Within the dynamic realm of technology and finance, the formerly unstoppable influence of cryptocurrencies is now confronting a strong opponent: quantum computing. The security of cryptographic methods used in popular cryptocurrencies like Bitcoin is being questioned due to recent breakthroughs in quantum computing, which could potentially threaten the future of the digital currency revolution.
The key issue here revolves around the cryptographic methods that protect the security and privacy of transactions within the blockchain. Bitcoin, as well as other cryptocurrencies, depend on the SHA-256 hashing algorithm and the ECDSA (Elliptic Curve Digital Signature) for verifying transactions. Nevertheless, the emergence of quantum computing poses a significant risk of making conventional encryption techniques outdated, hence creating opportunities for severe security breaches.
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Quantum computing harnesses the principles of quantum physics to provide significantly more processing capabilities than classical computers. The significant advancement in processing power presents a serious danger to conventional encryption protocols.
Starting in 2025, the US government will mandate all companies offering encryption solutions to the US government to switch to post-quantum encryption, as specified by the Commercial National Security Algorithm Suite 2.0 (CNSA 2.0).
On January 2024, NATO has releases first ever quantum strategy and according to them:
“A watershed moment in the history of innovation is coming for quantum technologies, which might have far-reaching consequences for safety, especially in modern military strategy. In order to make sure the Alliance is ready for the quantum age; NATO Foreign Ministers endorsed the first quantum policy on November 28. With this strategic decision, NATO has shown once again how serious it is about being the world leader in defense and security technology.”
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A worldwide loss of trillions of dollars might be the consequence of an assault on a quantum computer. In 2023, Chinese researchers made a significant advancement by revealing a breakthrough in quantum computing. They asserted that they successfully deciphered low-level RSA encryption, which is a fundamental aspect of safe data transfer globally. The researchers showcased the viability of overcoming modern RSA encryption using a 372-qubit quantum computer, employing a combination of quantum and classical computing methods. This achievement marks a significant change in the cybersecurity field.
Furthermore, the competition to achieve quantum supremacy is intensifying as businesses such as QuEra and IBM endeavour to construct quantum computers with greater computational capabilities. QuEra's recent introduction of the world's inaugural fault-tolerant quantum computer, along with its intention to develop a 10,000-qubit machine by 2026, highlights the swift progress of quantum technology innovation. IBM's ambitious objective of creating a quantum computer with 100,000 qubits in ten years emphasizes the significant competition in the field of quantum computing.
The research conducted by Richard Preston on exploiting SHA-2 functions using Grover's algorithm emphasizes the pressing requirement for quantum-resistant solutions in the field of cryptocurrency. In light of increasing concerns regarding quantum-based cybersecurity risks, the necessity for taking pre-emptive actions has become exceedingly evident.
Cellframe appears as a promising solution amidst the uncertain landscape of bitcoin, providing optimism in the face of this existential threat. Cellframe is at the forefront of quantum-resistant blockchain technology, utilizing three state-of-the-art quantum-resistant algorithms that have been endorsed by the National Institute of Standards and Technology (NIST): Falcon, CRYSTALS-Dilithium, and SPHINCS+.
Cellframe groundbreaking characteristics position it as the definitive remedy to the imminent quantum risk that hangs over the cryptocurrency industry:
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1. Quantum-Resistant Signatures: Cellframe is the first to integrates quantum-resistant signatures, such as simultaneous multisig support, to provide strong security against quantum attacks.
2. Multilayer Blockchain: Cellframe is the first to introduces a multilayer blockchain structure (Layer 0, 1, 2), which provides exceptional speed, scalability, and decentralization.
3. Groundbreaking Technological Advances: Cellframe is the first blockchain to developed entirely using the C programming language, hence demonstrates exceptional efficiency in terms of CPU and memory utilization.
4. Fog-Based Services and Distributed Apps (t-dApps): Cellframe is the first to introduces Fog-based services and true distributed apps (t-dApps), which bring about a significant transformation in cloud-based services and decentralized applications (dApps).
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5. Web 3.0 Compatibility: Cellframe effortlessly incorporates itself into the Web 3.0 environment, including support for Cellverse, NFTs, Game Fi, VPNs, CDNs, and other related technologies.
6. Solving the Blockchain Trilemma: Cellframe successfully achieves high scalability, decentralization, and security, effectively addressing the challenges posed by the blockchain trilemma.
7. Low Transaction Fees: Cellframe guarantees cheap transaction fees by implementing conditional transactions and minimizing dependence on smart contracts.
8. WASM and EVM Smart Contracts: Cellframe provides support for both WebAssembly (WASM) and Ethereum Virtual Machine (EVM) smart contracts, which improves flexibility and ensures compatibility.
9. C-based Architecture: The Cellframe SDK is constructed entirely in C, allowing t-dApps developed on this platform to run on a variety of devices, ranging from high-performance mainframes to smart refrigerators. This versatility empowers developers to create diverse apps.
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10. Privacy: zk-SNARK enable.
11. Predict upcoming events and features: The incorporation of NPU (neural processing unit) devices, the launch of Flatcoin, progress in AI, and a multitude of other breakthroughs.
Furthermore, Cellframe advanced technology goes beyond the domain of cryptocurrency and finds applications in nuclear physics research. The application of Cellframe elements in the development of sensors for nuclear reactors and accelerators demonstrates the adaptability and practical significance of Cellframe technology.
Conclusion, with the imminent threat of quantum computing posing a significant risk to the cryptocurrency industry, Cellframe stands out as the most effective method for protecting against the eventual collapse of digital currencies. Cellframe provides a solution for enterprises and blockchain projects that are looking for protection against the quantum threat. It achieves this through its advanced algorithms and innovative features that are immune to quantum attacks. It is crucial to use Cellframe at this moment to avoid the potential downfall of Bitcoin and cryptocurrency due to quantum uncertainty.
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Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.
