Quantum Resistant Ledger Coin (QRL) is a cryptocurrency created in Python.
Its main purpose is to withstand classic hacker attacks and quantum computer attacks. QRL is one of the first blockchain-based ledger to use post-quantum cryptography technology. For this reason, it has generated a lot of interest among cryptocurrency enthusiasts and blockchain developers alike.
Unlike existing ledgers, such as bitcoin or ethereum, the QRL is specially designed to use a form of post-quantum secure signature for transactions called XMSS. The QRL also uses a low power proof-of-stake (POS) algorithm which again utilises iterative hash-chains and provably secure hash-based pseudo random number functions. The POS algorithm is designed to have zero reliance upon conventional signatures which are vulnerable to a sufficiently powerful QC and allows nodes to run on low power devices such as raspberry PI’s or laptops and passively earn income by staking.
QRL uses his own cryptocurrency system, unlike Bitcoin and other Altcoins, known as the Merkle Tree’s digital signature, based on a hash that is protected against quantum attacks.
The Signature Registry is protected against quantum attacks and an ultra-secure system for the recovery of accumulation funds, which is provided in the event of an attack by quantum computers.
Bitcoin, ethereum and other cryptocurrencies are vulnerable to such attacks.
The initial goal of the project is to provide a small number of ultra-secure transactions in the first iteration with guaranteed longevity.
Quantum Resistant Ledger Coin – The Company
Peter Waterland, the developer of QRL, found out that the signatures of Bitcoin and Ethereum were susceptible to quantum computers.
He decided to learn more about quantum computing and signature programs in order to develop his own signature library. This led to the creation of QRL, the quantum-resistant ledger.
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The QRL will be a cryptocurrency ledger designed from the outset to be resistant to both classical and quantum computer attacks.
It uses a different cryptocurrency system than Bitcoin, which is known as a hash-based digital signature and which is quantum resistant.
The ledger will be the first to experiment with quantum-resistant signatures, while in the event of a sudden advance in quantum computers, it will provide an ultra-secure back-up storage of assets.
The aim of the blockchain is to offer a low volume of ultra-secure transactions with guaranteed longevity in the first iteration.
Quantum Resistant Ledger Coin – The Cryptocurrency
The Quantum Resistand Ledger Coin is an ERC20 coin that is exchanged for the actual coin when the QRL network is introduced.
Quantum Resistant Ledger Coin can be traded on major exchanges such as Bittrex, Tidex and Liqui. io.
The aim is to prevent major security risks that quantum computers could pose in the future. The QRL uses a monetary coin, the quantum, as its base currency unit.
Each quantum is divisible into a smaller element as follows: Shor x 10^3, Nakamoto x 10^6, Buterin x 10^10, Merkle x 10^13, Lamport x 10^16 and Quantum.
Every transaction with a fraction of a quantum is actually a part of Shor units. Transaction fees are paid and calculated in short units.
The role of the coin includes voting, blocking, payment and access rights. The coin supply amounts to 105 million units. The ICO sold 52 million Quantum Resistant Ledger Coin.
The emission rate amounts to 53 million coins, which are awarded as a block reward over 200 years on the QRL Blockchain. The PoS consensus method applies to mining.
QRL is the first blockchain technology that provides durability and stability through resistance to quantum computer attacks.
The encryption methods used by modern blockchains can become vulnerable to quantum computers over the next ten years. QRL tries to create a blockchain with long-term stability.
By using blockchain technology, the QRL platform creates a “ledger” that generates hashes in such a way that it is virtually impenetrable to any type of computer attack.
This is a remarkable improvement in the traditional security methods used in many popular digital currency platforms.
You can’t buy it directly for fiat on any exchange. You can choose the best coin exchange for your region and buy BTC there, then trade it for QRL on exchanges. Read here how you can quickly convert other coins to bitcoin and the other way around.
Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase is trustworthy and has acceptable fees and it is a leading platform for buying BTC.
If Coinbase doesn’t support your country, use Cex.io – read how Cex.io works – it is a good Coinbase alternative. Coinmama is also safe exchange for buying cryptocurrencies – click here to visit Coinmama.
If your country is not available on Coinbase – check for best Coinbase alternatives (such as Cexio and Indacoin – see here Indacoin exchange review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is legit place to trade crypto), instantly and directly to bitcoin.
Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet (if it is supported) – our recommendation is just go and buy Ledger Nano S or Trezor Wallet or KeepKey, those are the safest options. You can read our articles on how to use Ledger Nano S wallet and where to buy it and Trezor Wallet Review or check out other top hardware bitcoin wallets here. You can also create a paper wallet – learn here more about crypto wallets. We have also compared top 3 hardware wallets: Ledger vs Trezor vs KeepKey.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com