Quantum Resistant Ledger, a Blockchain Platform for Secure Digital Assets

Quantum Resistant Ledger, a Blockchain Platform for Secure Digital Assets

  • Quantum Resistance Ledger blockchain assures the security of digital assets.
  • This ledger platform is a post-quantum decentralized communication layer.
  • QRL is built to protect digital assets from the threats of quantum computing.

Blockchain networks deploy numerous technologies, starting from their basic block creation and data storage to the product that a receiver gets. For this long algorithmic process, security is a necessary concern to ensure the integrity and proper working of data.

Since the launch of quantum computing technology, complex data calculations have become easier. However, many technological networks experienced security issues and data storage problems with quantum encryption threats. Therefore, most experts keep their eyes on post-quantum cryptography algorithms to resolve security issues.

In this context, the blockchain platform Quantum Resistant Ledger (QRL) plays a vital role in defending the security issues associated with quantum technology.

What is Quantum Resistant Ledger (QRL)?

The Quantum Resistant Ledger (QRL) is a first-of-its-kind, post-quantum value store and decentralized communication layer proactively tackling the threat of advanced quantum computers. This cryptocurrency ledger is secured by XMSS, a National Institute of Standards and Technology (NIST)-approved post-quantum secure digital signature scheme. QRL has 785 active nodes globally.

To note, the platform is the first industrial implementation to utilize XMSS. The IETF-specified XMSS is a hash-based, forward secure signature scheme with minimal security assumptions and reusable addresses.

Securing Digital Assets with QRL

The QRL digital asset is secured against current and rising cryptographic threats. This blockchain platform provides a suite of solutions for the safe custody of QRL digital assets. Its solutions also allow interaction with the public and private post-quantum secure blockchains built on their core protocol.

Significantly, QRL utilizes hash-based digital signatures that are impervious to classical and quantum computing attacks.

Quantum-Resistant Signatures and Hash-based Digital Signatures

Many important cryptographic systems are considered quantum-resistant, including hash-based cryptography, lattice-based cryptography, code-based cryptography, etc. With their long key size, all these systems are made to resist both classical and computing attacks.

Hash-based digital signature schemes exist with minimal security requirements that depend upon the security of a one-way cryptographic hash function. To elaborate, this scheme takes a message, ‘m’ and outputs a hash digest, ‘h’ of a fixed length, ‘n’.

Features Available with QRL

  • Ledger-wide post-quantum (PQ) security
  • Reusable addresses
  • Quantum resistant token (QRT) support
  • On-chain message support (80 bytes)
  • PQ document notarization
  • Keybase ID integration
  • Full-featured API
  • Multisignature wallet capability

There are also other features that are still under development:

  • PQ proof-of-stake consensus
  • Easy to secure smart-contracts
  • Ephemeral messaging utilizing Dilithium and Kyber
  • Expanding QRL technology to secure other digital assets

Key Developmental Initiatives of QRL

QRL is a visionary blockchain with digital asset security as a quintessential factor. After being built from the ground up with post-quantum security, the QRL passed through two years of testing and multiple external audits. This was before the release of its mainnet.

The ledger platform’s crypto-agility and extensible address format is another vital development since its launch. Following the introduction and solidification of variable key heights and signature space, QRL could ensure future compatibility. There is a possibility for the platform to upgrade signature schemes such as XMSS, SPHINCS, Falcon, etc. These schemes would be upgraded via an address format update and support different cryptographic hash functions.

More so, QRL supports a complete multi-platform wallet. The QRL Wallet is available on Desktop, Mobile, Hardware, and Browser. Another significant growth is weighted threshold multi-signature transactions. Here, advanced multi-sig addresses and transactions allow for a wide range of custodial scenarios for secure asset management.

The Ephemeral messaging system (EMS) is an end-to-end quantum secure messaging system to distribute any data using Dilithium and Kyber. This feature will be expanded in the future, into a globally decentralized network along with the QRL blockchain.

Meanwhile, the file notarization technique of QRL can prevent fraud through the use of quantum secure notarization, which is easily accessible via a clean user interface.

Current Market Trend of QRL

Along with the global crypto market plunge, the price of QRL also went down. At the time of writing, QRL is registered at $0.1702, with a 3.67% dip in the past 24 hours. The coin holds a market cap of $12,861,899 and a market volume of $18,520, which is down by 3.04% and 16.54%, respectively.

However, since July 3, the price of QRL indicates an uptrend. If the coin crosses its $0.167 support level, a good surge is expected. Importantly, the crypto market and BTC price trends will also influence the QRL price trends.

To sum up, Quantum Resistant Ledger protects digital assets from threats and hacks, sourcing from quantum computing. This computing has evolved with a wide range of features that simplify the complex operations seen in normal computers. But, fraudulent actors scrap data using quantum computers and bring threats to network security. This is where QRL deploys its ledger blockchain features to resist these threats.

Disclaimer: CoinQuora does not, and will officially not endorse any company or individual on this sponsored article. Any information published in this sponsored article does not equal financial advice. We encourage everyone to do their own research before investing in cryptocurrencies.

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