QRL will make cryptocurrencies safe against quantum computing attacks, as the computing power increases and the machines become more capable of solving complex problems using quantum mechanics. In our QRL guide today we will see how this crypto project can help.
For cryptocurrencies that rely on the ledger security to protect the user funds, the problems which could be solved by the quantum computers are what stands between blockchain data and hackers so these computers pose a serious threat. Adam Koltun, the lead business strategist at Quantum Resistant Ledger QRL, explained why the quantum resistance is such an important feature in blockchain technology. The need for quantum resistance networks and blockchain networks is based on the reality of quantum computing development. Koltun argued:
‘’While there is not currently a quantum computer powerful enough to crack Elliptic Curve Digital Signature Algorithm, the question is one of ‘when’ not one of ‘if’. It is only a matter of time, and when it comes to blockchain networks, which are supposed to be persistent and accurate, preemptive security upgrades always make sense.”
Koltun explained that the QRL platform is centered to protect from quantum computing dangers by using the ‘’Winternitz One Time Signatures’’ which use one-way functions named hashes. The signatures are simple in nature and come with an increased level of confidence from cryptographers who think that they will be secure against quantum computers. The hash-based signatures are stored in a Merkle Tree in a scheme known on QRL as the ‘’Extended Merkle Signature Scheme’’ which makes possible for the users to reuse addresses:
“XMSS has been formally specified by the Internet Engineering Task Force (IETF), and is currently intended to be approved by the National Institute of Standards and Technology (NIST) – it’s important to not roll one’s own crypto, but to instead rely on proven, vetted mathematics, and experience from industry leaders”
QRL will also propose the Improvement Proposal for the support of the security tokens as Koltun explained:
“The future of security tokens, like many other elements of the current cryptocurrency landscape, is somewhat uncertain. Partially, this is due to the various regulators and jurisdictions at play when we discuss securities, tokens or otherwise.
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However, any token, security tokens included, benefits from quantum resistance.”
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