20 Sep Crypto Pioneer David Chaum Says He’s Built a Better Bitcoin
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The godfather of the cryptocurrency movement is back with a plan to address bitcoin’s biggest shortcoming: speed.
David Chaum, who built his own digital currency more than a decade before bitcoin was introduced, is unveiling a new platform that he claims would allow digital cash to be traded almost as quickly as physical cash.
Mr. Chaum is introducing the platform, called Elixxir, at the at the Consensus conference in Singapore on Thursday. He says that Elixxir can process thousands of transactions a second—a dramatic increase over bitcoin’s current capability—and cuts down on the energy required to maintain the network.
Bitcoin, unveiled about 10 years ago by a person or people using the pseudonym Satoshi Nakamoto, is a digital currency that exists on a computer network that allows users to transact directly with each other, cutting out traditional middlemen. But the self-sustaining system, as currently constructed, requires several trade-offs, one of which is…
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