What is this Quantum Resistant Ledger Stuff?
Quantum Resistant Ledger (QRL) is a cryptocurrency developed by JP Lomas that was released in 2017. The primary goal of QRL is to be a cryptocurrency that can survive attacks from quantum computers. Up till now, almost all computers are binary based, which means their fundamental data can only exist in the states 0 and 1. While our modern day computers have become extremely fast and efficient, they are limited by their binary foundation.
Cryptocurrencies like Bitcoin, Litecoin, Ethereum, etc. are almost completely impossible to hack with binary computers, but the rise of Quantum computing may lead to a paradigm shift for the security and stability of cryptocurrency. A quantum computer can exist in many more states than 0 and 1 due to quantum superposition and entanglement. Essentially, a quantum computer can exist in an infinite amount of states, so once quantum computers become a mainstream reality, they have the potential to be exponentially more powerful than binary computers.
Quantum Computers Might Make Binary Ones Extinct
This will likely force binary computers into the garbage dumps of the world. With such power a quantum computer theoretically hack and compromise Bitcoin addresses and steal all the coins. Quantum hacking has the potential to completely destroy the security of almost all modern day cryptocurrencies.
This is why Quantum Resistant Ledger is such an important technological advancement; it is creating an avenue for cryptocurrency to survive the rise of quantum computing. QRL is the first cryptocurrency to use the extended merkel signature scheme (XMSS), which is a hash based digital signature scheme that is provably quantum resistant. The QRL network utilizes proof-of- stake (PoS), which is an energy efficient scheme where users earn extra coins for participating in maintaining and securing the network simply by keeping their wallets open and online.
Could Destroy Most Cryptos
If quantum computing really does end up destroying most cryptocurrencies, then QRL and other cryptos that develop quantum resistant technology would take over the market. Therefore, it is a wise decision to keep QRL in your cryptocurrency portfolio, and also keep an eye on quantum computing news. Right now, each QRL is valued at just over $1 with a market cap of $55 million. This is in the top 200 cryptocurrency marketcaps. Additionally, trading volume is several hundred thousand dollars per day, indicating QRL is becoming widely used.
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This is not advice. Advice should be accepted by your chosen legal counsel only and financial advice should come from a licensed or certified financial professional. As always – do your homework and make decisions based on your own education. Seek information and look into projects before adding to or diversifying your portfolios.
References:
https://coinmarketcap.com/currencies/quantum-resistant-ledger/
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