A bunch of the team and David are at Web3 Summit in Berlin to share details regarding our new digital currency and the related quantum-resistant blockchain, Praxxis. David will be making a formal launch announcement to the entire Web3 crowd at Funkhaus Berlin Tuesday morning, August 20, 2019. As background, David has been working on Praxxis with a design and development team in stealth for 6 months now.
We formed a separate entity named WBM Corp. (by way of sharing, we modestly named it after “World’s Best Money”). This legal entity is in the Cayman Islands and we have an office and team in the new Cayman Enterprise City. This is a big deal because it has meant our best people could work on the Praxxis project (some of our best cryptographers and developers aren’t U.S. citizens and have had visa problems) and that we could all work in similar time zones (Cayman Praxxis is 2 hours off Los Angeles time). With recent Cayman and U.S. tax arrangements we also gain a lot of clarity on U.S. tax treatment (there was a lot of general confusion slowing us down that was created by the U.S. Tax Cuts and Jobs Act of 2017).
Praxxis features a new approach to consensus based on David’s last forty years of work on digital currency, voting, and distributed consensus. The Praxxis consensus protocol simultaneously overcomes the scalability, privacy, and security challenges faced by legacy blockchains, the “trilemma”, to deliver the “purely peer-to-peer version of electronic cash” that Satoshi called for in the first few words of his whitepaper. And Praxxis currency is also designed to leverage the power of its sister Elixxir’s privacy-protecting platform.
In an interview yesterday, David elaborated on the upcoming Praxxis launch, saying, “I’m 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 we create as we live our digital lives. A better type of consensus, different from current blockchains, is needed to support Elixxir—now running in Alpha without consensus. These are the reasons I’ve focused on the Praxxis project.”
Praxxis delivers performance capable of finalizing payments at the scale and speed required by a global transaction system. Praxxis uses a denominated coin structure that breaks payments into individual coins, which can then be commingled with coins associated with other payments to provide privacy. And Praxxis uses distinctive cryptography which is fundamentally different from that promulgated by government and which is strongly resistant even to quantum-level attack,which avoids the rarely discussed yet fundamental security weaknesses of current widely-used cryptographic tools..
Will Carter, who leads the team at WBM Corp. added that,“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.”
Using Elixxir, financial transactions denominated in Praxxis coins can be executed efficiently without leaking metadata. Alternatively, Praxxis can provide identified check-like wallet transactions.
The team will share more information and the full technical details of the Praxxis approach in the forthcoming whitepaper currently being prepared for release later this year. And specific issues will likely be discussed on Discord prior to that.
Also, as many of you know, the xx collective, David Chaum’s community app, launched earlier this year as Prelixxir, will allow users to test and interact with the Praxxis and Elixxir networks.