As the digital currency market continues to evolve, new platforms have to adopt new security protocols, to keep funds safe, and grant users more features. Particl represents a blockchain-based platform that offers users a private currency, framework for apps, self-governance and encrypted messaging features, all meant to disrupt the currency ecommerce market.
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At this time, Particl is well-known for its innovative security protocols, including quantum resistance and meltdown/spectre resistance. This article will cover the basics of quantum resistance specific to Particl’s Cold Stake protocol, alongside with why the feature is bound to keep user’s coins safe.
To kick things off, Particl cold staking has been advertised as being quantum computer resistant. What this means is initially, the public keys of users aren’t made public. Upon sharing a Particl address to receive coins, users do not share the public key itself, rather a hash of it. For those who do not know, hashes are one-way crypto functions which work by taking an input, and transforming it into an output.
Proof of Stake (PoS) systems like Particl constantly broadcast public keys of wallets containing coins to receive a staking reward. Therefore, attackers that own a quantum computer may directly derive a private key from a public key, yet Particl adds a scripting trick that doesn’t stop the private key attack but does remove the possibility of coins being stolen. This is so due to the fact that the Particl public key being broadcast is on an empty online staking node while the public key of the wallet with the coins is completely offline.
Particl’s Cold Stake security protocol can be used to harden all PoS systems through the help of basic smart contracts using Bitcoin codebase scripts. With this in mind, the cold staking smart contract basically is between the staking node and offline wallet and says when it encounters a cold staking transaction, the private key provided by the staking node will be used to sign the transactions. The wallet private key will not be required and can be in cold storage and continue to safely receive staking transactions.
While the protocols are developed to deter quantum hackers at this time, in the future, it may facilitate the integration of additional features. Particl’s Cold Staking features already include, but are not limited to various forms of staking pools, the ability to donate staking rewards to specific causes, but also exchanging staking rewards for liquidity. As Particl is open-source, the quantum resistance and cold staking protocols can be used for other applications as well, depending on the interests of the public.
Additionally, the system will also protect users against future unknown attacks that could be derived from the same technology, thus making it fool-proof.
For more information about Particl, feel free to access their website.