at the factorization, looking at these private public key pairs, and attacking them directly with


QRL Show featuring guest Ethan Hansen from "Quantum Computing Now" - Let's Talk Quantum/Blockchain!

shore's algorithm, which gets a much faster speedup than Grover's exponential. And they in that paper


didn't really give too much of a timeline on when this would come into play. But there was another


paper that was a survey of a bunch of different experts in quantum computing, asking them


one of the questions that I think is probably most relevant is what's the time frame? They think


that a quantum computer will be able to factor a 2048 bit number. And they said that about the


consensus was 50% of them said it would be 15 years or more. And so I think that that's probably


about right. I think we're looking at about a 15 year timeline to get quantum computers to the point


where either of these attacks are somewhat feasible, either Grover expansion or direct shore attack.


I might bring that down a little bit closer to say 10 years, looking at how aggressive quantum


computing companies like IBM and Google have made their roadmaps. IBM is planning on having


a thousand qubits by 2023. So 10 years out is they can continue that pace. They'll be up to


about 50, 30 to 50,000 qubits, I think, which might not be enough to attack what we currently use


on blockchain like Bitcoin. But we'll be getting close enough to be significantly scary by 10 years.


And then probably definitely scary by 15.


So that's yeah. I mean, I agree with you on several things. The hashing attack factor is


given the power of the aggregate amount of A6 that exist in the world today that are all


that are doing, you know, terror hashes and terror hashes of processing against the proof of


work consensus. The consensus with myself and a lot of people that I talked to definitely


seems to lean much more on the elliptical curve side of things. I was reading a book,


blockchain and business the other day. And we were trying, the author was trying to summarize and


break down the exact number of qubits. And with optimizations against shores, we've finally


in the landed at the number. I think it was 2,300, that part's accurate. And I think it was 2,330.


Now granted, those are clean qubits, probably perfect qubits, which we don't have today.


There was also that paper on how to break ECC with 20 million noisy qubits.


What you're asking is really the big question. What is the time frame here?


Nobody can deny that progress has been made on all fronts. And the quality of the


quality of the qubits, the manufacturing process, you were talking about dilution or


faduration in order to reduce systemic noise within the system to prevent premature decoherence.


There's also, you know, there's algorithmic improvements, shores algorithm isn't the only


algorithm that can be applied to for speed up and polynomial time. It's really difficult to say.


But one thing I can't, I mean, one thing we do know for certainty is if you have data that needs to


be secured 10 years from now, or 15 years from now to your point, it has to be post-quantum


secure today. If you want that secure data to not be able to, that needs to be secure potentially


for 20 years, let's say, you know, government data or something like that, post quantum security needs


to be, needs to be implemented today. Blockchain is a different use case, obviously. But


and I've said this before, in order to make Bitcoin, pulse quantum secure would be an enormous


disinormous distributed effort that would have to be coordinated and agreed with some sort of


consensus on how to collectively. Yeah, collectively. And it would be an unprecedented amount of effort


in the blockchain community. Enough to that scale in order to coordinate something that big.


I don't, I would say that that's probably never never been done. So I'm not seeing it


cunt. I'll never under like I've said this before. I'll never underestimate the ingenuity and the


creativity of blockchain and programmers in general. But that's where you really have to ask yourself,


what is your, what is your comfort degree when it comes to risk? Yeah. Yeah. And I think what


you were saying about making sure that your data is post quantum secure today is interesting,


especially when you look at blockchain, because there are already threat actors that are going


in there scooping up data so that when they've got a quantum computer in the future, they can


decrypt it. Well, they don't have to do that with blockchain because it's already doing it for


them. That ledger is there permanently. And you can go and you can look at it at any point in the


future and start attacking it. You don't have to take the extra step of scooping up the data,


because it's already out there in the public for you. Yeah, the data is all there.


There's a couple different Bitcoin addresses you've got paid a public key, paid a public key,


and also paid a public key hash. So in Bitcoin, you can actually pay to the hash, which gets


written to the blockchain, but at the same time, in order to sign the transaction, your public key


is still exposed to the node. And it sits in the mempool on the node and who else knows where it


goes. So not your node, not your rules. But you know, as it is, and in fact, that doesn't pay to


pay to public key hash is when it in the context of quantum computers, I'm not even sure really


sure how relevant it is because there's public keys that exist that were that used an output


of paid a public key and those exist on the blockchain. If if a bunch of a bunch of really old,


you know, thousand, thousand, 10,000, 15,000 bitcoins just started moving around from different


addresses, that would create confidence chaos. I'm not saying that would be the attack vector of a


quantum computer. I think what they probably would do would be the attack vector would be strong


enough to be able to make a sizable and substantial profit, but small enough to try and states


as statistically under the radar as possible. You know, there'd be a balance there. I think that's


how that would play out. But I mean, the fact is, you know, public, the public keys exist


everywhere. So yeah. Yeah. What I want to do now, Ethan and strike is I want to dive into what


I'm going to coin as a QRL quickfire. So if you guys are good to do this, what I want to do is


I'm going to ask you both in sequence. I'll go strike first, then I'll ask Ethan, but I'm going to


ask a set of a couple of questions just off the cuff. And I just want to see what your answer is.


