Cardano, working with the Ethereum Foundation, announced a new identity wallet designed to be secure against quantum computing threats, advancing blockchain security and digital identity management.
Announced by Frederic Gregaard, CEO of the Cardano Foundation, the wallet leverages post-quantum cryptography (PQC) to safeguard users against potential threats posed by quantum computing. Standard cryptographic methods (such as RSA and ECC) are vulnerable to quantum attacks, but PQC algorithms are designed to resist such vulnerabilities.
This partnership between Cardano and Ethereum won’t just stop at individual wallets as the goal is to continue developing quantum-secure solutions that can be implemented across 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 utilizing decentralized identifiers (DIDs) and verifiable credentials. Veridian is designed to be interoperable across different systems and industries, which is yet another move to increase privacy and security in digital interactions.
The introduction of quantum-resistant technologies like the identity wallet and 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 Current Blockchain Encryption
Quantum computers use quantum bits instead of classical bits and can process massive amounts of information in parallel. Whereas traditional computers might take centuries to solve complex problems, a sufficiently advanced quantum computer could solve them in a matter of minutes or hours.
This poses a serious problem and threat to the crypto industry, as most of today’s public-key cryptography (which is used to secure blockchains, wallets, exchanges, and communications) relies on mathematical problems that are hard for classical computers but easy for quantum ones.
As such, algorithms such as RSA and ECC, digital signatures, or key exchanges are at risk considering that a powerful quantum computer could break private keys from public keys, forge digital signatures, or steal crypto assets without alerting the system.
Cardano & Ethereum Lead PQC Adoption to Counter Quantum Threat
Luckily for the crypto industry, security experts believe practical, large-scale quantum attacks targeting current cryptography are still years away, although attacks where data is stolen today and decrypted later on are present.
Still, it’s good to be prepared, and by adopting PQC, Cardano and Ethereum are preparing for the quantum era before it arrives, which should benefit the crypto industry as a whole.
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