2018-09-21]News Crypto Pioneer David Chaum says his new blockchain beats bitcoin

[forumevi]

eCash creator and pioneering cryptographer David Chaum unveiled his Elixxir cryptocurrency September 19 following two years of behind-the-scenes development.

TARGETING CONSUMER SCALE
Speaking at the Consensus Singapore conference, Chaum said his latest project addressed the shortcomings in speed which currently prevent bonafide blockchain-based assets such as Bitcoin scaling quickly.

“It is widely recognized that some fundamental solutions are needed in order for blockchain technology to make the critical leap from store-of-value to consumer-scale payment and messaging,” he continued in an accompanying press release.

We wanted to have the engineering done and software up and running before announcing our solution to those problems.

Elixxir makes several fundamental changes to the way in which blockchain processes transactions compared to extant cryptocurrencies. All aimed at increasing efficiency, its network can reportedly process thousands of transactions per second.

ELIXXIR OR LIGHTNING?
Chaum is keen to illustrate the impact of his new ideas.

“These breakthroughs I’ve made change the whole game,” the Wall Street Journal quotes him as saying.

We can actually meet the requirements to go to consumer scale.

The release coincides with the run-up to Bitcoin’s tenth birthday, at a time when its own developers continue to work on improvements to cater to a potential influx of demand in the coming years

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[DooMAD]

Article link?  You forgot to include the source.  I found a different article here if anyone wants to read that one.


If it was anyone else, I'd be skeptical, but David Chaum is a luminary in crypto.  On that basis alone, consider me intrigued.  Although I'm a little disappointed with the closed beta.  If you want to claim you've built a better cryptocurrency, you should arguably start with the fundamentals of being open-source.  As long as they make it public at some point, then I suppose we should give them the benefit of the doubt.  Perhaps they don't want a million-and-one copycat ICOs trying to cash in on their ideas.  Hopefully this doesn't become a trend for new projects, though.

[gentlemand]

This is a scenario I've often pondered - one of the old school pioneers taking stock of all the new knowledge and coming back with something big and bad.

The question is whether anyone can best the network effect of currently established stuff no matter how respected they are. It would also be fun to watch the attitude change towards previously unthreatening old sages if they came out with their own contenders.

The jury's out until others have had a good look over what he has.

[hatshepsut93]

Tons of coins have faster and more scalable blockchains than Bitcoin, so presenting a new one is pretty boring. The question should be whether his network is as decentralized and secure as Bitcoin's network. If it's not, then what's the point? A centralized blockchain is just a payment processor like PayPal, and no matter how hard those middleman claim to be honest, it never ends well for the users.

[BitHodler]

Tons of coins have faster and more scalable blockchains than Bitcoin, so presenting a new one is pretty boring. The question should be whether his network is as decentralized and secure as Bitcoin's network. If it's not, then what's the point? A centralized blockchain is just a payment processor like PayPal, and no matter how hard those middleman claim to be honest, it never ends well for the users.

Completely agree with this. More so because there already is a super fast centralized payment system, which is called XRP. It completes transactions in just seconds, so what's there to gain from this?

XRP is also centralized, and it can scale to become even faster. I'm not hyping up XRP, but just pointing out that you don't gain anything from having a faster alternative than Bitcoin.

Bitcoin only needs to be Bitcoin in order to be Bitcoin. Can anyone follow me? The tech is completely irrelevant in this case since there is nothing that can replicate what Bitcoin did and will be doing in the future.

Most people don't give a shizzle about using crypto as money, regardless of how fast the transactions are. The volatility is killing all the 'usefulness' for daily transactions. Crypto is bad money.

[hatshepsut93]

Tons of coins have faster and more scalable blockchains than Bitcoin, so presenting a new one is pretty boring. The question should be whether his network is as decentralized and secure as Bitcoin's network. If it's not, then what's the point? A centralized blockchain is just a payment processor like PayPal, and no matter how hard those middleman claim to be honest, it never ends well for the users.

Completely agree with this. More so because there already is a super fast centralized payment system, which is called XRP. It completes transactions in just seconds, so what's there to gain from this?

