Solana (SOL) developers have developed an optional quantum-resistant vault dubbed Winternitz Vault. This new solution, introduced in a January 3 GitHub post by cryptography researcher and Zeus Network Chief Scientist Dean Little, is designed to safeguard user funds from future threats posed by quantum computing.
The Make-up of The Solana Winternitz Vault
Solana’s Winternitz Vault leverages a sophisticated hash-based signature system. This is to ensure security for Solana, which is already known for its fast transaction speeds, low fees, and scalability. Generally, Solana is recognized as a high-performance blockchain platform designed for decentralized applications and cryptocurrency transactions.
The solution generates a unique cryptographic key for every transaction to reduce the risk of coordinated attacks from quantum computers. It utilizes Winternitz One-Time Signatures (WOTS). This is totally unlike traditional wallets.
Google Willow Raise Hack Concerns
A few weeks ago, Google took the world by surprise when it launched Willow, its quantum computing chip.
This chip uses 105 qubits to solve computational problems in less than 5 minutes, which would otherwise take 10 to 25 years. Many fear this could jeopardize the security of other systems that use passwords and privacy keys, including Bitcoin (BTC).
Also, there are reports that Chinese researchers breached encryption algorithms using quantum computing. A research team at Shanghai University claimed that they used a quantum computer developed by Canada’s D-Wave Systems to penetrate encryption algorithms.
According to a South China Morning Post report, they explored a method known as quantum annealing.
Quantum Computing is Not Yet a Threat
Though concerns are consistently rising about how quantum computing puts cryptocurrencies at risk, experts think that this technology is not yet an immediate threat.
Even Ethereum co-founder Vitalik Buterin suggested that the quantum hacking scenario is still a few years away. In the case of Bitcoin, a seed phrase comprises 12 or 24 random words that act as a master key to a wallet.
The post Solana Introduces Winternitz Vault Against Quantum Hacking appeared first on TheCoinrise.com.
