QRL’s Second Phase Grants Program Launches Imminently, Enhancing Resilience to Quantum Threats
Zug, Switzerland, July 27th, 2023, Chainwire
In an era where quantum computing evolves at a breakneck pace, the Quantum Resistant Ledger (QRL) has proven its commitment to advancing cybersecurity measures in the cryptocurrency sector. Recently QRL proudly announced the imminent launch of its Phase Two Grants Program, marking a huge milestone in fostering a resilient and distributed cryptocurrency ecosystem.
“QRL has created an ecosystem that is not only self-sustaining but also prepared for significant future cybersecurity challenges,” states Mike Zeiger, CEO of QRC (the commercial wing of QRL). “By dedicating substantial resources to community projects [such as quantum-resistive wallets and cryptography], we aim to fortify this ecosystem against impending threats.”
Indeed, as quantum computing progresses, it brings with it a varied landscape of potential new security issues. It was as early as 2019 when Google’s quantum processor dramatically showcased this potential, solving a complex security problem in just 3 minutes—a task that would take a state-of-the-art traditional computer over 10,000 years. With quantum machines growing both in power and availability, the vulnerabilities within existing cryptocurrencies could be exploited.
While these threats remain hypothetical for the most part today, QRL acknowledges their extreme likelihood and is preparing accordingly; Mitigating quantum-related threats is a primary focus for QRL, which is why it’s committed to delivering robust, quantum-resistant solutions through its innovative grant program.
Mike further explains, “Postponing efforts to address quantum-related vulnerabilities is not a viable option. Some existing protocols suggest full private key swaps as a possible solution, but this approach carries the risk of vast token abandonment and substantial industry loss that could total billions, if not trillions. Through our Phase Two Grants Program, we aim to provide preemptive, secure, and functional solutions that will aid in minimizing such impacts.”
QRL’s approach is far-reaching and proactive, focused on addressing the substantial financial damage and security risks that quantum computing could easily create through it being able to break private keys with ease. By ushering in the live state of its Phase Two Grants Program, QRL demonstrates its commitment to securing a resilient future for the cryptocurrency landscape, a mission that’s as urgent as it is critical. As such, the program represents an important step in mitigating threats, enhancing the robustness of the cryptocurrency ecosystem and reducing reliance on major networks to make time-delayed decisions.
About Quantum Resistant Ledger
The Quantum Resistant Ledger (QRL) is a trailblazing blockchain platform – a future-proof post-quantum value store and decentralized communication layer, geared towards addressing the significant threat Quantum Computing could pose to cryptocurrencies in the forthcoming years.
