Cryptocurrency godfather, David Chaum is back, addressing the speed of Bitcoin.

In fact, he’s now introducing a platform that will allow for the digital trading of cash at the same speed as physical cash.

David Chaum and the Elixxir Platform

The platform, labeled Elixxir can process thousands of transactions in a mere second. This is a dramatic increase compared to the speed of Bitcoin.  Additionally, it will reduce the overall energy required to maintain the network.

According to The Wall Street Journal, “The bitcoin network currently can process around seven transactions a second. By comparison, Visa Inc. can process tens of thousands in the same span.  Speed is one of the reasons bitcoin and other cryptocurrencies haven’t been widely adopted for payments. That has left bitcoin supporters touting it mainly as a place to park assets, more like digital gold than a digital dollar.”

“These breakthroughs I’ve made change the whole game,” Mr. Chaum said in an interview. “We can actually meet the requirements to go to consumer scale.”

Therefore, if he successfully achieves this with the new platform, it is a game-changer.

Ripple’s Chris Larsen Invests in the Project

As we wait to see if Chaum will be able to meet such lofty goals, the project already received a strategic investment from Ripple’s Chris Larsen.

Larsen noted, as per CCN, “David Chaum has been a defender of privacy in the digital world for almost forty years. I am proud to be an early backer of Elixxir and look forward to seeing this consumer-facing blockchain open the door to secure use by millions of individuals.”

The project has also secured funding from within Asia and the U.S.

Finally, Singapore’s H&D Company Pte Ltd seems enthusiastic about the project, too.

“H&D Company Pte Ltd and Elixxir are working together to give everyone the opportunity to build wealth by investing in products that are currently out of reach. We value David Chaum’s experience and innovations in cryptography and shared vision to create a more vibrant and sustainable future.”

Given time, Elixxir may prove to be quite the game-changer.

 

 

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