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Quantum Resistant Ledger (QRL): Fight Against The Quantum Threat
Quantum Resistant Ledger, or else known as QRL, is said to be the first decentralized platform involved in protecting blockchain technology from the quantum threat. QRL is designed as a future-proof store and communication platform with entirely decentralized functions that are said to be completely safe from the quantum threat.
But, what is the quantum threat and can this phenomenon cause an uproar for all cryptocurrencies that didn’t think of protection like Quantum Resistant Ledger?
Mre importantly is Quantum Resistant Ledger protected from the Quantum Threat?
What is Quantum Threat and How Real of a Threat is it?
For the last couple of years, we’ve been hearing more and more about cryptocurrencies which lead to a craze we are living through now.
But, in all that rage, we are all forgetting that cryptocurrencies are yet to become mainstream with various threats potentially appearing in the future – near or distant. The first natural threat would be coming up with regulations that might get many coins categorized as ineligible, imposing rules that must be respected when it comes to how cryptocurrencies are being obtained, used and operated.
Another threat that is being mentioned lately is the quantum threat, the same threat Quantum Resistant Ledger is addressing. But, not many people are familiar with this term. To understand the purpose of QRL, we first need to determine what the quantum threat is exactly.
Blockchain technology is working thanks to the network of different computers that are keeping the ledger alive, allowing different parties to perform transactions with maximal security and safety – and that is the main reason cryptocurrencies are as exciting as we see them.
But, what if there was a much more advanced technology that could compromise that ledger and jeopardize the security of transactions. Cryptocurrencies wouldn’t be as useful then, right?
With blockchain technology getting headlines all over the world, another interesting technological innovation is thriving as well: quantum computing. Quantum computing is already a subject of researching and investing in many major companies that are working on creating quantum computers that would be involved in cryptography, being able to perform more advanced tasks and more complicated computing equations.
Quantum computing would be able to interfere with the way blockchain technology works, break into the ledger operating with transactions and jeopardize that same transaction by dealing with encryptions in a way an ordinary computer wouldn’t be able to. Even though the experts are currently working on hardware technology during the development of quantum computing, matching software is also being planned. It is considered that by the year of 2030, these supercomputers would already be active and in its full potential.
The biggest problem with quantum computing when it comes to affecting blockchain technology is the threat to security because quantum computing technologies can easily interfere with public keys and the way other technologies are secured at the moment, and the public key ledger is a precise way that blockchain technology that keeps the coins running is using.
When put in simple words, quantum computing could easily jeopardize the way cryptocurrencies are operating in the future when this technology becomes fully available. But, it seems like some cryptocurrencies, like Quantum Resistant Ledger, are getting ready for this threat. How can QRL potentially survive the quantum threat?
Can Quantum Resistant Ledger survive the Quantum Threat?
Its name says YES, QRL can stay immune to the quantum threat, and so does the general interest in this coin. QRL is holding the 153rd place on the global coin ranking list among over 1000 of different crypto coins, with the latest increase of 0.86% that increased this coins price to 2.51$ per one unit.
This probably means that many holders and investors see QRL as a safe and potentially advanced coin that could suppress the quantum threat and neutralize all attempts of having their ledger attacked and their security disabled. But what technology does QRL use, that could enable this coin to survive the quantum threat?
The QRL is solving the problem of potential crashes caused by quantum computing by using Extended Merkle Signature Scheme, which is post-quantum encryption, which means that quantum computing would be a no match for its security. IOTA tried to do the same one year back but failed in an attempt to secure its ledger against the quantum threat.
However, it seems that QRL has found a way of successfully applying this encryption model, that means guaranteeing that even if it comes to the point where quantum computing could jeopardize the security of blockchains. QRL won’t be the currency to fall of the hand of the quantum threat.
It might be the case that the quantum threat is only a threat and not a potential end of blockchain safety (many cryptocurrencies can make updates to make sure their ledgers are safe, and many public keys aren’t even open). However, it is nice to know that there is a crypto coin out there that can brag about post-quantum technology.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of coinmarketcap.com