What is Quantum Resistant Ledger?
Private digital monies have been touted as the future of financial systems. To achieve this dream, one of the core ideas behind these monies is longevity.
However, for longevity, we must also ensure the digital signatures involved in the use of these monies is protected from all the risks that are associated with quantum computing attacks. This is where Quantum Resistant Ledger comes in.
Quantum Resistant Ledger is a unique value store that is built to be future-proof. It is a quantum value store that has a decentralized layer of communication. This is a secure layer that attempts to shore up the project from some of the challenges that cryptocurrencies are expected to face as a result of quantum computing.
Instead of using 256-bit ECDSA (elliptic curve digital signature algorithm) like most of the cryptocurrency projects currently do, Quantum Resistant Ledger uses a secure and peer-reviewed XMSS, Proof of Work (PoW) and there are plans underway to hard fork Cryptonight v7 to Proof of Stake (PoS).
What is the problem that Quantum Resistant Ledger Solves?
Quantum Resistant Ledger is all about privacy and mitigating security risks in the near future. At the moment, Bitcoin has not been exposed to quantum attacks. However, if this were to happen, a lot of people would suffer. Given the nature of computing and the advancements therein, it is only a matter of time before someone creates a quantum computer, one that can break the ECDSA.
It is important to mention that ECDSA is one of the most commonly used signature schemes in blockchain technology. It offers security and bolsters these projects against attacks. However, if it were to be breached, any ledgers existing would be vulnerable to attacks.
A normal computer is unable to break the ECDSA, however many brute force attacks are wielded. These computers do not have sufficient energy with which they can attempt and successfully guess a private key. However, through Shor’s algorithm, this is a possibility in the near future.
Quantum computers can use this algorithm and regenerate a private key from a public key. This is a serious concern, because almost if not more than half of all the Bitcoin addresses have their public keys revealed.
One of the reasons why this vulnerability is a serious matter is because whether you are using Ethereum or Bitcoin, the sender’s public key address is always stored and revealed in the blockchain.
This is why users are able to inspect the ledgers at any given time for transparency. These addresses, that were initially made visible for auditing purposes, might in the future become the one thing that puts blockchain projects and users at risk.
It is very easy to assume that it is only Bitcoin that is vulnerable to this probability of quantum attacks. However, that is not true. All the other blockchain ledgers that use elliptic curve cryptography to append signatures to the transactions are at risk.
This means almost all the cryptocurrency projects are at risk. It is important to mention at this juncture that the risk is too high, that if only 10 – 20% of all the addresses remain in ECDSA, then it is very easy to steal the money in them, sending the ledger value to zero, if the attacker has a quantum computer.
How does Quantum Resistant Ledger Solve the problem?
One of the biggest challenges that face cryptocurrency and the world of computing as we know it, is privacy. There are different inferences that are used to address this.
In some spheres, privacy is all about obfuscating IP addresses through the Tor protocol, while other projects use different methods to achieve this. More often, the transactions are set up in such a manner that it becomes nearly impossible to trace them. Others, like ZClassic and ZCash, use zero-knowledge proof, while some like Monero, make the balances unclear.
The consensus is that each project deals with privacy in a different way, to meet their inherent needs. Quantum Resistant Ledger uses Zk-Stark.
This is a procedure that makes transactions quantum resistant. It is possible because the private transactions are reduced to roughly 400-500 kilobytes. This is a size that is too big to reasonably be included in a block. It is worth noting that the average bitcoin transaction is less than 300 bytes in size.
Each transaction in Quantum Resistant Ledger is around 2.1kilobytes. Therefore, unless the limit is set in such a way that each block handles one transaction, it is virtually impossible to handle this. Besides, this would end up being a very expensive transaction, costing hundreds of dollars to complete.
Taking this into consideration, and the fact that the EU is already wading into the controversial area about privacy through legislation, it is highly unlikely that implementing this expensive concept will be done. instead, Quantum Resistant Ledger aims to create a chain that can be used by governments and businesses without worrying about whether or not their use of the chain is legal.
The team at Quantum Resistant Ledger is working hard to make sure that the ecosystem is as friendly as possible so that independent forks on the chain can become part and parcel of the system created.
What makes Quantum Resistant Ledger better than the competitors?
There are several reasons why owning a Quantum Resistant Ledger would be a brilliant idea in this age and time, especially when compared with other crypto projects out there.
There are plans to integrate a governance and/voting system based on PoS for regular hard fork upgrades. Quantum Resistant Ledger is currently using an algorithm that selects blocks according to the closest hash of reveal hashes that have already been published from the validator stakes. This is one of the features that makes Quantum Resistant Ledger resistant to collusion and gaming, and at the same time offers protection against Sybil state attacks, and from block withholding, a technique that is often used by irresponsible miners.
Quantum Resistant Store of Value
While Quantum Resistant Ledger might not be easy to understand for those who lack the inept knowledge of cryptocurrency, the issue of a store of value is one that most people would easily appreciate. When you are building your portfolio of cryptocurrencies, it is always a good idea to make sure that you diversify your portfolio. This is simple financial knowledge. It helps your portfolio stay safe amidst uncertain market scenarios.
