American cryptographer and computer scientist, David Lee Chaum said that his newly developed cryptocurrency will beat bitcoin. Over the past two years, David was working on developing his cryptocurrency, Elixxir which he has launched recently. David Chaum has also developed several cryptographic protocols and founded electric money corporation, DigiCash. According to David Chaum, at the time when he invented DigiCash, people did not even know about the internet and there was no chance that people will use the DigiCash. But now the situation is quite different, now people have already used the cryptocurrencies and aware about the digital assets.
During the Consensus Singapore conference, David Chaum revealed that his latest project will address the shortcomings in speed which are preventing blockchain based assets such as Bitcoin, Bitcoin Cash, and Ethereum to scale quickly. There must be some fundamental solutions for blockchain technology to make the critical leap from a store of value to consumer scale payment and messaging. David’s new cryptocurrency, Elixxir made numerous fundamental changes in the way of blockchain processes transactions. The main aim of making these changes is to increase the efficiency. Elixxir network can process thousands of transactions per seconds. David added that before announcing the solution for these problems the company wants to finish the engineering is done and software up. By making all these changes David Chaum wants to meet the requirements to go to consumer scale.
Almost nine years ago bitcoin was created but till now the developers of bitcoin are continually working towards improving it so that it can cater the potential influx of demand in coming years. For both bitcoin and litecoin, the scaling solution is Lightning Network. Despite the early experimental stage of mainnet implementation, Lightning Network is the main contender. Solutions suggested by other cryptocurrencies received heavy criticism but David believes his new blockchain will change the whole game.