Interview with Quantum Resistant Ledger founder ($QRL)
On this occasion I have the pleasure to interview Dr. Peter Waterland, founder of Quantum Resistance Ledger. QRL is a high security blockchain that uses a quantum computing resistant encryption method. The encryption methods used by today’s blockchains could become vulnerable to quantum computing within the next 10 years. QRL aims to create a blockchain with long term stability through hash based signatures.
How would you describe the main pillars of the project?
Quantum computers will be an amazing innovation when they arrive commercially. When a suitably powerful general purpose error-corrected quantum computer becomes available then conventional digital signature schemes will be broken. These signature schemes currently protect the funds in addresses on all blockchains in the crypto space from theft. Quantum computers are coming and funding in the space has surged in the last year in a diverse space containing small hardware startups and projects funded by IBM, google and Microsoft. The QRL is designed to be ready for such an eventuality today.
I suppose the main pillars of the project are
- Offering absolute security of tokens on the blockchain — we are building a completely post-quantum secure blockchain solution using state of the art post-quantum hash-based signatures and a novel hash-chain based proof of stake algorithm.
- Providing a post-quantum value reservoir in the event of a sudden unexpected Y2Q event.
- Offering second layer post-quantum secure solutions using our Ephemeral messaging layer — this allows post-quantum secure messenger, post-quantum secure corporate VOIP, file transfer, PQ-secure ID etc.
So there are several elements to the QRL.
About the share of the QRL tokens, how is the distribution (share for team, investors, development..)?
As a proof-of-stake coin it is necessary to distribute coins immediately to allow staking to protect the network. The QRL is designed to run on low power devices such as raspberry pi’s and offers completely secure staking for devices connected to the internet by allowing private keys to the stakers address to be kept offline forever. There is no minimum stake deposit required but our algorithm is both random and probabilistic so the more coins you have the more likely you are to win a block by staking.
Initial distribution is 65 million QRL, of which 52 million were distributed in a private pre-sale and 13 million used to fund the project. A QRL foundation will oversee the remaining coins not distributed to the team members thus far and at present that amount is 8.5 million coins.
Our emission schedule is from 65 million coins in our genesis block to 105 million coins in approximately 200 years from now, with the new coins being awarded to users securing the network with their staked coins.
For now these tokens are listed at Bittrex and Liqui. Is Poloniex or Huobi on the horizon?
Correct. At present the QRL is listed as an ERC20 token in a 1:1 ratio with our genesis block distribution which will occur later this year. It is also listed on Tidex at this time. We are looking to be listed on other exchanges as our mainnet launch occurs later this year but nothing can be confirmed at this time.
What’s the role of the tokens in the Quantum project?
The QRL ERC20 tokens which are currently listed on exchanges will be swapped in a token migration process as the QRL mainnet is launched later this year. If you hold 1 QRL ERC20 token then you will be given 1 QRL upon launch.
About the team, what are your strengths? (relevant backgrounds and experience…)
We have a diverse team spread around the world made up of developers mainly but also including a post-quantum cryptographer, technical architects and enthusiastic team members who manage social media and the community aspects of the project. Our development team is now top class, featuring developers with previous blockchain and security experience. Anyone interested can inspect the GitHub repository or drop into our slack to meet the team — we are a friendly bunch 🙂
Thinking about the future, do you have any roadmap with relevant upgrades?
We have an official roadmap from our pre-sale:
Currently we are hoping to launch our mainnet in the next two months. Our github repository may be inspected at: https://github.com/theQRL which has open sourced repositories for our node (qrlcore, https://github.com/theQRL/QRL), block-explorer (https://github.com/theQRL/block-explorer) and soon our webwallet which is currently being developed privately.
Users wishing to seek out further information about the project may wish to read our project blog on medium.
Upon launch we hope to have most functionality already in place — certainly we will launch with a completely post-quantum secure ledger and our base post-quantum messaging layer utilising lattice-based signatures will be in place. We hope to build out layer two applications which utilise the QRL chain going forward after launch by offering light-client APIs to developers who wish to interface with the QRL.
What’s the added value of QRL in comparison with other competitors?
We are early to the space and so there is little competition. Some existing chains are integrating post-quantum address functionality into their roadmaps but no blockchains will be offering a completely secure ledger like the QRL.
I think our added value is offering that complete security. If a competing chain has multiple address types, with ledger funds stored in addresses which are both post-quantum secure and others which are insecure then the value of all ledger tokens is at risk should and quantum singularity occur. In a market worth north of 100bn I view the QRL as a kind of insurance policy against disaster.
Furthermore our post-quantum messaging layer offers many exciting additional solutions which will potentially add more value through securely decentralising communication over the internet.
Valuation of the current scenario for Quantum and the computing industry.
Myself and a colleague in the project recently attended a Blueyard quantum conference in Germany to see the state of the art. Quantum is going to be huge and eventually it will change the world of security in everyday life. Interestingly at first it will be used in places you may not think of like industrial chemical processes where lower power early commercial quantum computers may offer an edge over existing cutting edge tech. Later they will change everything and I think what is important is that crypto stays ahead of the bleeding edge of the tech curve to stay secure no matter what appears.
Thanks for your time