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Quantum Resistant Ledger

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Description

What does Quantum Resistant Ledger do?

QRL's core goal is to provide a blockchain that is resistant to attacks made by both traditional and quantum computing. Quantum computing, once developed, will be capable of attacking the cryptography of many cryptocurrencies. Once attacked, these cryptocurrencies may no longer be secure and might actually be rendered completely useless. By creating a cryptocurrency resistant to quantum attacks, QRL may be ahead of the security curve.

A key offering of QRL is its Ephemeral Layer, which provides users with a messaging service that is private, encrypted, and secure against quantum attacks.

In the same way that Ethereum allows its users to create ERC20 tokens, QRL hopes to allow users to create QRTs, or Quantum Resistant Tokens. These tokens will be customizable for any purpose, like ERC20 tokens, but will also be resistant to quantum attacks.

What is QRL used for?

QRL’s native currency, QRL, is used to transfer value on the platform as well as pay for transaction fees.

Once QRL’s proof of stake consensus mechanism is implemented, QRL will also be used for staking. Post-launch, QRL is also exploring the functionality of smart contracts which, if implemented, would also be powered by QRL.

Given that the QRL blockchain will allow its users to launch their own new tokens (known as Quantum Resistant Tokens or QRTs), it is possible that the QRL coin will be used to pay to launch QRTs as ETH is used to pay for ERC-20 tokens.

How can QRL value appreciate?

Quantum computing has developed quicker than expected thus far, and if that continues, it may catch many cryptocurrencies unprepared. Quantum attacks are a significant threat that these cryptocurrencies (like Bitcoin and Ethereum) may not be able to deal with.

Such a situation would likely see QRL appreciate rapidly in value as users flee vulnerable currencies and put their value in QRL, which would be regarded as one of the most secure ways to transfer value.

QRL will also eventually utilize a Proof of Stake consensus mechanism that will incentivize holding QRL to receive dividends from staking, which may create scarcity and raise QRL’s price. However, QRL is launching as a Proof of Work chain.

What is the difference between Quantum Resistant Ledger and its competitors?

IOTA may be seen as a competitor of QRL since it also claims to be resistant to quantum attacks. However, there are two key differences between the two projects: IOTA is targeting IoT devices and does not utilize a blockchain. Rather, IOTA uses a DAG (Directed Acyclic Graph), or Tangle.

NEO and Cardano are two other projects that are also taking measures to be secure even when the threat of quantum computing becomes more immediate. However, quantum resistance is the main offering of QRL rather than an added feature. It is something being actively written into the codebase now, while NEO and Cardano simply note quantum resistance in their roadmaps for the future.

  • Mainnet Launch: Upcoming
  • Open Source: Yes
  • Consensus Type: PoW (Future move to PoS)
  • Technology: Independant
  • Total Coin Supply: 65,000,000
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Description

What does Quantum Resistant Ledger do?

QRL's core goal is to provide a blockchain that is resistant to attacks made by both traditional and quantum computing. Quantum computing, once developed, will be capable of attacking the cryptography of many cryptocurrencies. Once attacked, these cryptocurrencies may no longer be secure and might actually be rendered completely useless. By creating a cryptocurrency resistant to quantum attacks, QRL may be ahead of the security curve.

A key offering of QRL is its Ephemeral Layer, which provides users with a messaging service that is private, encrypted, and secure against quantum attacks.

In the same way that Ethereum allows its users to create ERC20 tokens, QRL hopes to allow users to create QRTs, or Quantum Resistant Tokens. These tokens will be customizable for any purpose, like ERC20 tokens, but will also be resistant to quantum attacks.

What is QRL used for?

QRL’s native currency, QRL, is used to transfer value on the platform as well as pay for transaction fees.

Once QRL’s proof of stake consensus mechanism is implemented, QRL will also be used for staking. Post-launch, QRL is also exploring the functionality of smart contracts which, if implemented, would also be powered by QRL.

Given that the QRL blockchain will allow its users to launch their own new tokens (known as Quantum Resistant Tokens or QRTs), it is possible that the QRL coin will be used to pay to launch QRTs as ETH is used to pay for ERC-20 tokens.

How can QRL value appreciate?

Quantum computing has developed quicker than expected thus far, and if that continues, it may catch many cryptocurrencies unprepared. Quantum attacks are a significant threat that these cryptocurrencies (like Bitcoin and Ethereum) may not be able to deal with.

Such a situation would likely see QRL appreciate rapidly in value as users flee vulnerable currencies and put their value in QRL, which would be regarded as one of the most secure ways to transfer value.

QRL will also eventually utilize a Proof of Stake consensus mechanism that will incentivize holding QRL to receive dividends from staking, which may create scarcity and raise QRL’s price. However, QRL is launching as a Proof of Work chain.

What is the difference between Quantum Resistant Ledger and its competitors?

IOTA may be seen as a competitor of QRL since it also claims to be resistant to quantum attacks. However, there are two key differences between the two projects: IOTA is targeting IoT devices and does not utilize a blockchain. Rather, IOTA uses a DAG (Directed Acyclic Graph), or Tangle.

NEO and Cardano are two other projects that are also taking measures to be secure even when the threat of quantum computing becomes more immediate. However, quantum resistance is the main offering of QRL rather than an added feature. It is something being actively written into the codebase now, while NEO and Cardano simply note quantum resistance in their roadmaps for the future.

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