It is only prudent for you to have something that would stand the test of time, even when the worst possible scenario unfolds. Other than that, even if you are not diversifying your portfolio, you have to look at this from the perspective of an investment. You need an investment that is secure, and this is what Quantum Resistant Ledger offers.
Quantum Resistant Token (QRT)
These are the tokens that are created for use and transferred on the Quantum Resistant Ledger blockchain. These tokens are created in such a manner that they take on all the security qualities that are associated with the Quantum Resistant Ledger blockchain. They, therefore are quantum resistant.
Developers who will be using Quantum Resistant Ledger in the near future will no longer have to worry about quantum threats challenging the security of the tokens they use in and for their projects. The QRT, like any other tokens that are used in different projects, must only be accessed through Quantum Resistant Ledger.
The Merkle Tree
This is an inverted tree that computes the parent nodes by hashing the linking of child sibling nodes to the root. Because of this, it is easier to prove the existence of a node through cryptography, by simply computing the root.
In order to make this system more secure, Quantum Resistant Ledger extended the number of OTS key pairs that are available for use, especially if the tree is a hypertree, made up of several Merkle trees.
Ephemeral Data Messaging Layer
Ephemeral plays an important role in the Quantum Resistant Ledger ecosystem, championing functionality, integrations and more importantly, bringing a lot of users on board. Most people would easily mistake the role of Ephemeral in the Quantum Resistant Ledger project. However, it serves as a utility that makes things easier.
One-Time Signatures
The OTS is an important part of the Quantum Resistant Ledger ecosystem, especially when it comes to security. The question that has been asked by a lot of people is why the same OTS cannot be used to sign more than one message, and herein lies the security function
Quantum Resistant Ledger uses XMSS to sign all transaction messages that are issued before valid transactions are generated. The OTS algorithm is written such that it can only be used to sign one message with one key.
If the key were to sign two different messages, an attacker gets the chance to create an authentic signature for a third message that you would never have signed. As a result, with this message, the attacker is able to create a transaction you do not know about and have it approved. Because of this reason, users are often advised to track all their OTS keys and make sure they use different keys for different transactions.
How can Quantum Resistant Ledger be categorized?
Quantum Resistant Ledger is a security blockchain platform. It encrypts data that is shared across it through quantum computing. The encryption and security methods that are currently in use in most of the blockchain projects are expected to be obsolete and vulnerable within a few years. What Quantum Resistant Ledger is providing is a stable solution for the future.
What’s Quantum Resistant Ledger’s vision on Security?
Just like privacy, security is a major concern for projects like Quantum Resistant Ledger that deal with private monies. There are lots of algorithms that are in use to keep Quantum Resistant Ledger as secure as possible. These are algorithms that have been used successfully in public key cryptography in the past.
One good example is ECDSA, which has been used in Bitcoin. The idea behind ECDSA is on the assumption that a unique logarithm problem when applied over carefully selected groups, does not offer a credible and/or reliable solution.
However, through tried and tested methods, there is proof that with the right power, a quantum computer has the capacity to use an algorithm and generate a private key. This is done by scanning all feasible solutions to the public address and creating a simultaneous superposition.
One of the most secure post-quantum algorithms, eXtended Merkle Signature Scheme (XMSS) is used in Quantum Resistant Ledger. XMSS employs a one-time signature scheme (OTS), which allows the key to sign only one message.
To do this, the OTS keys are only generated as and when they are needed. As a result of this, XMSS is one of the most secure algorithms, especially because message attacks tend to forge algorithms and keys, but XMSS is unforgeable.
Examples of Quantum Resistant Ledger use cases/applications
Mobile Application
The mobile app is currently available. This model is designed to build upon aesthetic designs that had been proposed earlier on. Some of the core functions of this mobile app include support for Kyber &Dilithium which are necessary for ephemeral messaging, Shasha that supports the sha3 hash function, and QRLlib, which is the core library for the Quantum Resistant Ledger.
Other than these functionalities, Quantum Resistant Ledger is also built to support communication between native code like Java for Android devices and Objective-C for iOS devices, and through bridges, communicate with react-native languages like JavaScript.
Improvement Proposals
Quantum Resistant Ledger is primed for security and privacy. In line with this, upon the launch of the main network, maintaining a secure and stable ecosystem is important for any links or integration that would result in changes felt across the network or changes of a significant nature.
Quantum Resistant Ledger has QRL Improvement Proposals (QIPs) in place to address this. These protocols are all about checks and balances.
Media Monitoring
When using Quantum Resistant Ledger, it is possible to stay abreast with all information regarding Quantum Resistant Ledger or anything else concerning quantum computing and any advancements in the field.
Bisq.network
To bring the functionality of Quantum Resistant Ledger closer to everyone, it is important that the token is listed on exchanges. In light of this, Quantum Resistant Ledger has been trying to partner with different exchanges to enable them to list the main network coin. This would make work easier for interpersonal trades.
Resources
https://coincheckup.com/coins/Quantum-Resistant-Ledger
https://www.medium.com/the-quantum-resistant-ledger/
https://github.com/theQRL/Whitepaper/blob/master/QRL_whitepaper.pdf