ACCESS Newswire
24 May 2023, 18:35 GMT+10
CHEYENNE, WY / ACCESSWIRE / May 24, 2023 / - Amidst the cutting-edge advancements of blockchain technology and cryptocurrency, 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 current trends in progress continue, quantum computers are expected to break some of the currently used cryptography algorithms for which there are no replacements - Bitcoin and Ethereum included.
Nonetheless, even as investors continue to overlook this looming threat, the Quantum Resistant Ledger (QRL) serves as a promising solution: the world's first post-quantum store of value. The following article will deep dive into the risks of quantum computing and examine how QRL is poised to safeguard the future of digital assets.
To fully comprehend the implications of quantum risk, it's important to understand how quantum computing works and what sets it apart from traditional computing.
To understand quantum risk, it's first important to understand the mechanics behind quantum computers.
Quantum computers use quantum physics to solve complex problems that are beyond the reach of classical computers. This is achieved by using qubits, which are like the regular bits in a computer but way more advanced.
Bits are the basic building blocks of information in computers. They can have two values, either 0 or 1. These values are like a simple on-off switch that computers leverage to process and represent data. Unlike bits, qubits can be both 1 and 0 at the same time, which means they can make computers exponentially faster.
Traditional cryptocurrencies such as 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 failed to 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 is vulnerable to quantum attacks, significantly more than the 25% of vulnerable Bitcoin.
In general terms, conventional cryptocurrencies confront two main categories of risks, as follows:
The cryptocurrency market is notorious for its inherently volatile nature, experiencing dramatic price fluctuations that resemble a rollercoaster's exhilarating highs and stomach-churning lows. A common misconception is that this high volatility is innately bad. This isn't necessarily true, as volatility provides the opportunity for both significant gains and significant losses.
The crypto industry's extreme volatility is fueled by speculation, and smaller markets tend to be more susceptible to these fluctuations. As a result, most investors are quite short-sided, prioritizing short-term gains and ultimately missing the bigger picture.
That's why quantum risk is often underestimated throughout the industry, by both new and experienced investors alike. This is largely due to the unthreatening power of current quantum computers. Just last year, IBM introduced a 127-qubit processor, and a 1,000-qubit machine is anticipated to be completed by the close of 2023.
To put it in perspective, consider Ethereum as an illustration. For a storage attack, a quantum computer would require in excess of 10 million qubits, while a more catastrophic transit attack would need billions of qubits. Although these numbers may appear unattainable at present, the remarkable exponential growth observed in the past 20 years suggests that cautious investors should not dismiss this risk lightly.
The QRL is the only blockchain that utilizes a signature scheme recognized by NIST as being post-quantum secure. The QRL protects digital assets and communications from the threat of quantum computers. This positions the QRL technology as a secure, long-term option even in the face of advancing quantum computing technology.
The eXtended Merkle Signature Scheme (XMSS) is a critical component of QRL's cryptography. XMSS is a way of creating digital signatures, which are like electronic stamps that prove 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.
While the resources and expertise required to operate a quantum system capable of compromising secure cryptocurrencies like Bitcoin and Ethereum may seem far-fetched, crypto asset management firm CoinShares advises caution. They recommend that projects should take the next decade to 'modify existing cryptographic infrastructure' to avoid the threat.
The QRL is on the cusp of this emerging field, poised to provide a secure method for transactions and communications in the era beyond quantum computing breakthroughs.
Featured photo by Maria Teneva on Unsplash.
Contact:
Mike Zeiger
[email protected]
SOURCE: The Quantum Resistance Corporation
Get a daily dose of Chicago Chronicle news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Chicago Chronicle.
More InformationNEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time...
NEW YORK CITY, New York: The U.S. dollar continues to lose ground, weighed down by growing concerns over Washington's fiscal outlook...
KABUL, Afghanistan: Afghanistan, long associated with war and instability, is quietly trying to rebrand itself as a destination for...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Aluminum, copper and nickel shipments have surged this year, according to trade data Beijing has increased purchases of Russian metals...
By Reena Bhardwaj New York [US], June 29 (ANI): A prominent Hindu spiritual leader has been recognised by New York City officials...
BEIJING, June 28 (Xinhua) -- Here are the latest Chinese sports headlines from the past week: 1. China's Wang Xinyu finishes runner-up...
By Naveen Kapoor New Delhi [India], June 27 (ANI): The Aircraft Accident Investigation Bureau (AAIB) Lab in New Delhi, is currently...
Washington DC [US], June 27 (ANI): 'The Social Network' fans are in for a treat as their favourite movie is coming back with a sequel....
Elon Musk has threatened to launch a new party to undermine US President Donald Trump, following a falling out over a spending bill....