We have covered some of the applications and threats of quantum computing to cryptography. We have previously written on the applications to blockchain such as the project named QRL, but now there is another project in town which is named QAN, a revolutionary energy-efficient quantum-resistant blockchain platform that launched on June 1st 2021. Elon Musk will be happy (his tweets about the prodigious waste of resources that mining cryptocurrencies) that another currency has launched with not only this in mind but the ability of the tokens to be quantum-resistant.
Some of the advantages are that the QAN is code agnostic, allowing developers and enterprises to build decentralised software applications in their preferred coding language, and the project apparently offers rapid ways of getting business processes on the blockchain within 5 minutes. It is also claimed that the QANplatform is 100x faster than Ethereum and is the fastest blockchain to deploy to cloud platforms like Amazon AWS or Linode.
The technology behind the blockchain is aimed at being quantum resistant which means that it should be secure against the likes of Quantum computers. But that means using secure algorithms which researchers think are impossible to crack by Shor’s or Grover’s algorithm. the technology used is a Lattice-based cryptographic scheme and we discuss some of these Quantum Resistant schemes in our recent article: Quantum and Cryptography. Do we need to worry about the rise of Quantum Computing? QAN has a Proof-of-Randomness consensus algorithm implemented in the Rust programming language and QAN is so far (without proof) able to provide a quantum-resistant solution, that might make those worried about the rise of Quantum Computers sleep easier at night.
Research from Gartner suggests that around 90% of current enterprise blockchain platform implementations will require replacement within 18 months to remain competitive, secure and avoid obsolescence.
The risks posed by Quantum Computers
Readers of Quantum Zeitgeist will be no strangers to the rapid progress undertaken by the likes of some of the larger technology companies such as IBM, Google and myriad start-ups. Governments are ploughing vast resources into technologies around the globe. Some of these companies are aiming with thousands-to-millions of qubits within a few short years and that could put blockchains that use existing technologies such as Elliptic Curve algorithms at risk.
Features of the QAN Blockchain
- Open-source code
- Quantum-resistant security
- Hybrid blockchain
- Rapid 1-click deployment
- Multi-language development
- High-volume transactions
- Unique consensus algorithm
We can drill down into some of the features in more detail. One of the first and foremost features is that the QAN private blockchain code is free and open-source with the aim to provide transparency to both developers and enterprises. The unique Proof-of-Randomness (PoR) consensus algorithm by QAN, data-hubs (nodes) can be run by a Raspberry Pi.
The QAN private blockchain comes with a 1-click setup on hardware, virtualized architecture and cloud platforms. Of course many will be thinking about how to get hold of the tokens which are still relatively unavailable but should be out in the wild starting in June 2021! Uniswap and Pancake are two places that buyers can trade tokens.
The quantum-resistant hybrid blockchain platform announced an investment of $2.1M from Fairum Ventures, DeltaHub Capital, Insignius Capital, and BlackDragon. Of course, the float is nowhere near the big hitters of bitcoin, ethereum and cardano, but all projects have to start somewhere.
Learn more about the project here.