Analyst Dives Deep into Quantum Resistant Ledgers (QRL) and Blockchain-Based Cryptos Impact
Noclone3, a Twitter user with “a passion for quantum physics, cryptocurrencies and programming” argued his position that the biggest crypto exchange platforms might not be sufficiently ready for a period when quantum computers (with increased power) will be a real threat to today's blockchain binary system.
“1/ A new QRL related tweetstorm. The main thesis behind the #QRL $QRL @QRLedger is that, even though #bitcoin, #ethereum [insert top 50 coin here] will implement #quantumresistant signature schemes in the future (and they will) — Noclone3 (@Noclone3) April 27, 2019”
Noclone3 argued that the major factor behind the QRL (Quantum Resistant Ledger) development is that “even though Bitcoin (BTC), Ethereum (ETH)”and some of the top digital asset networks plan to “implement quantum resistant signature schemes in the future (and they will),” they may still be unable to successfully move to platforms that have a resistance to the dangers of quantum computing.
Lost Key Or Address Issues
Noclone3 said that “either it will be too late (widespread suspect of #quantumcomputer acting) or it will be too early (and people will not move funds, leaving partially exposed coins).”
In addition Noclone3 said that “in either (of the senerios) , there will be the issue of lost addresses, whose owner died or lost the keys (eg Satoshi) .” Noclone3 argues that if this eventually happens, then people will start using what he believes is the “most prominent” QR(Quantum Resistant) blockchain.
The “Most Prominent” Qr Blockchain
One of this is IOTA, using Tangle, the moniker used to describe IOTA's directed acyclic graph (not a blockchain) and the Quantum Resistant Ledger (QRL) platforms, an “externally audited enterprise-grade blockchain platform” which is designed to be “secure against an attack from quantum computers.”
Furthermore, Noclone3 said that “if the above thesis is correct then the value” of the biggest cryptocurrency networks “will go close to zero at some point in the future”. He also said that “we can debate here, (however) the point is no one really knows . I personally guess before 2030.”
Future “Close To Zero” Value Of Qr Chains
Due to the possibility that this thesis might be incorrect, he said that Bitcoin protocol developers could:
“devise a method that allows for an early decentralized migration of funds”.
He further said that “there’s (also) the possibility that the QRL goes to zero, unless other features become more relevant (QR messaging anyone?).”
As a cryptocurrency enthusiast and developer be suggested that “the most probable solution … is that at some point BTC ETH etcetera will introduce optional PQ schemes. Later, they will have to hard fork and burn unsafe addresses. At that point, their communities will split again (think of Bitcoin Cash (BCH) / Ethereum Classic (ETC).”
Decentralized “organic growth”
The programmer further noted that :
“The QRL will have to compete against those bashed but battle hardened coins. It will have to demonstrate [that it can properly] substitute BTC/ETH [in terms] of usability and features. We can't currently claim this, because of the small community, but things are constantly moving.”
In continuation he said:
“Specifically, we would like organic growth in a very decentralized fashion. We would especially like to attract developers. Of course, a spike in price would help, but it's already happening that, for people who are interested, the QRL is a reference.”