Quantum technologies are becoming one of the most discussed topics among the participants of the cryptocurrency community. Experts suggest that quantum computers, due to computing power, will break any blockchain. However, developers keep their finger on the pulse: cryptocurrencies appear that oppose hacking. So say their creators.
Quantum Resistant Ledger (QRL) – reusable electronic signature
The goal of the project is to create a new blockchain that opposes the alleged attack of quantum computers. For this, developers use the so-called Merkle signature.
This is a reusable digital signature that is based on the strength of the cryptographic hash function. This means that the signature opposes cryptanalysis.
The QRL evades the threat of a quantum attack by generating new one-time private keys for each operation. If the user made a money transfer, then the blockchain fixes from which wallet the transaction was completed. But the QRL algorithm prevents the fraudster from connecting the wallet with the transfer and withdrawing funds.
Developers are also working on creating a block that implements quantum protection for transferring files and messages. After all, it may happen that sending daily information to a friend in the future can be a problem, and QRL eliminates the complexity.
At the time of writing, cryptocurrency takes 328th position according to the rating of the CoinMarketCap resource. 1 QRL costs $0.12.
Praxxis: the brainchild of “The Godfather” of cipherpunk – David Chaum
David Chaum is a US scientist and cryptographer. The phenomenon of Chaum is that he was ahead of his time. Before the appearance of the mysterious Satoshi Nakamoto, the scientist raised the topic of developing anonymous payments. The cryptographer created the first cryptocurrency prototype – eCash, citing arguments about the lack of democracy in the network space. Based on his work, they created the Bitcoin, Proof-of Work, Proof-of-Stake algorithm.
In 2019, David Chaum introduced the cryptocurrency that confronts the quantum threat – Praxxis. The project consists of three components – blockchain, digital tokens and consensus mechanism. The goal of the project is to make the transfer of money high-speed, secure and confidential.
Praxxis offers anonymity thanks to the Mixnet protocol on the blockchain. The principle of the project is as follows: Praxxis splits each transaction into tokens with a digital designation. The metadata is removed by the Elixxir platform – this is another development of Chaum. An outsider will not be able to track user transfers, thanks to the interaction of Praxxis and Elixxir. Given that David Chaum devoted 40 years to working on digital currencies, Praxxis attracts attention.
DapCash (DAPG) – 10 types of encryption against a single algorithm
The developers of the DapCash project claim that, unlike other companies, they do not rely on one algorithm. The creators of the DAPG cryptocurrency produce more than 10 encryption options that are resistant to quantum power.
Even in case of hacking, the algorithm is determined to be obsolete and replaced with another option without carrying out a hardfork.
On the project website, developers noted algorithms that already work on the blockchain:
- for wallets: Picnic, Tesla, Bliss;
- for peer-to-peer connections: MSRLN, SIDH, Defeo.
DapCash offers users the following services: anonymous DiveVPN, audio and video streaming. You can get DAPG cryptocurrency using mining.
It is predicted that a few more years remain before the start of the full-fledged operation of quantum computers. But even if the time of new capacities comes earlier, the developers of the mentioned cryptocurrencies are ready for it.
Editor: Daria Mukhina