With every passing year, technology advances exponentially. There are times when we come across a newly developed program only to realize that it’s miles ahead of everything we know.
The situation isn’t different in terms of cyberattacks and other malicious online activities either. We are fast approaching the era of quantum computers, theorized to be even 158 million times faster than the fastest supercomputers we have today. You can certainly understand that once the first quantum computer enters the scene, the current systems and technologies will become obsolete instantly.
Once quantum computers and, by the same token, quantum attacks become a reality, they will not only be devastating, but it will already be too late to fight them. As you can see, the issue here is that we have to work on this today, not in the years to come.
Present Issue of Future Problems
Let’s get things straight first — quantum attacks won’t be here for a while. Quantum computers are still being worked on, and no one is even close to creating the first machine of this kind. This means that attacks based on such technology are not yet a reality.
However, both smaller startups and industry giants like Google and IBM are already working on these computers. For example, IBM’s Condor processor, which uses 1,121 qubits, is set to be released in 2023 and could indicate a massive breakthrough in the current race for quantum technology.
Now, the present issue with future quantum attacks is twofold:
- They will become a reality at some point — it’s only a matter of time.
- Even though they may not be able to crack the encryption, hackers can steal valuable data today and try to decrypt it in the future when the technology allows them to do so.
US Government’s Awareness of the Problem
Due to this issue, which requires immediate attention, many companies — and even the US government itself — have already begun working on a solution. Or, to be more precise, they’ve started planning around it.
The US government has stated that there is a significant possibility that various hackers are stealing data, not to crack it now but to keep it, with the hopes of decrypting it in the future. They are well aware that current levels of encryption are often uncrackable with conventional means. But they are likely counting on the fact that these pieces of information will be susceptible to cracking eventually.
It’s worth mentioning that current encryption algorithms are breakable by conventional computers, at least in theory. That’s because they can hypothetically find the solution to decrypting them, but they would require thousands of years to do so.
Hackers know that quantum computers could test all possible combinations in only eight hours due to their sheer complexity compared to traditional machines. In other words, current state-of-the-art encryption systems used by online banking platforms would instantly become obsolete.
That’s why we need to put more emphasis on the real issue. We shouldn’t speculate on when the new attacks will become a reality. Instead, we should focus on how to solve them because it’s vital to stay ahead in cybersecurity. After all, it’s the only way to ensure proper protection is implemented in the future.
What Can Be Done Now to Prevent Future Quantum Attacks?
The good news is that companies are working on creating solutions as we speak. They know that the data stolen now will be endangered in the future, which is why we already have a few algorithms verified to be quantum-resistant.
The National Institute of Standards and Technology (NIST) has already chosen four algorithms that can create mathematical problems that both current computers and future quantum computers will have great difficulty solving.
For general encryption, the algorithm that has been chosen is the CRYSTALS-Kyber algorithm. On the other hand, the algorithms chosen for digital signature protection are FALCON, SPHINCS+, and CRYSTALS-Dilithium.
SPHINCS+ is the only one that uses hash functions, while the rest use structured lattices, a specific collection of math problems.
NIST primarily recommends CRYSTALS-Dilithium, as it believes this is the primary algorithm for digital signatures. FALCON is recommended for apps with smaller signatures, while SPHINCS+ should be used as a backup solution.
Regular companies can already start moving on to the new post-quantum cryptography systems, but businesses in the blockchain space will have more difficulties due to the inherently decentralized nature of their industry. Moving away from the current security solutions would possibly break the decentralized aspects of blockchain.
However, even though it’s difficult, it’s not impossible. The QANplatform has already implemented CRYSTALS-Dilithium in its security layer and QAN XLINK protocol. The company will also use it in its QAN public blockchain. This way, it will demonstrate that these platforms can stay protected in the future world of quantum computers and quantum-based attacks without sacrificing what makes them decentralized.
Even though we are in the early stages of finding a concrete standard for post-quantum cryptography, NIST is already encouraging security experts to explore the new algorithms and the ways of introducing them into their companies’ systems.
It’s crucial to stay ahead of the curve in cybersecurity, as that’s the only way to protect your business. Breaches are constantly increasing in number and scope, and we have no way of knowing if hackers will keep that data until they find a way to decrypt it. That’s why it’s vital to protect your information now before it’s too late.
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PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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