Quantum Resistant Blockchain Networks are Reportedly a Reality with Quube
Quube, a company registered in Estonia, will reportedly be the first to develop quantum-resistant blockchain solutions in order to prevent potential quantum computer attacks which, according to the company, are a near-future threat. The news was published on Acceswire on November 6.
Although blockchain networks are designed to be secure and tamper-proof, there is a growing concern that as quantum computers develop, they could eventually break public-key cryptography and codes that hold the blockchain network together.
Quantum Computers function differently from the classical computers we use today.
In quantum computing, subatomic particles can exist in more than one form at a time. Due to the behavior of the particles, it’s significantly faster to undergo operations and solve problems and complicated tasks with a quantum computer than classical computers. Having the ability to process these new operations gives quantum computers significant advantages to solve complex tasks such as performing a 51% attack successfully, allowing a single operator to gain control of the blockchain network.
Quantum Resistant Blockchain
This fear is raising the interest and demand for solutions that preventing similar situations; startup Estone Quube aims to satisfy this market. Through a Quantum Resistant Protocol (QRP), Quube guarantees the development of quantum-resistant blockchain for an upcoming security token offering (STO).
The startup has created STO Fabric, a launchpad that includes smart fabric for security token structuring, and a KYC service which allows startups to create a company, securitize non-participation stock and tokenize securities. The platform also plays the role of a market to guarantee quick trading for the companies which focus on the acquisition of other firms by using a significant amount of borrowed money to meet the cost of acquisition – also known as a leveraged buyout (LBO).
The safety of Quube depends on three factors that: critical backup, a data center, and a disaster recovery center, which are protected by first-class encryption and signature.
A real Threat?
According to Bitcoin advocate Andreas Antonopoulos, quantum computers are not such a scary threat as the founders of Quube claim. If someone actually had access to such a powerful machine, breaking the security given by public-key cryptography would be the last thing to worry about.