A recently-founded Blockchain platform is promising to offer solutions for the future in terms of cybersecurity, including quantum hack attacks.
The long-awaited arrival of quantum computing is keeping cryptographers awake at night.
Current security methods used to secure online communications will be obsolete in the face of this technology.
For cryptocurrency systems, the rise of quantum computers is especially threatening as they will make for an easy and tantalizing target for hackers.
While cryptographers are working on new encryption methods that could resist quantum attacks, other researchers are rethinking cryptocurrency systems from the ground up.
“Quantum Resistant Ledger” Cuts With Blockchain
A new Blockchain technology, powered by quantum computers, and with a crypto coin for good measure, promises to keep quantum hack attacks at bay.
Called the Quantum Resistant Ledger (QRL), the new network wants to revolutionize Blockchain technology and prepare it for the upcoming quantum era.
The Quantum Resistant Ledger was conceived and designed as a response to both the current cybercrime pandemic as well as future developments, especially quantum computing.
In a podcast, Adam Koltun, QRL’s Lead Business Strategist, presented the platform as the safest crypto network built on “rock-solid foundations”.
Compared to other networks, the Quantum Resistant Ledger system is supposed to resist cyber attacks, whether launched from silicon-based or quantum computers.
“The Quantum Resistant Ledger (QRL) will be a first of its kind, future-proof post-quantum value store and decentralized communication layer which tackles the threat Quantum Computing will pose to cryptocurrencies,” said Koltun.
As Koltun explained, it’s hard for existing cryptocurrency systems to implement a quantum-resistant technology because that needs the consent of each and every user of the network, which is almost impossible.
Thought already a functional test network, QRL is now under “the process of security audit, which is one of the very last steps before launching the main network.”
Unlike the “elliptic cryptography” used to secure Blockchain networks, QRL’s unique cryptography system relies on a quantum-resistant hashtag-based signature tree called XMSS (Extended Merkle Signature Scheme), and a low power proof-of-stake algorithm.
Thanks to XMSS and POS, QRL network can provide one-time unique signatures that ensure private keys are impervious to the quantum software Shor.
QRL has a main native cryptocurrency (called Quanta), but when fully launched, the QRL platform also allows for spinning what they call QRTs (Quantum Resistant Tokens).
Sounds good, but a question Koltun was not asked and remains to be answered: what about existing cryptocurrency platforms? They can’t resist quantum attacks and can’t implement features that allow them to do that.
In the future, will there be a way to update these older platforms to become quantum resistant?