Bitcoin owners are currently able to generate both a private and a public key for security purposes. Although private keys are used to generate public keys, it’s fairly difficult to calculate that private key based upon how the public key was generated. Yet quantum computers have the capacity to do just that. And as quantum computing power grows, its ability to wreck havoc on cryptocurrency will expand as well.
Adaptability and Trust As A Security Safeguard
“Quantum Resistant” technology does indeed exist. For instance, XTRABYTES™ employs a very secure hash algorithm standard (SHA-512) to safeguard its Zolt algorithm from quantum computing hackers. More Importantly, XTRABYTES has the capacity to easily upgrade its security protocols as quantum computing advances. That is, the code with which XTRABYTES is built upon is easily modified. With encryption technology, ensuring adequate security is often simply a matter of staying ahead of the curve.
Since blockchain security is partly dependent upon cryptographic key length, creating longer keys is always a temptation. Unfortunately, longer cryptographic keys require additional time for encoding and decoding encryptions. Given that XTRABYTES is currently testing at 10,000 transactions per second, it has a greater luxury than most with regard to encryption time. Nonetheless, the time required to conduct time-stamping and perform other operations must be factored in as well.
With its Proof-of-Signature requirement, XTRABYTES creates an additional security layer. Using Proof-of-Signature, transactions can only proceed if the network's STATIC nodes sign off on them. Because it’s impossible for anyone to know the entire private key used by several thousand STATIC nodes. hackers cannot fraudulently create a signature-verified block. And should a malicious node attempt to compromise the chain, it will be blacklisted automatically.
Well, what about breaking into the STATIC node owner’s wallets? STATIC node owners place one of their two wallets on their PC. Since this wallet contains no coins, hackers have no incentive to hack it. This is the advantage XTRABYTES has with locking its digital coins in cold storage.