Bittime - Blockchain offers innovative solutions to guarantee data transparency and security. However, first generation blockchains are vulnerable to quantum computing attacks. This is where Quantum Resistant Ledger (QRL) comes into play. The platform is a blockchain solution that is resilient to future quantum computing threats.
What is a Quantum Resistant Ledger (QRL)?
Quantum Resistant Ledger (QRL) is an externally audited, enterprise-grade blockchain platform. The security it offers is not only relevant today, but also ready for future advances in quantum computing.
The platform is the first industrial implementation to utilize IETF-defined XMSS. It is a forward-secure, hash-based signature scheme, assuming minimal security and reusable addresses.
This scheme has also received approval from NIST (National Institute of Standards and Technology).
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QRL uses an extensible address format with quantum security integrated since the genesis block. QRL also maintains an open source code base with implementations verified by third party audits from red4sec and x41 D-sec.
With the aim of being a developer-friendly platform, QRL has built complete documentation and API references. It gives developers the tools to build anything today, on an industrial-grade platform that will survive the future.
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User-Friendly Products and Applications from QRL
To make it easier for users to interact with the QRL blockchain and its digital assets, QRL offers a complete suite of easy-to-use applications. QRL has removed much of the complexity of quantum-resistant blockchains from the user's view.
They provide products for Desktop (Windows, Mac, Linux), Mobile (iOS, Android) and web. This allows all users to quickly start using the platform.
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QRL Mission: Enterprise-Level Security with a Vision for the Future
QRL's mission is to provide enterprise-grade security for the blockchain realm with future quantum threats in mind. Instead of relying on classic secure elliptic curve cryptography to secure signatures, QRL has implemented XMSS, a NIST-approved post-quantum digital signature scheme.
By using this post-quantum signature scheme since the genesis block, QRL is able to provide advanced asset protection both now and in the future.
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Why Use QRL?
QRL has implemented an approved and secure eXtended Merkle Tree Signature Scheme (XMSS) on the most vulnerable blockchain function, namely signatures. This signature includes fundamental properties and secures the immutability of the chain.
Similar to how Bitcoin works, QRL takes things a step further and uses a better and more secure algorithm. This is useful for securing the most important functions of the chain.
However, there are still some drawbacks to using post-quantum signature schemes. One of them is the size of the signature and the use of single-use keys.
However, QRL has found a new way to overcome this shortcoming. The platform uses the knowledge that the chain is not vulnerable to quantum computer attacks with Shor's algorithm.
These blockchain platforms choose to use specific projects depending on the end user's needs and project requirements. However, most would agree that the security of any system should be of utmost importance.
If you want to store funds for a certain period of time, it is safe to say that most blockchain projects that use classically secure algorithms, such as ECDSA, will be vulnerable in the near future.
What are QRL Tokens?
In addition to a quantum-resistant blockchain platform, QRL also offers their native token, QRL. QRL tokens have several important uses in the QRL ecosystem, including:
- Paying Transaction Fees: Just like other blockchains, QRL users need to pay a small transaction fee in QRL tokens to use the platform.
- Staking: QRL token holders can stake their tokens to secure the network and earn staking rewards.
- Governance: QRL token holders have a say in the governance of the QRL platform. This allows them to participate in important decisions about the future of the platform.
- Colored tokens: QRL supports creating colored tokens. Colored tokens are special tokens built on other blockchain platforms, such as QRL, to represent specific assets or functions.
With colored token functionality, QRL enables developers to create a variety of innovative applications on top of their platform. For example, colored tokens can be used to represent shares in a company, digital goods in a game, or even loyalty points.
Tokenomic Token QRL
QRL Inventory
- Max Supply: 105,000,000 QRL
- Total Supply: There is no exact limit, but the number of new tokens will continue to decrease gradually over the next 200 years.
Circulating Inventory
- Current Circulating Supply: 77,653,406 QRL (including those on exchanges and wallets)
- QRL Foundation reserves: 8,450,000 QRL (not included in circulating inventory)
QRL distribution
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Initial Distribution:
- 52,000,000 QRL sold to the public
- 13,000,000 QRL is held as a reserve (8,450,000 QRL is managed by the QRL Foundation)
- Total initial distribution: 65,000,000 QRL
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Additional Emissions:
- 40,000,000 QRL will be printed in stages over the next 200 years with fewer and fewer amounts each year.
Regarding Inflation
- Current Inflation: 1.1443% (this figure may change)
- Initial Inflation: 4.9133% (higher than current inflation)
QRL Mining
- Currently QRL uses a Proof-of-Work system with the RandomX algorithm for mining.
- The QRL development team is developing a Proof-of-Stake system.
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Fundamental Analysis of Quantum Resistant Ledger (QRL)
QRL has several interesting fundamental factors to consider:
- Strong Team: The QRL team consists of experienced blockchain and cryptography experts.
- Innovative Technology: QRL uses innovative quantum-resistant and sharding technologies to provide superior security and scalability.
- Growing Community: The QRL community continues to grow and show great enthusiasm for the project.
Conclusion
Quantum Resistant Ledger (QRL) is an innovative blockchain platform that offers quantum-resistant solutions for the future of blockchain. With its technology and strong community, QRL has the potential to become a major player in the blockchain industry in the future.
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