Cryptocurrency space has been unsuccessful in executing digital privacy, claims ‘Godfather of Digital Currency’

The cryptocurrency field has made significant strides over the past decade and the community has witnessed major crashes, as well as surges. Still, in its nascent stage, the current crypto-industry has managed to recover significantly after the crypto crash of 2018. The market capitalization figures stood at a whopping $271.2 billion at press time.

However, another anonymous electronic currency that predated Bitcoin by nearly thirty years was eCash. And the mastermind behind the innovation was David Chaum, who is widely recognized as the “Godfather of digital currency.”

Chaum, who is also the CEO and Founder of Blockchain-based messaging and a privacy-focused, quantum-resistant, payments platform Elixxir, is of the opinion that eCash is different than existing digital assets. He also said that in some sense, eCash was better than the current crop of cryptocurrencies.

Talking about Bitcoin’s precursor, eCash, to Bloomberg, Chaum stated that crypto-assets are more like “digital checks” which involve the movement of money from one account to another. In the case of eCash, which was the first digital instrument, he cited that it was “a number that was worth money.”

He believes that digital privacy is a “critical and necessary ingredient” for democracy, which the cryptocurrency space has not been very successful in executing. The CEO had previously criticized the security factor related to Bitcoin and other digital currencies at the Paris Blockchain Week Summit and said,

“Someone like myself who has worked in government and high stakes industrial security knows elliptic curves are a joke compared to the capabilities of a national laboratory. When they want to take these down, they will”

Besides, Chaum had previously noted that his latest roll-out Elixxir, is capable of processing over 100,000 transactions per second, which is far more than Bitcoin’s transaction capabilities.

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