News
QRL Launches Zond Beta-Testnet Project for Blockchain Security in the Age of Quantum Computing
As the era of quantum computing approaches, the need for next-generation blockchain technology has arrived. Quantum Resistant Ledger (QRL), is designed to provide enterprise-level security to the blockchain space in the future of quantum computing. And he has reached a milestone in his journey.
QRL has unveiled its highly anticipated next evolution of post-quantum secure distributed ledger technology (DLT): QRL Zond. This update will enable the existence of secure blockchain-based digital assets protected by sufficiently advanced quantum computers.
QRL Zond is a decentralized quantum-secure network on which developers can build next-generation applications by accessing the familiar methods and native architecture of Ethereum. As a result, blockchain developers and projects can continue to build towards a quantum-secure environment without having to wait for the decentralized finance (DeFi) space to catch up or, worse, regress.
The QRL Zond feature is now available as beta-testnet version one. Blockchain developers can now build decentralized applications (dApps) by leveraging the power of Ethereum Virtual Machine (EVM) smart contracts and a robust web3 API on a quantum backbone. This peer-to-peer network is capable of proof-of-stake to support activities such as digital asset staking and smart contract transactions popular on Ethereum.
QRL Zond is the key to unlocking solutions to the challenges that await in a post-quantum environment. Quantum computing will eventually clash with traditional cryptographic systems. QRL guarantees that the blockchain will not come to an abrupt halt when this happens.
How QRL supports Blockchain signatures
Blockchain signatures are central to DLT and are the conduit that allows digital messages on the blockchain to be decoded using cryptography. Digital signatures on the blockchain are similar to handwritten signatures in traditional agreements and are vital to unlocking and protecting sensitive information. QRL took a different approach to digital signatures and this was key.
While standard blockchains rely on cryptography to protect signatures on the blockchain, QRL uses the eXtended Merkle Tree Signature Scheme, or XMSS, a digital signature scheme built to be secure in the post-quantum era. But XMSS had limitations on key blockchain attributes such as signature size and one-time key usage. Fortunately, QRL has found a workaround.
A nicknamed algorithm Shor’s algorithm, developed in the early 1990s by Peter Shor, poses a significant threat to conventional public key cryptography, including those used in blockchain systems. It is the formula by which the private keys inherent to DLT can become known to anyone with access to public keys on the blockchain, and rightly so. Without this innovation, a quantum-secure future would face many additional obstacles to protecting resources in the short and long term.
QRL is also protected by Grover’s quantum algorithm, also known as quantum search algorithm, developed in 1996-1997. It decides firstly whether the desired data on the blockchain exists, speeding up the digital signature process compared to classical algorithms.
While most blockchains that store funds for a certain period of time are vulnerable to the power of quantum computing, QRL is not. Developers who are looking for a secure network to build upon in preparation for the post-quantum environment may want to consider the possibilities that Zond function of QRL provides.
Bitcoin, Ethereum and the future prospects of quantum computing
The need for quantum-secure blockchain platforms is more urgent than ever, especially as digital assets move closer to mainstream adoption.
When Bitcoin creator Satoshi Nakamoto created the first blockchain in 2009, quantum computing was much further from a reality. Given the technological advances made since then, the need for a secure quantum network is reaching unprecedented levels.
Consider Nakamoto’s original digital wallet. Today, his bitcoin holdings are said to be Worth anywhere between $43 billion and $80 billion. While Nakamoto’s identity may be a mystery, the possible benefits of securing such assets are a no-brainer.
As the blockchain industry matures, new technologies continue to emerge, including an update in 2021 known as Taproot. This update was implemented to make Bitcoin more scalable. But by its nature, Taproot exposes public keys in a digital signature, putting those funds at risk of a quantum-sized attack, including Satoshi’s stash.
QRL is a viable solution, as its hash-based digital signatures would not be exposed to the same risks. Transferring bitcoin from its holders’ original wallets to a different chain would be extremely inefficient. Given the network’s current pace of around seven transactions per second (which varies based on network congestion and transaction fees), such a transfer would take at least several months to move these wallets, probably longer.
Meanwhile, Ethereum co-founder Vitalik Buterin is no stranger to the risks that a quantum blockchain network presents. He warned that the rise of quantum computing would require the Ethereum blockchain to “roll back,” essentially go back in time to adopt a quantum-resistant signature, resulting in the loss of millions, if not billions of value.
Fortunately, QRL offers a solution. With the recent launch of the beta testnet, QRL’s Zond project is closer to reality than ever. The QRL Zond Testnet is now available for public use. All you have to do is install, test and report.
Featured photo by Geralt ON Pixabay.
This post contains sponsored content. This content is for informational purposes only and is not intended to provide investment advice.
ENTER TO WIN $500 IN STOCKS OR CRYPTO
Enter your email and you’ll also receive Benzinga’s latest morning update AND a free $30 gift card and more!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.