CHEYENNE, WY / ACCESSWIRE / May 1, 2023 / Although cryptocurrencies have experienced a significant decline from their market cap of over $2 trillion in 2021, they are picking up again, with Bitcoin up over 75% YTD at the time of writing. The crypto industry is rapidly integrating into mainstream monetary systems, offering unique solutions to a variety of sectors, including finance and gaming.
Born from the ashes of the 2008 financial crisis, the cryptocurrency industry, led by Bitcoin, emerged in response to what was perceived by many as a corrupt, inefficient and centralized financial landscape. It sought to establish decentralized financial alternatives to overcome these challenges, attempting to achieve an intricate balance between security, scalability and decentralization.
Despite the robust nature of the blockchain, the security of cryptocurrencies is threatened by the advent of quantum computers, as they will compromise existing cryptographic algorithms without a viable replacement.
The Quantum Resistant Ledger, or QRL blockchain, offers an innovative and future-proof solution that addresses the significant quantum risk of existing blockchain technology with its own quantum-resistant blockchain technology and digital assets. The following discussion will explore the cryptocurrency quantum risk landscape and evaluate QRL’s potential to seize this market opportunity as a post-quantum safe hedge for investors.
The quantum risk landscape
To understand the quantum risk landscape, it is first important to take a step back and understand how cryptocurrencies work. The main goal of crypto is to facilitate value exchange without intermediaries, achieved via cryptographic algorithms that enable consensus, process transactions and ensure data integrity in a permissionless, automated manner.
Cryptocurrency security currently relies on mathematical processes, called hashing algorithms, and digital keys, specifically public key cryptography. Together, these systems discourage tampering by making it extremely expensive and challenging for malicious users to exploit the system.
This means that, unlike traditional banks, cryptographic algorithms and blockchain technology confirm ownership through probability of trust rather than absolute certainty. While today’s major blockchains such as Bitcoin and Ethereum are considered extremely secure, quantum computing promises new possibilities in processing power, which is likely to have serious implications for the security of these cryptocurrencies.
The quantum threat to Bitcoin and Ethereum
According to a recent report from Deloitte, approximately 65% of all Ether is vulnerable to a quantum attack, and this number has increased continuously. This is a significantly larger percentage than the 25% Deloitte found for the Bitcoin blockchain in a previous analysis.
QRL’s Quantum-Safe Blockchain Technology
Quantum Resistant Ledger (QRL) stands as pioneering post-quantum value store and secure communication layerdesigned to shield against the looming quantum data threat.
QRL uses a cryptographic method called the eXtended Merkle Signature Scheme (XMSS), to ensure that the blockchain remains secure even in the face of powerful quantum computers, providing a long-term solution for protecting digital assets.
In addition to protecting transactions, QRL’s unique blockchain technology also secures communications. QRL brings together two advanced techniques, on-chain key storage and layer-to-internode communication, to create a highly secure messaging system that is protected against the threats of super-powerful quantum computers.
Finally, QRL is extremely adaptable and tightly integrated with several world-leading hardware digital storage solutions and open development architecture. This, combined with a rich API and user interface, makes QRL a seamless and robust enterprise solution.
Embrace the quantum future with QRL
As a cautious investor, it is important to evaluate the long-term risks associated with blue-chip assets such as Bitcoin and Ethereum. Although they may be safe at the moment, current trends in post-quantum computing pose a serious risk to the security of these platforms.
QRL could be poised to become a market leader in the quantum secure space, potentially offering a low-risk and lucrative opportunity for investors to gain exposure to a growing niche. With the growing divergence between the physical and digital worlds, it is more important than ever to assess and secure against the escalating risks of the digital age.
Selected image of FLY: D on Unsplash
Contact:
Mike Zeiger
[email protected]
SOURCE: The Quantum Resistance Corporation
