Peter Waterland found out that the Bitcoin and Ethereum signature schemes were completely vulnerable to quantum computers. So he decided to learn more about quantum computing and signature schemes in order to develop his own signature library. This brought about the creation of QRL – quantum Resistant Ledger. QRL is an ERC20 token which will be exchanged for the actual coin at the launch of the QRL mainnet. and can be traded on major exchanges Bittrex, Tidex and Liqui.io. His goal is to be ahead of any major security risks that quantum computers might pose.
The QRL project, based out of the US, managed to raise over $4 000 000 during the duration of its crowdsale.
One of the main characteristics of some of the most popular digital currency platforms on the market today is that they use popular public key encryption solutions to achieve their security. This kind of encryption cryptography that generates digital signatures which authenticate and provide protection to digital currency transactions has been seen to be vulnerable towards quantum computing attacks. The ineffectiveness of these popular methods against powerful quantum computing attacks is what inspired QRL to come up with a better solution, which is virtually impenetrable even in case of the most powerful quantum computing attacks. This is a ledger system that makes use of blockchain technology to generate encryption algorithms and digital signatures which are not affected by quantum computing attacks, and the implementation of this technology can ensure much better safety and security overall for digital currency platforms.
To achieve stability and longevity in the market as a viable digital currency platform, a particular platform has to remain protected from different kinds of ingress. The secret to resounding success as a digital currency lies in the amount and meticulousness of the security measures implemented in the platform, and where QRL can make a large difference. By using blockchain technology, the QRL platform creates a ledger that generates hash in a manner that is virtually impregnable to any kind of computing attack. This is a remarkable improvement on the traditionally used methods of security that are still in use in many popular digital currency platforms, and by providing a better solution, QRL aims to fill a void in the market, while also ensuring that digital currencies attain that new standard of protection and security that can take them to the next level in terms of adoption and market penetration.
Quantum computers are still in their infancy, which makes QRL’s existence kind of obsolete. Also, security protocols in most established cryptos are modular, meaning that, should quantum-cryptography come into existance, older obsolete security protocols can be substituted with ones based on quantumproof cryotography.
One of the most important aspects that can decide the fate of projects like QRL is the presence of the right road map moving forward, and this is where QRL scores highly. With the main objective of the project already released, the focus is now on developing the platform and obtaining proof of concept through various test cases.The company then aims to develop the prototype node system that will power the underlying infrastructure, and then go on to design the surface into a fully featured security platform that is powered by blockchain technology and its own version of digital currency.
