April 20, 2024

UPCX pioneers quantum secure blockchain wallet technology

Singapore, Jan. 12, 2024 (GLOBE NEWSWIRE) — Amid rapid advances in quantum computing technology in recent years, global attention towards the field has increased. Major research institutions and major technology companies have announced major advances in quantum computing. For example, one prominent technology company has claimed to have achieved quantum supremacy, with its quantum computer outperforming the most powerful traditional computers on specific tasks. These advances herald the dawn of a new computing era dominated by quantum technologies.

Quantum computers have a fundamental advantage in using qubits (quantum bits) for calculations. Unlike traditional binary bits, qubits can exist in multiple states simultaneously, enabling quantum parallelism. This feature allows quantum computers to significantly speed up the solving of complex problems, particularly in cracking cryptographic algorithms.

The security of most current blockchain technologies is based on traditional cryptographic algorithms, which depend on the computational difficulty of specific mathematical problems. However, the emergence of quantum computers could make these algorithms vulnerable to cracking, posing a threat to blockchain security.

In this context, the UPCX platform, an open source payment system designed for the fast-paced world of payments and financial services, has adopted high-speed blockchain infrastructure to match the operational efficiency and speed of traditional financial institutions. UPCX’s super app features have created a perfect financial transaction ecosystem to facilitate efficient financial transactions and democratize the development and utilization of financial services.

Additionally, to protect users’ assets from potential threats of quantum computing, UPCX prioritizes security and is committed to developing quantum-resistant hardware wallets and encryption algorithms. These measures are designed to ensure the long-term security of users’ assets, even in the face of increasing quantum computing power.

Post-quantum cryptography (PQC) emerged as a response to the potential threat of quantum computers becoming a reality. Quantum computers can potentially override current encryption techniques, especially those based on public key cryptographic systems such as RSA and ECC. PQC therefore aims to develop encryption technologies that remain secure in the face of the powerful capabilities of quantum computing.

Essential Functions of Post-Quantum Cryptography in Maintaining Security

Critical features of post-quantum cryptography (PQC) include:

Protection of Blockchain technology: Blockchain relies on cryptographic protocols to protect transactions and smart contracts, making PQC crucial to maintaining security.

Long-term data security: As quantum computing capabilities may advance rapidly in the future, PQC offers a method to safeguard current and future data communications against decryption using quantum processes.

Adaptability: PQC algorithms are designed to integrate into existing technology infrastructures with minimal disruption, facilitating a seamless transition and upgrade.

According to the UPCX whitepaper and publicly released information, the UPCX team plans to initially employ algorithms based on the Ring Learning With Errors (Ring-LWE) problem for its post-quantum cryptographic scheme (UPCX-S), which will be used in The Key generation and verification processes for blockchain wallets.

The Ring-LWE problem has its roots in lattice-based cryptographic principles. In this domain, a network is an infinite set composed of periodically arranged multidimensional points, which serve as a mathematical basis for solving various optimization problems. The security premise of Ring-LWE is based on the difficulty of finding approximate shortest vectors in high-dimensional networks. This challenge remains intractable for polynomial-time quantum computers.

UPCX-S, as a dedicated key generation and verification scheme for blockchain wallets, is based on a variant of the Ring-LWE problem. Its implementation focuses on several key aspects:

1. Performance optimization:

Recognizing the need for blockchain platforms, especially payment systems, to process numerous transactions quickly, performance is a critical consideration. UPCX-S prioritizes algorithmic performance optimization to ensure that key generation and verification operations run efficiently, even on devices with limited computing power and low power consumption.

2. Tradeoff between key and signature sizes:

Traditional post-quantum cryptographic algorithms often require more significant key and signature sizes, which may not be ideal in practical applications. UPCX-S balances security and performance by carefully selecting parameters and optimization, effectively reducing the size of keys and signatures without sacrificing necessary security measures.

3. Compatibility:

The design of UPCX-S takes into account compatibility with existing blockchain infrastructure. This ensures minimal friction during the transition to new security schemes, including software and hardware wallet upgrades, while maintaining seamless interaction with other systems such as exchanges and payment gateways.

4. Adherence to the Standardization Process:

Although UPCX-S is a customized implementation based on specific needs, its design and implementation still consider the recommendations and standards of international standardization bodies. This approach helps ensure that UPCX-S can evolve in sync with other parts of the industry, promote interoperability with other systems, and contribute to the security of the entire ecosystem.

UPCX is actively researching and optimizing cryptographic implementations based on supersingular elliptic curve isogenies, with the goal of creating an environment for blockchain wallets that combines efficiency with strong security. This approach focuses on generating smaller key sizes to improve storage and transmission efficiency.

Isogeny-based supersingular algorithms are notable for their shorter key lengths (less than 100 bytes) and relatively low computational complexity. Despite these advantages, UPCX recognizes the importance of improving processing speeds and is further optimizing the algorithm. These advances will help ensure the long-term security and reliability of blockchain wallets, even in the face of potential future threats from quantum computing.

The UPCX platform demonstrates foresight in countering future quantum threats by adopting post-quantum cryptographic technologies. The platform is committed to protecting users’ assets by implementing advanced post-quantum encryption schemes and optimizing algorithms. These measures show UPCX’s adaptability to new technological changes and its unwavering commitment to security within the fintech industry, significantly improving the reliability and security of its payment system.

More about UPCX

UPCX is an innovative open source payment system that leverages high-speed blockchain technology. It is particularly suitable for payments and financial services as it offers performance and scalability that exceeds current market demands, comparable to credit cards and mobile payments.

Official website: https://upcx.io/

X: https://x.com/Upcxofficial

X(upcxcmo): https://twitter.com/Yutaka_UPCXCMO

Telegram: https://t.me/UPCXofficial

Discord: https://discord.gg/YmtgK7NURF

Disclaimer: The information provided in this press release is not an investment solicitation nor is it intended to be investment advice, financial advice or trading advice. It is strongly recommended that you practice due diligence (including consultation with a professional financial advisor) before investing in or trading securities and cryptocurrencies.


            

Leave a Reply

Your email address will not be published. Required fields are marked *