As previously covered by CCN, quantum computers are moving closer to reality and along with them, the possibility of those behind them breaking bitcoin’s encryption systems. Various organizations, including Google, the CIA, NSA, and IBM are currently working on this type of technology, which may be closer than we think.
U.K. cybersecurity firm Post Quantum co-founder Andersen Cheng has in the past stated that bitcoin will end the day the first quantum computer arrives, as it will undermine the cryptography surrounding bitcoin and calculating a private key in “a minute or two”.
Moreover, last year the European Commission announced a whopping $1.1 billion project that was to bring the ‘quantum revolution’ one step closer to reality. Bitcoin’s scaling debate has proven that whenever consensus is required, the cryptocurrency struggles and, to solve the encryption’s problems and add quantum-proof technology to the network, community consensus will be required.
For cryptocurrency enthusiasts the solution is Droplex, a highly secure cryptocurrency blockchain providing users protection against quantum computing attacks.
Given the belief that organizations behind quantum computers will in the future be able to access anyone’s bitcoins, Droplex developed a solution to keep our money ours, away from the government.
Its highly secure blockchain doesn’t utilize traditional encryption methods, but what is known as hash-based signatures, known to resist quantum computer attacks. The project’s lead developer stated:
Moreover, Droplex keeps user privacy in mind, and as such features a tumbling service that ensures every transaction is automatically tumbled, making it untraceable, despite being on a public blockchain. The project’s developer stated:
Transactions are confirmed in no time after they’re sent, meaning long waiting periods aren’t a problem. Finally, Droplex’s team tirelessly works on the project and guarantees it keeps on evolving, to keep up with technology that could potentially undermine it.
Droplex’s early access token save is already undergoing. It will last until July 28 and in it users will be able to purchase 1,000 DROP tokens for 1 Ether. Users who join the project now will be able to benefit from a 15% bonus on their orders and pay using bitcoin. The minimum amount a user can purchase is of 100 DROP, equivalent to 0.1 Eth or about 0.01 BTC. During the presale a total of 10,000,000 tokens are being distributed, out of a total of 30,000,000, with the rest being distributed during the ICO.
According to the project’s roadmap, a private testnet is going to be released next month, and in November this year, a quantum attack is going to be simulated, following the ICO in September. You can keep up with the project’s developments via Twitter, Facebook, or Github. Users are advised to thoroughly read the project’s whitepaper.
Disclaimer: This is a sponsored press release and does not necessarily reflect the opinions of any The Merkle employees. This is not investment or trading advice, always do your own independent research.
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