CHEYENNE, WY / ACCESSWIRE / May 24, 2023 / - Amid cutting-edge advances in blockchain technology and cryptocurrencies, a stealthy yet formidable challenge lurks: quantum computing.
Quantum computers are powerful computers that use quantum physics to solve complex problems that are beyond the capabilities of classical computers. If the current trends in progress continue, quantum computers are expected to break some of the currently used cryptographic algorithms for which there are no replacements: Bitcoin and Ethereum included.
Yet even as investors continue to overlook this imminent threat, the quantum resilient ledger (QRL) serves as a promising solution: the world's first post-quantum store of value. The following article will delve into the risks of quantum computing and examine how QRL is poised to safeguard the future of digital assets.
What is quantum risk?
To fully understand the implications of quantum riskIt is important to understand how quantum computing works and what makes it different from traditional computing.
The mechanics of quantum computing
To understand quantum risk, it is first important to understand the mechanics behind quantum computers.
Quantum computers use quantum physics to solve complex problems that are beyond the scope of classical computers. This is accomplished through the use of qubits, which are just like regular bits in a computer but much more advanced.
Bits are the building blocks of information in computers. They can have two values, 0 or 1. These values โโare like a simple on/off switch that computers use to process and represent data. Unlike bits, qubits can be 1 and 0 at the same time, which means they can make computers exponentially faster.
Vulnerabilities of Existing Cryptocurrencies
Traditional cryptocurrencies like Bitcoin and Ethereum use cryptography and blockchain to secure transactions. In other words, these blockchain networks rely on computational complexity for security.
However, most cryptographic methods did not consider or incorporate safeguards against the potential threat of quantum computers, which are projected to actively threaten blockchain networks by 2030. A recent Deloitte study revealed that about 65% of all ether it is vulnerable to quantum attacks, significantly more than Bitcoin's 25% vulnerable.
types of attacks
Broadly speaking, conventional cryptocurrencies face two main categories of risks, namely:
- Storage Attacks: These attacks target specific wallet addresses, attempting to breach its defenses and steal the digital assets it contains.
- traffic attacks: These attacks focus on gaining control of ongoing network transactions, manipulating them in real time.
The Overlooked Danger: Why Quantum Risk Is Still Largely Ignored by Investors
The cryptocurrency market is known for its inherently volatile nature, experiencing dramatic price fluctuations that resemble the exhilarating ups and downs of a roller coaster. A common misconception is that this high volatility is innately bad. This is not necessarily true, as volatility provides the opportunity for both significant gains and significant losses.
The extreme volatility of the crypto industry is fueled by speculation, and smaller markets tend to be more susceptible to these fluctuations. As a result, most investors are quite short, prioritizing short-term gains and ultimately missing the big picture.
That's why quantum risk is often underestimated across the industry, by both new and seasoned investors. This is largely due to the harmless power of today's quantum computers. Just last year, IBM introduced a 127-qubit processorand a 1000-qubit machine is expected to be ready by the end of 2023.
To put it in perspective, consider Ethereum as an illustration. For a storage attack, a quantum computer would require more than 10 million qubits, while a more catastrophic transit attack would require billions of qubits. Although these numbers may seem unattainable today, the remarkable exponential growth seen over the past 20 years suggests that cautious investors should not dismiss this risk lightly.
QRL: a solution for quantum resistant cryptocurrencies
QRL is the only blockchain that uses a signature scheme recognized by NIST as post-quantum secure. The QRL protects digital assets and communications from the threat of quantum computers. This positions the QRL technology as insurance, long term option even in the face of the advancement of quantum computing technology.
The Extended Merkle Signature Scheme (XMSS) is a fundamental component of QRL cryptography. XMSS is a way of creating digital signatures, which are like electronic seals that prove that a transition or message is authentic. What makes XMSS special is its unique ability to withstand attacks from extremely powerful quantum computers, which current security methods like RSA and Elliptic Curve Cryptography (ECC) fail to do.
Future Implications of QRL and Quantum-Resistant Cryptocurrencies
While the resources and expertise required to operate a quantum system capable of compromising secure cryptocurrencies like Bitcoin and Ethereum may seem exaggerated, crypto asset management firm CoinShares urges caution. They recommend that projects should take the next decade to "modify existing cryptographic infrastructure" to avoid the threat.
QRL is on the cusp of this emerging field, poised to provide a secure method for transactions and communications in the age beyond quantum computing advances.
photo featured by Maria Teneva on Unsplash.
Contact:
mike pointer
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FOUNTAIN: The Quantum Resistance Corporation
