Ripple urges adoption of quantum-resistant cryptography following expert warnings

adminMay 20, 2024

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Ripple is emphasizing the need to adopt quantum-resistant cryptography to protect blockchain systems from potential future threats posed by quantum computing.

In a recent discussion, part of Ripple’s ongoing university lecture series, Professor Massimiliano Sala, a renowned mathematician at the University of Trento in Italy, spoke about the future of blockchain technology, cryptography, and quantum computing.

Ripple highlights the importance of quantum-resistant encryption.

Professor Sala highlighted that current encryption methods used in blockchain networks are vulnerable to potential attacks from quantum computers in the future. He explained,

“Quantum computers could easily solve the problems underlying digital signatures, potentially undermining the mechanisms that protect user assets on blockchain platforms.”

This potential threat is often referred to as “Q-day,” the theoretical point at which quantum computers become powerful enough to break current encryption methods.

The impact of these events will be severe across a variety of sectors, including emergency services, banking, national security and healthcare, where data security is paramount. Additionally, the cryptocurrency and blockchain space may face serious challenges due to vulnerabilities exposed in smart contracts, digital wallets, and underlying blockchain infrastructure.

This study highlights the need to replace traditional public key cryptography systems with alternatives that are secure against quantum attacks. This replacement is necessary to prevent quantum computers from solving encryption keys through brute force.

Bitcoin’s Future at Risk: Preparing for Quantum Computing Threats and Strengthening Crypto Security

Bitcoin, the leading cryptocurrency and blockchain platform, is also at risk of being compromised by future quantum computers. Current cryptographic algorithms, such as those used in Bitcoin, are based on mathematical problems that cannot be solved by traditional computers in a reasonable amount of time. However, quantum computers with their superior processing power could potentially break these algorithms.

There are currently no practical quantum computers capable of performing these tasks, but governments and scientific institutions around the world are preparing for Q-day. Despite these preparations, Sala indicated that this event may not occur immediately.

He also addressed technical challenges such as higher computational requirements and larger data volumes needed for secure transactions. Nonetheless, Sala expressed optimism about ongoing research aimed at improving these implementations for real-world use.

Professor Sala praised international collaborative efforts, including with the US National Institute of Standards and Technology (NIST), which is developing quantum-resistant encryption standards. He believes that this joint effort will allow new plans to be rigorously tested across the community, improving reliability and security.

Sala also proposed integrating current cryptography methods into existing academic courses to educate the next generation about the evolving challenges in the field. “The probability of a quantum threat becoming a reality may not be immediate, but it is significant enough to require preemptive action,” he said.

as part of our #chest In the series, we explore the intersection where blockchain meets quantum computing with Professor Massimiliano Sala. @Unitrento. Gain insight into the quantum challenges facing blockchain and progress toward quantum-resistant encryption. https://t.co/UnpxUfCX5D
— Ripple (@Ripple) May 18, 2024

SMOG: Revolutionizing Meme Coin Arena with a gamified airdrop strategy

A meme coin called SMOG has quickly established itself as one of the best Solana-based cryptocurrencies of the year, surging in value by over 1000% since its launch on the Jupiter DEX. Inspired by the dragon character “Smog” from the Hobbit series, this digital asset embodies the mystical theme within the Solana ecosystem and aims to revitalize the meme coin market with its unique appeal.

SMOG is not just a meme coin. It set itself apart by announcing what many are calling its most ambitious airdrop to date. The plan includes a gamified system where token holders participate in various activities to earn airdrop points on a regular schedule. The project’s strategy includes daily, weekly, and monthly tasks that contribute to this interactive airdrop experience.

The SMOG development team with extensive experience in the web3 space further strengthens the project’s credibility as the best cryptocurrency investment in 2024. The project’s dynamics are designed to mirror the initial market reaction seen with other Solana-based tokens such as BONK and Myro. , but it has additional features that enhance its appeal.

Originally, SMOG could only be obtained through SOL exchanges. However, recent developments have introduced the ETH bridge to include ETH and expanded purchasing options directly from the project website. With the addition of staking features, its functionality and attractiveness have also improved.

The project’s roadmap, infused with a memetic nature in nature, outlines plans for multiple airdrops that add a layer of gamification to the overall venture. SMOG aims to grow into the leading meme coin in the Solana ecosystem and ultimately become the king of SOL.

Recent updates have highlighted SMOG’s growing influence and success. As of early March 2024, SMOG has had the biggest gain with a market capitalization exceeding $20 million, according to CoinMarketCap data.

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