nakamoto's original vision for bitcoin to be a "purely peer-to-peer version of electronic cash." The digital asset is built on the so-called Elixxir blockchain, launched early last year.  

“Bitcoin is not cash; It's a digital currency; It's a store of value. But it's missing key features of cash," said Elixxir president Jim Dolbear. "What we are doing in supporting payments is much more like electronic cash in the same way that bitcoin is a store of value."