Cryptocurrency Continues Down the Path to Quantum-resistant Algorithms

Cryptocurrency Continues Down the Path to Quantum-resistant Cryptography.  Cryptocurrency Komodo is using the quantum-resistant algorithm Dilithium to protect its blockchain.  Though still a few years off, this early instantiation is another example of the budding awareness of quantum computing’s likely threat to encryption schema.

Komodo and Dilithium.  Excerpt:  Komodo writes: “While quantum computers have not yet been produced, they are currently in development. Experts believe they’ll be developed in the near future, perhaps in the next 5 to 10 years. The invention will jeopardize all of modern cryptography as we know it.”

Individual blockchains can take precautions by using quantum-resistant signature schemes. However, commonplace cryptocurrencies like Bitcoin use signature schemes that could be broken by quantum computers in the next few decades. Fortunately, quantum-resistant signature schemes exist, and some blockchains are adopting them.

Dilithium is simply one type of quantum-resistant signature. Komodo managed to introduce Dilithium very quickly thanks to the nature of the Komodo blockchain, which allows “smart modules” to be introduced without a major upgrade. This means that Dilithium is immediately available as a plugin for Komodo projects.

Komodo’s version of Dilithium also adds a new consensus rule. This requires each transaction to be signed twice: once for the original Komodo signature scheme, and once for the new Dilithium signature scheme. This guarantees that transactions that take place on Komodo-based Dilithium blockchains are secure against quantum attacks.

The Bitcoin News carries the full report…

Share this article ...

Our Mission

At The Qubit Report, our mission is to promote knowledge and opinion of quantum computing from the casual reader to the scientifically astute.  Because Quantum is Coming.

Einstein Stroll