CHEYENNE, WY / ACCESSWIRE / June 21, 2023 / With the power to revolutionize the financial landscape and bring financial freedom to millions of unbanked individuals worldwide, cryptocurrencies are one of the most disruptive innovations in the world. However, the promise of cryptocurrency as we enter the next decade is overshadowed by a significant threat: the rise of quantum computers.
Quantum computers, a new form of supercomputer, pose a significant security threat to current-day cryptocurrencies. This is due to their potential to crack cryptographic safeguards that are widely believed to be impenetrable by current standards.
This article will explore how the Quantum Resistant Ledger (QRL), the world's first post-quantum store of value, is custom-built to handle this threat and the ways in which it is empowering both developers and users.
Understanding Quantum Risk
At the core of quantum risk is quantum computing, an innovative technology that leverages the principles of quantum mechanics to address complex problems beyond the capabilities of classical computers. Although it has made significant strides in fields like weather forecasting, artificial intelligence, and medical research, quantum computing could pose a severe threat to the blockchain industry if misused.
The issue is straightforward: if blockchain technology doesn't keep pace with quantum computing advancements, the once impenetrable security of networks such as Ethereum or Bitcoin may be severely compromised. This is because the cryptography securing these cryptocurrencies is based on current computing capabilities - without considering quantum computing's exponential potential.
"Once quantum computing becomes powerful enough, then essentially all the security guarantees will go out of the window," stated Dawn Song, computer security expert and UC Berkeley professor, at the Collective[i] Forecast forum in October 2021.
Current Cryptocurrency Weaknesses
In its early stages, quantum computing may not pose an immediate threat to major cryptocurrencies such as Bitcoin or Ethereum. Yet a recent Deloitte study indicated that approximately 65% of all Ether and 25% of all Bitcoin could be susceptible to quantum attacks in the future.
The two key types of attacks that may be possible in the future are transit and storage attacks:
- Storage Attacks: These attacks target individual wallet addresses, trying to breach their security and steal the cryptocurrency stored in them.
- Transit Attacks: These attacks concentrate on gaining control over real-time transactions occurring on the network.
The QRL: The Solution For Quantum-Safe Blockchain Technology
The QRL is a fully quantum-resistant blockchain network that secures transactions and communications. The QRL uses a secure method called XMSS (Extended Merkle Signature Scheme) which is based on hashing to protect against quantum attacks. In contrast to conventional, less secure approaches like ECDSA, XMSS provides minimal security assumptions and reusable addresses, which significantly reduce the risk of quantum attacks.
The National Institute of Standards and Technology (NIST), a leading authority in the cryptography field, has endorsed XMSS. This endorsement indicates that XMSS is both highly secure and reliable, making it a suitable choice for the QRL project.
The QRL's Empowerment Features
The QRL prides itself on being an open-source blockchain platform backed by peer-reviewed research. Its objectives include not only delivering a quantum-resistant solution but also driving the blockchain industry securely into the next era. It offers extensive features that empower developers and users alike, allowing for a straightforward and seamless transition to post-quantum blockchain technology.
User-Orientated
The QRL has a wide suite of products, designed to allow for easy navigation for the end user. This suite caters to a diverse range of user demands, from integrations with hardware wallets to mobile applications.
The QRL downloads page has products for Desktop (Windows, Mac, Linux), Mobile (iOS, Android) and the web. Moreover, it supports industry-leading hardware wallets, Ledger Nano S & X.
Developer Friendly
The QRL boasts an industrial-grade platform that provides an extensive range of tools, and documentation and supports a seamless API that empowers developers to build anything, today.
Several vital features currently available are:
- Ledger-wide post-quantum security
- Reusable addresses
- Quantum resistant token (QRT) support
- On-chain message support (80 bytes)
Looking ahead, the QRL plans to introduce the following:
- Post-quantum proof-of-stake consensus
- Easy to secure smart contracts
- Ephemeral messaging utilizing Dilithium and Kyber
- Expanding QRL technology to secure other digital assets
Preparing For A Post-Quantum World
As quantum computing continues to advance, it is crucial to prepare for the potential impacts on cryptocurrency encryption. By raising awareness about potential threats of quantum computers, and supporting robust post-quantum blockchain networks, the QRL is poised to take charge in ensuring a seamless transition into the post-quantum era.
Featured photo by Dynamic Wang on Unsplash
Contact:
Mike Zeiger
4d5a@theqrc.com
SOURCE: The Quantum Resistance Corporation
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