CHEYENNE, WY / ACCESSWIRE / May 19, 2023 / The cryptographic protocols that protect networks like Bitcoin and Ethereum are, for the moment, impervious to even the most advanced computers. However, imagine a near-future scenario where computers have advanced to such a level that current cryptographic standards become insufficient.
This potential danger arises from quantum computers, a cutting-edge technology that has the potential to compromise many of the encryption protocols used in cryptocurrencies today. Although quantum computers are in their infancy and not yet powerful enough to do so, experts predict that if current trends continue, they could threaten blockchain networks by 2030.
Quantum resistant ledger (QRL) aims to meet this doomsday threat as the world's first post-quantum store of value and decentralized communication network to proactively address the threat of advanced quantum computing. The following article will delve into the nature of the quantum threat and explain how QRL could be positioned to transform the industry by providing a post-quantum solution.
The quantum threat to cryptocurrencies
Before delving into how QRL offers a solution to the quantum threat to cryptocurrencyit is important to understand how quantum computers work and the current risks associated with popular blockchains like Ethereum and Bitcoin.
What is quantum computing?
Quantum computers are a type of supercomputer with much higher processing power than classical computers. They are capable of performing many calculations while considering many different configurations, making them exponentially faster than traditional computers.
In recent years, quantum computing has shown significant progress in various fields, including artificial intelligence, weather forecasting, and medical research. However, in the wrong hands, quantum computing has the potential to pose a substantial risk to cybersecurity, and consequently to cryptocurrencies as well.
For example, Google's 54-qubit Sycamore processor completed a calculation in 200 seconds that would have taken the world's most powerful classical computer. 10,000 years. according to a IBM reportIn theory, cryptographic protocols can be solved in a few hours with quantum computers.
Types of quantum attacks
Broadly speaking, traditional cryptocurrencies face two main types of threats, which are:
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Storage Attacks: An attack that targets individual wallet addresses, trying to break their security and steal the cryptocurrency stored in them.
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traffic attacks: An attack that focuses on taking control of all transactions that occur in real time on the network.
Vulnerabilities of Existing Cryptocurrencies
Bitcoin and Ethereum, the two largest cryptocurrencies in the world, represent almost 60% of the total market capitalization of the industry. Bitcoin as an asset works like digital gold, providing a decentralized, immutable, and secure store of value. Rather, Ethereum is like a publicly shared computer network that allows developers to build applications on decentralized servers.
When it comes to storage attacks, Ethereum is at higher risk than Bitcoin. A recent Deloitte study revealed that about 65% of all ether it is vulnerable to quantum attacks, significantly more than Bitcoin's 25% vulnerable.
Traffic attacks, while more serious, are also more difficult to execute. According to Mark Webber of the University of Sussex in the UK, breaking this level of encryption would require a quantum computer with 1.9 billion qubits of power.
This number is staggering, especially when compared to IBM's most advanced quantum computer, which only has 127 qubit compared. Ethereum creator Vitalik Buterin tweeted in 2019 that current speculation about quantum computing is as far removed from actual quantum computing as hydrogen bombs are from nuclear fusion. But rapid advances in AI-assisted technology could be changing the outlook and speeding up the quantum timeline.
QRL Quantum-Safe Blockchain Technology
Traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) rely on computational complexity for security. However, this model is an inefficient solution in the long run since quantum computers can solve these methods. QRL says it fixes this vulnerability by creating problem-based cryptography that is believed to be resistant to quantum attacks, thus providing greater security in the quantum age.
One of the key components of QRL cryptography is the Extended Merkle Signature Scheme (XMSS). This is a unique mathematical function that is designed to enable secure and efficient transaction authentication taking into account the trends of quantum computers.
In addition to securing transactions, QRL leverages advanced techniques such as on-chain lattice key storage and layer-to-node communication to secure communications on the blockchain.
The road ahead for QRL and the cryptocurrency industry?
In general, although the advent of quantum technology raises concerns, the continued development of cryptographic encryption has the potential to outpace progress in quantum computing.
As quantum computing remains in its early stages, investors and centralized organizations have an opportunity to transition to quantum-resistant cryptography. The situation is very different for decentralized blockchain technology, which post-quantum security analysts insist has a fatal and fundamentally irreparable flaw. QRL does not have this problem, they maintain. In any case, QRL appears to be at the forefront of the post-quantum security frontier and well-positioned to offer a secure way to transact and communicate in a post-quantum world.
Photo featured by Sun ray on Unsplash
Contact:
mike pointer
4d5a@theqrc.com
FOUNTAIN: The Quantum Resistance Corporation
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