Praxxis is a new high performance digital currency supported by a quantum-resistant blockchain. Using denominated coins and a new approach to consensus, Praxxis leverages the power of its sister Elixxir's privacy-protecting platform.Digital money pioneer David Chaum has created his second digital currency called Praxxis.^[4]

Praxxis technology is composed of three primary components: a blockchain, digital tokens & money (dtm), and a consensus mechanisms, all designed to provide the first cash-like digital currency in the world and to support the operation of the Elixxir privacy-protecting platform.Praxxis uses unique unlinkable transaction trees combined with denominated tokens to enable privacy preserving payments when sent over the Elixxir messenger. With the personal check-like structure of other chains it is inherently hard to keep specific transaction information private.Chaum created the first platform, Ecash, in 1983 and it was meant to be an electronic cash system, not unlike what bitcoin is today.

Chaumhas developed a new “quantum-resistant” digital currency called Praxxis that innovates on his original ideas for Ecash as well as on the technology advanced by Satoshi Nakamoto’s bitcoin.

According to its official website, most cryptocurrency achieve a certain degree of success by making a cryptocurrency either private, fast or secure, but Praxxis will be the first one to achieve all three at the same time. Praxxis will purportedly fully support the use cases of cash, thus becoming the first cash-like digital currency in the world. ^[3]

A big roadblock that stands in the way of privacy is metadata, or specific information that is left unencrypted on messaging protocols that can be later used as routing data to identify a specific user.

Praxxis will leverage Elixxir’s use of the so-called mixnodes or mix networks—also devised by Chaum in the 80s—which reroute and mix metadata so it becomes hard to trace.

Praxxis will reportedly bolster privacy further by adopting a denominated coin structure where transactions and payments are broken down into individual coins that are then associated with other payments, making transactions even harder to trace.

This will strip transactions in the Praxxis blockchain of their metadata, making it reportedly impossible for third parties to gather data about spending hab

People who have delved into the more technical aspect of cryptography or have followed the history of crypto might recognize Chaum as a very important figure in the field of cryptography and the cypherpunk movement.

His seminal research includes his 1982 Doctor of Philosophy dissertation, credited as the very first proposal of a decentralized blockchain system. This work included elements that would eventually be featured in the Bitcoin whitepaper, with the exception of the proof of work consensus mechanism. In 2019, Chaum published a paper that resulted in the invention of the world’s first secure and anonymous digital cash. In other words, David Chaum is among the most experienced and renowned researchers in the crypto space.

Arguably the most aggressively marketed feature of Praxxis so far is their security.

Among the wide array of cryptocurrencies available, there are multiple approaches that deal with issues related to privacy in transactions and low throughput, but Praxxis stands out as one of the only projects that offers security against quantum-level attacks.

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By being quantum-resistant, Praxxis will be able to withstand high-profile attacks from hackers and even governmental agencies.

In previous years, the idea of having quantum computers attacking a blockchain was unrealistic, but the probability of it becomes ever greater with the passage of time and newer developments in technology.

Additionally, recent friction between several jurisdictions and the Libra cryptocurrency could mean very powerful new enemies for all cryptocurrencies.