Quantum Resistant Ledger Overview $QRL
Project type:
The QRL will be a cryptocurrency blockchain which is designed from the outset to be resistant to both classical and quantum computing attack. It uses a different system of cryptography to bitcoin (and all other altcoins) known as hash-based digital signatures which are quantum-resistant. The ledger will be the first to experiment with quantum-resistant signatures whilst providing an ultra secure backup store of value in the event of a sudden advance in quantum computing (rendering bitcoin, ethereum etc vulnerable to attack). The initial aim of the chain is to offer a low volume of ultra secure transactions in the first iteration with guaranteed longevity.
- ICO:
They didn't have an ICO, as they ended up closing during the early Crowdsale. There were 52 Million QRL tokens (quanta) sold in the early crowdsale. Approximately $4.16 million was raised. The price at close was 8 cents USD
- Team:
Dr Peter Waterland
Core developer
Founder
Dr JP Lomas
Core developer
Full stack developer
Jomari Peterson
Operations
Strategy and business development
Kaushal Kumar Singh
Core developer
Blockchain developer
Leon Groot Bruinderink
Advisor
PhD student post-quantum cryptography
Michael Kolenbrander
Core developer
Technical Solution Architect
Filip Radičević
Core developer
Business Solutions Architect
Personal Opinion
The QRL team and roadmap look legit so I think buying here isn't a bad idea if you plan to hold long term. Giving a short-term evaluation the price is still too high in my opinion, most people aren't able to explain the blockchain to their friends let alone understand quantum computing threats against crypto. In the future, if the threat becomes more mainstream this could be a great hedge against coins that aren't quantum resistant.
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My exploration of the world of cryptocurrencies and blockchain technologies is relatively recent, but the problem addressed by this QRL (which I was unaware of) had already crossed my mind several times.
From what I understand of the cryptographic hashfunctions underlying the mechanisms for establishing consensus within the blockchain and preventing the corruption of the system, these rely on the fack that brute force methods (whether raw or optimized) to attack the blockchain would be temporally and energetically unfeasible.
Quantum computation works, in principle, as if many parallel calculations were performed simultaneously, making quantum algorithms able to tackle heavy problems which are computationally hard for classical computers. It might be possible that the cryptographic standards used in most blockchains would easily be cracked by quantum brute force algorithms, which can be a serious security issue when quantum computation technology gets to a more mature point in its development. Actually, most of the cryptographic measures of security which are currently in place everywhere will have to be updated before quantum computers kick in full throttle. There is even a whole field of study in Quantum Cryptography.
It's interesting that QRL is trying to beat the competition in this point. But since quantum computations poses a global threat to all classical cryptography, and since commercially available quantum computers aren't expected any time soon, I would guess that there will be plenty of time for all systems and institutions to implement updated quantum cryptographic measures.
Well said, I am definitely not an expert in the field of Quantum cryptography. My general understanding leads me to believe the threat is real however not something that is imminent.
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So investors paid .08 for each one, and when it went live, they were valued at .80. Yea seems overvalued from an economic pov. But, it's niche is very futurist and tech, which is two big plus's considering the space. I'm torn on this one, will be paying attention to the news/market.