Let’s start a completely new thread regarding QRL.
I started buying QRL (Quantum Resistant Ledger) last summer, and here is some background based on my investment decision, in case anyone is interested in quantum-secure cryptos.
The development of quantum computers has been an eternal promise for years. The technology has been long-awaited, and the “can” has always been kicked decades down the road. Now, however, we are starting to reach the point where that can was kicked a decade ago. Billions are being invested in quantum firms, governments are rushing legislation and mandates for agencies to build quantum-secure systems, and telecommunications companies are securing connections (Cloudflare, Telefonica, etc.). At the same time, leading quantum researchers predict that a sufficiently powerful quantum computer will be ready by the end of the decade.
I began to consider what the first significant use cases for quantum computers would be, and encryption algorithms emerged as a very significant factor. Coincidentally, most crypto relies on ECC (Elliptic Curve Cryptography) technology developed in the 80s, and ECDSA is a particularly weak link. In other words, sufficiently powerful quantum computers will be able to calculate a private key using a known public key in the future. This includes, among others, Satoshi’s coins (wallets created at a time when the public key was automatically visible to everyone) and all wallets from which transactions have been made. In other words, a massive amount of coins.
My first thought was that this could be handled with a migration—just update the technology and that’s it. That would be too simple to be true. Unfortunately, updating in a decentralized system requires user action. This is simply not possible in all cases, such as if a private key is lost or if the only user who knows the credentials is in a coma in a hospital. This challenge is just one factor among many, and in short, I can state that migration is a highly challenging project lasting years, requiring very difficult compromises. Banks and other centralized systems have the advantage that they can update their systems more easily and, if necessary, make retrospective transfers within the system.
After researching the matter more closely, I found QRL, which is built based on quantum-secure technology. The Mainnet was launched back in 2018, and the blockchain has been quantum-secure “since the first block.” Consequently, QRL does not have to worry about the challenging migration that other legacy chains inevitably face. The project seemed active, and the Discord community possessed a vast amount of expertise, including quantum researchers. Historically, the project was ahead of its time and interest was quite modest until progress began to happen on the quantum front. The release of Google’s Willow processor in December 2024 caused the first significant price spike, and since then, the price has correlated more or less with the valuations of quantum firms.
QRL 1.x is a quantum-secure safe haven for digital currencies. On the other hand, QRL 2.0, which enables quantum-secure smart contracts, is nearly ready for release. The testnet code is currently being audited by highly respected technology firms (Halborn and Trail of Bits). This double audit will likely be completed in the coming weeks, after which the blockchain will be updated. QRL will then become a versatile blockchain for institutions and others who value quantum-secure technology. The chain will simultaneously upgrade from Proof of Work → Proof of Stake.
In my personal assessment, QRL’s technical solution is excellent and the potential is enormous. The biggest challenges remain a relatively small community and very weak/non-existent marketing. Perhaps even bigger than these is the accessibility issue. QRL can only be bought on small to medium-sized exchanges. MEXC works well in Europe (I’ve had good experiences), but for example, Americans cannot use it. This will likely change after the release of QRL 2.0, as the technology will allow for easier integration into trading platforms (a Tier 1 listing, such as Kraken, Coinbase, Binance etc., is likely at some point).
I personally see a huge opportunity in this crypto, but nothing is certain, so one should always be cautious, especially when deciding to invest in cryptos.
I’m interested to hear if anyone else is interested in this particular crypto and what thoughts the development of quantum computers evokes.