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By Gerelyn Terzo, Benzinga
Chinese researchers recently accomplished what they claim was the world’s first successful quantum attack on popular encryption algorithms. While the first cohort of thousands of quantum computers isn’t expected to come onto the scene until at least 2030, their problem-solving capabilities already appear to have become a reality. Some cutting-edge companies and projects like Quantum Resistant Ledger (QRL) already recognize the potential threats this technology could pose as it develops.
QRL was designed to protect burgeoning technologies – including blockchains and cryptocurrencies – from any future threats that quantum computing may pose. In fact, the company shares that 99% of blockchains and cryptocurrencies are considered vulnerable in a post-quantum computing world, as blockchains and cryptocurrencies continue to remain heavily dependent on quantum-insecure cryptography.
To strengthen its post-quantum preparedness, QRL has been striking key industry partnerships and integrations of late to serve the company’s vision for the foreseeable future. Chief among these collaborations is with the PKI Consortium. Founded in 2013, the PKI Consortium is a group dedicated to the future of Internet security, boasting high-profile members that, in addition to QRL, include Dell Technologies (NYSE: DELL), Fox Crypto and card giant Visa (NYSE: V), among many others.
Not only is QRL a member of the organization, but it’s also one of the sponsors of an upcoming event hosted by the PKI Consortium. In early 2025, PKIC will host the Post Quantum Cryptography Conference in Austin, Texas, sponsored by QRL alongside peers such as Noreg, Entrust, PQ Shield, SSL.com, KeyFactor and HID. This sponsorship allows QRL the distinct opportunity to collaborate with other expert representatives from the likes of the National Institute of Standards and Technology (NIST) as well as other industry leaders such as Google (NASDAQ: GOOG), IBM (NYSE: IBM) and Honeywell (NASDAQ: HON), to name a few. To register for this event, click here.
PKI Consortium chair Paul van Brouwershaven stated, "We are delighted to welcome the QRL Foundation as an Innovator sponsor of the hybrid Post-Quantum Cryptography Conference on Jan. 15 - 16, 2025 at the University of Texas at Austin. Their commitment to advancing quantum-resistant technologies supports the collaborative effort needed to future-proof our cryptographic systems, ensuring a resilient and secure digital landscape for all."
This partnership is only scratching the surface of all that the QRL team is doing behind the scenes and the important industry relationships it is building along the way. Blockchain industry participants who are interested in joining the project can learn more about all that QRL has to offer here.
QRL’s Strategic Relationship Building
Among the other strategic partnerships QRL has inked is its deal with the Linux Foundation, more specifically, its Post-Quantum Cryptography Alliance (PQCA) arm. Known as a neutral platform for developers to code and scale open technology, the Linux Foundation launched PQCA earlier this year to advance post-quantum cryptography and drive its adoption.
Through this alliance, QRL joins in sharing its post-quantum cryptographic expertise to participate in the building of infrastructure of the future with its peers, which include the likes of Amazon Web Services (NASDAQ: AMZN), Google and Nvidia (NASDAQ: NVDA), to name a few. Through projects like Open Quantum Safe and Post-Quantum Code Package, PQCA deems its members as “essential to the success of the Foundation” and “instrumental in steering the alliance direction.”
As one of the industry’s most loyal partners, QRL also continues to support The League of Entropy, a collaboration that delivers publicly verifiable decentralized randomness as a service (DRS), paving the way for a wide range of applications. As a play on power in numbers, this group shifts the randomness beacon focus from individual entities to a group mentality, where the benefits and security can potentially be more pervasive.
QRL’s 2025 Pipeline
With the power of its partnerships at its disposal, QRL is looking ahead to Q1 2025 for events such as the public release of its proof-of-stake (PoS) network, which as of early 2024 was in the beta testnet phase, aka Test Zond.
This platform boasts compatibility with the industry standard – the decentralized Ethereum Virtual Machine (EVM) – and QRL will also be seeking new partnerships for which grants are available through its overarching foundation to enhance the technology and its reach. What that means is that developers desiring to build on Layer-1, the foundational layer of the blockchain network, will have the option to build on one that’s quantum secure from the bottom up – QRL. As always, security remains paramount for the QRL team, which has been prioritizing a series of audits before any definitive launch of the platform.
The timing couldn’t be better. Indications suggest there might already be a quantum computer threatening to abscond with Bitcoin funds. Anecdotal evidence shows wallet and digital asset movements from legacy Satoshi Nakamoto-era wallets to crypto exchanges involving millions of dollars worth of Bitcoin. While there’s no hard evidence of QC involvement, it’s a good reminder of where vulnerabilities remain in a system that has already been demonstrated to have a target on its back from nefarious actors.
The rise of quantum computing will have implications for the crypto sector at large, and those who stick their proverbial heads in the sand could be left behind. Astute industry participants who would like to join in the preparation should visit the QRL today.
Featured photo by geralt on Pixabay.
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