The crypto-asset space is rapidly expanding with nearly $100 billion USD in value currently parked within blockchain ledgers. It has been estimated that by 2025 that number will rise to a $300 billion and possibly up to a colossal $3.1 trillion by 2030.
At the heart of their brilliance, the successful public ledgers such as Bitcoin or Ethereum hide a major vulnerability. Without exception, they rely upon the security of digital signature schemes to maintain transactional security.
If technology does not advance, such signatures would remain secure from brute-force classical computing attacks. However, this is not our reality and the public-key elliptic curve cryptography used in these schemes are insecure against a suitably powerful quantum computer (QC). Nascent quantum computing has already begun to arrive in the public domain and huge sums are being poured into QC development by industry and State level actors.
The countdown to this revolution has already begun.
The QRL idea and use-case is simple. We will provide the first blockchain ledger which will not only be secure today, but for the next century and beyond. We are designing for an adversarial future and our tools are well researched. They utilize cutting edge post-quantum signature schemes which are resistant to both classical and future quantum computing attack vectors.
It features a core design incorporating hash-based XMSS digital signatures and a unique proof-of-stake algorithm using reverse iterative keyed hash chains and hash-based pseudo random number sequences. It has zero reliance on conventional signature schemes. It has extremely low hardware requirements and is able to run on raspberry PI grade machines.
The architecture is amenable for post-quantum end-end communication channels, authenticated and verified digital identification, proof of ownership with relevant transactions and governance (specifically voting and polls). Programmable applications are also being considered for the network architecture. This would operate similar to smart contracts, however, we may use a deterministic modular design. The consensus system for verifying transaction is accomplished through Proof of Stake (POS) an economic based incentive for individual nodes on the network to honestly validate transactions.