Announcing the wallet by Frederic Gregaard, CEO of the Cardano Foundation, it leverages post-Quantum post-cryptography (PQC) to protect users from the potential threats posed by quantum computing. Standard encryption methods (such as RSA and ECC) are vulnerable to quantum attacks, while PQC algorithms are designed to resist such vulnerabilities.
This partnership between Cardano and Ethereum is to continue developing quantum secure solutions that can be implemented on a variety of blockchain platforms, so it is not a halt in individual wallets.
Earlier this month, Cardano launched an open source digital identity platform called Veridian. The platform allows users to control their digital IDs by utilizing distributed identifiers (DIDs) and verifiable credentials. Veridian is yet another move to increase privacy and security for digital interaction, designed to be interoperable across a variety of systems and industries.
The introduction of quantum resistance technologies like Identity Wallet and Veridian Platform positions Cardano at the forefront of blockchain security innovation, and it will be interesting to see what else is available for the future.
Why quantum computing threatens blockchain encryption today
Quantum computers can use qubits instead of classical bits, allowing huge amounts of information to be processed in parallel. Traditional computers may take centuries to solve complex problems, but a sufficiently sophisticated quantum computer can solve them in minutes or hours.
This poses serious problems and threats to the crypto industry as most of today’s public key cryptography (used to ensure blockchain, wallet, exchange and communication) relies on simple mathematical problems that are difficult for classical computers but in the case of quantum.
Therefore, algorithms such as RSA, ECC, digital signatures, or key exchange are risky considering that powerful quantum computers can destroy private keys from public keys, disguise digital signatures, and steal crypto assets without warning the system.
Adoption of Cardano & Ethereum Lead PQC to combat quantum threats
Fortunately, for the crypto industry, security experts believe that practical, large-scale quantum attacks targeting current encryption are still years away.
Still, it’s good to prepare, and adopting PQC should benefit the entire crypto industry as they prepare for the quantum era before Cardano and Ethereum arrive.
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