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How QRL is Securing the Blockchain of the Future
Technological innovation appears to be advancing at an accelerated pace, from artificial intelligence to blockchain to quantum computing, but these technological advances can also be exploited by malicious actors, posing risks that must be taken into account. Quantum computing and blockchain technology are set to collide soon, and the cryptocurrency industry needs to be prepared. Otherwise, these powerful next-generation computers will put digital assets and the blockchains that support them at risk.
A pioneering project that is helping prepare for this future is QRL, a blockchain and a digital asset protected by a post-quantum secure digital security scheme. Simply put, QRL has developed a decentralized ledger on which digital signatures on the blockchain are secure in a world where quantum computing exists.
What is quantum computing?
Quantum computing is a field that combines computer science, physics and mathematics, using quantum mechanics to solve complicated problems. It does this more efficiently than traditional computers ever could.
Quantum computers are designed to solve problems in seconds that would take even the world’s fastest supercomputer billions of years, and their widespread adoption is near the horizon. They can perform many calculations considering several different configurations at the same time, making them exponentially faster than traditional computers. They won’t replace legacy computers, but they should be the go-to machines for sophisticated technological advances across all sectors of the economy, enabling breakthroughs in fields from logistics to molecular engineering.
Corporate investments in quantum computers are growing making strides in areas ranging from electric vehicle batteries to blockchain. While still in their infancy in terms of scale, quantum computers have been proven to work. For example, Google’s 54-qubit Sycamore processor completed a calculation in 200 seconds that would have required the world’s most powerful classical computer 10,000 years. According to relationship from IBM, cryptographic protocols can be solved in a few hours with quantum computers. Blockchain networks are strengthened by cryptography, which is the link through which digital signatures are assigned to messages on the network.
Therefore, the approaching adoption of quantum computing has revealed existing vulnerabilities in high-tech innovations such as blockchains, for which security and integrity are of the utmost importance.
How QRL Addresses Blockchain Vulnerabilities
Blockchains are built to be inherently secure, thanks to the decentralized nature of ledgers combined with cryptography.
While this level of security is sufficient in a world of conventional computers, it has not yet been battle-tested against quantum computers, making the former “insecure.” reports QRL. As a result, signatures protected by conventional computing power suddenly become vulnerable in the age of quantum computing.
The stakes are really high. Not only are both Bitcoin and Ethereum (which currently account for over 65% of all cryptocurrency market capitalization) vulnerable to a sufficiently powerful quantum computer, but Ethereum itself has over $90 billion locked across all layer 2 applications that they rely on it. .
However, most crypto innovators are so busy building that many have not taken the time to recognize the threat that quantum computing poses to tomorrow’s blockchain networks. According to a recent study by Deloitte, approx 65% of all Ether coins are vulnerable to a quantum attack and this number is continuously increasing. Enter The Quantum Resistant Ledger, who estimates it 99% of all blockchains and cryptocurrencies are vulnerable and was created in response to the future threat posed by quantum computing to blockchain technology.
Quantum Resistant Ledger founder Dr. Peter Waterland, who is also a colorectal cancer surgeon, published a white paper for QRL in 2016. In it, he identified how the Bitcoin and Ethereum blockchains were both fundamentally flawed . He explained how quantum computers will eventually crack the vital cryptography on which blockchains depend, which could spell disaster for the industry and destroy any hopes of mainstream adoption.
But he didn’t just name the problem. Dr. Waterland also proposed a solution, which
resides in the project he formed almost 6 years ago.
The Quantum Resistant Ledger leverages NIST-approved XMSS encryption instead of standard Elliptic Curve Cryptography (ECC) for digital signatures on the blockchain. Unlike ECC, which is expected to be stopped sooner or later thanks to the power of these quantum computers, XMSS is mathematically safe and provable.
The XMSS algorithm behind QRL is a forward-secure signature scheme designed to “future-proof and secure blockchains in light of practical quantum computers,” as noted at Yale. research.
Consider supporting the network and managing your node on the Quantum Resistant Ledger.
QRL Roadmap
In addition to Dr. Waterland, the QRL project is also led by JP Lomas as technical advisor. The development team is led by Kaushal Singh, based in Dubai, while the larger non-tech team is spread across the UK, US and Canada. The project has had a low profile so far, as the team has kept their noses down while they focus on developing their revolutionary accounting technology, prioritizing development at the expense of marketing.
Now that the project has matured more, it is ready for the spotlight. QRL is preparing for the release of its Go Zond project, a proof-of-stake blockchain that will debut in the third/fourth quarter of 2024. QRL claims that this platform is not only provably secure against quantum computing, but It will also enable Ethereum Virtual Machine Contracts, meaning that contracts written on the Ethereum blockchain will be easily transferable to the QRL.
QRL invites you to do so become part of their growing community and be part of the next generation of blockchain technology.
Featured photo by The digital artist ON Pixabay.
This post contains sponsored content. This content is for informational purposes only and is not intended to provide investment advice.
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