XRP is also centralized, and it can scale to become even faster. I'm not hyping up XRP, but just pointing out that you don't gain anything from having a faster alternative than Bitcoin.

Bitcoin only needs to be Bitcoin in order to be Bitcoin. Can anyone follow me? The tech is completely irrelevant in this case since there is nothing that can replicate what Bitcoin did and will be doing in the future.

Most people don't give a shizzle about using crypto as money, regardless of how fast the transactions are. The volatility is killing all the 'usefulness' for daily transactions. Crypto is bad money.

Volatility won't last forever, at some point the price will settle around its fundamental value, which is determined by its quality. Bitcoin absolutely can be dethroned as the best cryptocurrency, it's just that it's very unlikely, because so far no one is even trying to do it - develope a protocol that is as secure or even more secure than Bitcoin. This is because it's hard to sell security to people, while it's easy to sell "fast transactions" to the masses.

[BitHodler]

Bitcoin absolutely can be dethroned as the best cryptocurrency, it's just that it's very unlikely, because so far no one is even trying to do it - develope a protocol that is as secure or even more secure than Bitcoin.

Bitcoin has already been dethroned as best crypto currency, it doesn't represent anything that other coins don't offer. Bitcoin has only its decentralized nature to boost its value, and its first mover advantage.

Bitcoin is digital gold and that aspect can't be taken away from it. Bitcoin's advantage is that it doesn't try to do a lot things at the same time as Ethereum likes to do, so what is there to take away from Bitcoin?

Even if you come up with something that's 10000x faster and more secure than all crypto currencies combined, if the ecosystem here doesn't give a shizzle, it's not even going to be worth more than one top tier altcoin.

[aso118]

Article link?  You forgot to include the source.  I found a different article here if anyone wants to read that one.


If it was anyone else, I'd be skeptical, but David Chaum is a luminary in crypto.  On that basis alone, consider me intrigued.  Although I'm a little disappointed with the closed beta.  If you want to claim you've built a better cryptocurrency, you should arguably start with the fundamentals of being open-source.  As long as they make it public at some point, then I suppose we should give them the benefit of the doubt.  Perhaps they don't want a million-and-one copycat ICOs trying to cash in on their ideas.  Hopefully this doesn't become a trend for new projects, though.

Bitcoin has a million and one copycats. That doesn't make it any less of a preferred solution. If it were open source, it would give me comfort about being reasonably safe, or that at least critical errors would be found in the early stages.
Would be interesting to see how this currency starts out, given the established nature of the developer.

[veleten]

what do you expect from a new product (coin in this case) that enters the market?
its creator will for sure start comparing it with the industry leader(s) and say its better,faster,shinier
Elixxir home page: https://elixxir.io/ , they clame they have alpha net running only so it can only be judged after they go live
also for a decentralised and superprivate cryptocurrency Elixxir ... requires KYC procedure to run a node:
https://twitter.com/WhalePanda/status/1040696135453683712/photo/1?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1040696135453683712%7Ctwgr%5E373939313b73706563696669635f73706f7274735f616374696f6e&ref_url=https%3A%2F%2Fforklog.com%2Fsozdatel-ecash-devid-chaum-predstavil-samuyu-bystruyu-kriptovalyutu-s-aktsentom-na-privatnosti%2F


some interesting article about the genesis of Elixxir:
https://bitcoinmagazine.com/articles/genesis-files-how-david-chaums-ecash-spawned-cypherpunk-dream/

[gentlemand]

Bitcoin has already been dethroned as best crypto currency, it doesn't represent anything that other coins don't offer. Bitcoin has only its decentralized nature to boost its value, and its first mover advantage.

Only ETH can compare in terms of throughput and load and it hasn't been as consistent. You can make all the fancy claims you want, they may well start to fall apart if enough people take you up on them.

Bitcoin's often been maxed out 24/7 for weeks at a time without the slightest hiccup and has shrugged off repeated attempted hijackings in a way no other coin has either. Governance and functionality make up just as big a portion of something being 'best' as some TPS numbers that were achieved for a few seconds.