Cardano, together with the Ethereum Foundation, announced a new identity portion that was designed to be safe against Quantum Computing threats, promoting blockchain security and digital identity management.
Announced by Frederic Gregaard, CEO of the Cardano Foundation, the wallet uses the cryptography after Quantum (PQC) to protect users against potential threats of Quantum Computing. Standard cryptographic methods (such as RSA and ECC) are vulnerable to quantum attacks, but PQC algorithms are designed to withstand such vulnerabilities.
This partnership between Cardano and Ethereum not only stops with individual portfolios, because the aim is to continue to develop solutions for quantum protection that can be implemented on various blockchain platforms.
Earlier this month, Cardano launched an open-source digital identity platform called Veridian. The platform gives users control over their digital identities by using decentralized IDs (DIDS) and verifiable references. Veridian is designed to be interoperable in different systems and industries, which is still one step to increase privacy and security in digital interactions.
The introduction of quantum-resistant technologies such as the identity portion and the Veridian platform positions Cardano at the forefront of Blockchain Security Innovation, and it will be interesting to see what else is in store for the future.
Why Quantum Computing threatens the current blockchain coding
Quantum computers use quantum bits instead of classic bits and can process enormous amounts of information in parallel. While traditional computers can take centuries to solve complex problems, a sufficiently advanced quantum computer can solve them within a few minutes or hours.
This is a serious problem and threat to the crypto industry, because most of today’s public cryptography (which is used to protect block chains, portfolios, trade fairs and communication) depends on mathematical problems that are difficult for classic computers but easy for Kwantum.
As such, algorithms such as RSA and ECC, digital signatures or important trade fairs are in danger, since a powerful quantum computer can break private keys of public tests, can steal digital signatures or steal crypto assets without warning the system.
Cardano & Ethereum Leiden PQC acceptance to prevent the quantum threat
Fortunately for the crypto industry, security experts believe that practical, large-scale quantum attacks focused on current cryptography are still removed for years, although attacks where data is stolen today and later decoded are present.
Yet it is good to be prepared, and by accepting PQC, Cardano and Ethereum prepare for the quantum era before it arrives, which should benefit the crypto industry as a whole.
Safeguard: The information presented in this article is only for informative and educational purposes. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses as a result of the use of the aforementioned content, products or services. Readers are advised to be careful before taking action with regard to the company.