Bitcoin Doomsday: QRC and RedSense help cryptocurrencies manage the imminent threat of quantum computing advancements.
The Quantum Resistance Corporation (QRC), post-quantum security experts, today announced a strategic partnership with RedSense, a leading threat intelligence and cybersecurity firm. RedSense will provide network security and management services for the QRC, and together RedSense and QRC will provide security for cryptocurrencies, as well as developers utilizing the Quantum Resistant Ledger (QRL) post-quantum secure blockchain to develop future-proof solutions.
In particular, this partnership will result in a unique security program and market offering that leverages the combined expertise of RedSense and the QRC to help cryptocurrencies respond to the rapidly advancing threat of quantum computing.
“The web3 space is often the site of lax security as projects, platforms and technology are often built without concern for traditional computer security processes and review. Without having a centralized authority to dictate policy, only a sufficiently advanced intelligence program such as what RedSense and the QRC provide, can provide some assurance to participants in an ecosystem that the sites and services they use have any degree of consistent security,” said Craig Clement of the QRL Community. “RedSense and the QRC are building a program that we will extend to the market to help secure all digital currency projects and reduce attacks.”
Popular cryptocurrencies such as Bitcoin, Ethereum and Solana are hacked on an almost weekly basis, inflicting significant financial losses on users and further damaging the mainstream perception of cryptocurrency. In 2022, more than $3.8 billion worth of digital coins were stolen from digital asset holders, according to Chainalysis. The eye-popping losses (recent attacks on Wormhole, Binance and Ronin Network cost users between $325 million and $625 million per incident) reflect the significant vulnerabilities of decentralized finance protocols in traditional blockchain technology.
“Unfortunately, we are only going to see more and more frequent attacks on cryptocurrencies and users’ digital assets,” said Yelisey Bohuslavskiy, Chief Intelligence Officer of RedSense. “The existing technology has a fundamental flaw, there are known attacks that can cause digital coins to go to zero and this will happen just as soon as a quantum computer of sufficient size is brought online. It’s functionally unfixable and we could be just three to five years from a nightmare scenario.”
The QRC is a project of the Quantum Resistant Ledger (QRL), the only blockchain that utilizes a signature scheme that’s recognized by the United States National Institute of Science and Technology (NIST) as being post-quantum secure with its use of XMSS. With the QRC providing a community security program backed by RedSense technology, this partnership will enable more developers to use the QRL network to build DeFi, NFTs, DAOs, DEXs, gaming, and communications apps that are secure from post-quantum cryptography threats.
About the Quantum Resistance Corporation
The QRC are experts in quantum computing and post-quantum security. The QRC works collaboratively to manage the growing risk of post-quantum cryptography and grow the community of post-quantum secure developers. Learn more at https://www.theqrc.com/
About the Quantum Resistant Ledger
The QRL is a distributed blockchain network and future-proof digital currency that utilizes a signature scheme recognized by the United States National Institute of Science and Technology (NIST) as being secure from post-quantum threats. Learn more at https://www.theqrl.org/
About RedSense
RedSense is a threat intelligence firm that offers 360-degree visibility with internet-wide visibility through netflow analysis and human intelligence. RedSense offers clients actionable insights to secure infrastructure from the inside out and stay steps ahead of the adversary. Learn more at https://redsense.com/
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2023/04/the-quantum-resistance-corporation-and-redsense-announce-partnership-begin-program-to-help-digital-currencies-manage-the-rapidly-growing-risk-of-post-quantum-cryptography