Hyperchain & Hcash, joined by four of the leading experts in quantum computing from the University of Technology Sydney, Macquarie University Research Centre in Quantum Science and Technology, and Singapore’s Nanyang Technological university, will lead research in developing a quantum attack resistant cryptocurrency.
The quantum computing industry produced the first general purpose processors more than a year ago, processing power having already increased exponentially (more than tenfold). With companies such as IBM dedicating departments to the technology, it is a leap forward in computer processing technology, but an imminent threat to the crypto industry. The very protocols which secure countless transactions and information, currently worth over $160B USD, are vulnerable to attacks by a more developed version of this quantum computing technology, which we could see as soon as 10 years from now.
Hyperchain, being an innovator in the field of Blockchain technology, is proud to conduct research in order to provide quantum resistance in the Hcash ecosystem. This will be done in collaboration with leading experts in cryptography and quantum computing: Gavin Brennen, Associate Professor at Macquarie University, Miklos Santha Director of Research at CNRS and Centre for Quantum Science and Technology, Associate Professor Troy Lee of Nanyang Technological University, and Dr Marco Tomamichel, Snr Lecturer at the University of Technology Sydney – all of whom have extensive knowledge, experience and accreditation in the field.
With over a $160 billion incentive, attackers with access to quantum computers could undermine the entire basis of the security of cryptocurrencies without reprimand, annulling all confidence in the market. This would have a devastating effect on the technology, industry and ecosystems, bringing hundreds of companies to a halt. This illustrates the importance of devising measures by which the current industry can secure itself, and instils an urgency by which we should model the importance of coming up with a solution as soon as possible.
The four have written a whitepaper investigating the advantage of quantum computing against cryptocurrencies such as Bitcoin, projecting possible points in time when these threats could actualise, and their possible countermeasures. Their expertise and advisory will ensure Hyperchain can provide a solution for the Hcash ecosystem to be fully impermeable to quantum attack in the future. In the forthcoming period, the researchers will collaborate to examine the scope of what needs to be implemented, and will create recommendations in terms of practical quantum resistant structures and systems for Hcash to implement in its ecosystem, and cryptocurrency.
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