So don't dive into like a long elaborate answer. Just give me whatever comes off the top of your


head. So my first question is going to be. Just no thinking. Yeah, just a little bit of thinking.


Okay. What is your favorite company making progress in the space? Do you wave IBM? Who's your favorite


buddy? Well, Ethan, I on you besides our channel QRL and your podcast, of course, what is a


favorite resource of yours online to stay up to date with latest news in the field. Google.


There's another podcast called non local. Check it out. Okay, perfect. And last of the QRL


quickfire questions. If you could have dinner with one, you know, really well known leader in the


space, whether it be like a Richard Feynman or a David Doic or I don't know Einstein, whoever it is


in the past, who would you choose strike as as your dinner guest? Man, I love, you know, I love


Feynman so much and Einstein's obviously genius, but I'm. Yeah, wildcat. I'm going to go with Neil.


I'm going to know, uh, Neil's bore. Just because just because I mean, I've yet his


Einstein's undeniably genius, he was able to present enough argument against whether or not


there were hidden properties within subatomic particles that were entangled with each other.


You know, which goes back to the gloves in the box analogy. I think on his, on his field,


not a Boris tombstone, it says something like the guy who proved Einstein wrong, which, you know,


there, I don't think that's entirely true, but I would like to have lunch with that gentleman.


Well, Ethan, who you pick in as your QRL quickfire last question for your, who you can have


dinner with? I'm going to go with the current one, John Presskill. He's not in the past, so he can


call me anytime. Let's have dinner. Awesome. John, if you're, if you're watching this out there,


you know, we're to find Ethan, but as a closing question in today's QRL episode, what I want


to do, Ethan, is I just want to ask you, where are you most excited about progress being made in


the space right now, whether it be in, you know, the next year or two or maybe it's, you know,


five to 10 years out? What are you most excited about today overall?


Yeah, I'm most excited about, um, this is a trend that I don't think I mentioned earlier,


the democratization of quantum computing in that I think that's really started with IBM putting


a quantum computer on the cloud, but now more and more companies are giving people more and more


access to do really cool science with quantum computing. Real access to quantum computers is


fundamental to understanding how they actually work. You can use this simulator all day long,


but it's not going to give you exactly that error characterization that you need to do things like


error correction and get fault tolerant qubits. So yeah, that, that march of we have, sort of like


we have enough abundance of quantum computing resource. Even though there's not a whole lot,


there's enough of an abundance that we can give high school kids and college students who are


looking to get started in quantum computing access at least a little bit and they can


play around with it, get used to it and start making contributions further on down the line.


I couldn't have said it better myself. Awesome. Well, Ethan, both, Strik and I, we really appreciate


you coming on to join us for today's episode. If you watching at home, if you enjoyed this kind of


conversation, this discussion that we've had, make sure that you hit that subscribe button so that


you can be in the VIP club and be the first to know when we come out with new episodes. And


we're all about post quantum digital asset security here at the QRL. Ethan, I want to ask,


just give us a plug real quick. Where can people find out about your podcast? Where's a good


place for them to find that? Yeah, so my podcast is on anchor.fm slash quantum computing now


or you can find me on mines.com. Am I NDS at one Ethan Hansen? Perfect. And for those of you that


are just used to the good old Google, the recommendation that Strik used earlier, just if you go to


Google and just type in a quantum computing now with podcasts in the end of the query, you'll find


this podcast. In closing, if you want to learn more about our project, go to the QRL.org,


watch some of our other resource videos. And as always, we just want to bring you the latest in


post quantum digital asset security. And we're all about having the discussion in general overall,


and we will see you all in the next episode. Keep those digital assets secure. And we'll see you next week.


Thank you.


QRL Ask Me Anything #3 Hosted by Michael Strike - E12

Next question, can you tell a bit more about how curl will offer quantum resistance to


Ethereum and how you got your planning to expand the service to other blockchains? We covered


Ethereum pretty much with enclave, but maybe you could talk a little bit about compatibility


the differences between all camel and the other.


So you really act as a sense, what the enclave is just a moment, it's a multi-signature hybrid


wallet where you have your conventional transaction signature, which is quantum insecure,


but you also have to append on a second quantum secure signature using XMSS, which is what


we used to power curl. So that's the difference.


Two is Ethereum because that is the most mature smart contract platform, a huge market cap,


and a lot of crypto assets, and these via assets are based in that ecosystem. We'll


pick up a huge potential percentage of crypto assets that we can secure with. If we find


success, we may move to other blockchains. It would of course have to be other blockchains


which have smart contract capabilities, so that doesn't limit things a little bit. But there's


certainly other platforms which are somewhat successful, which have the ability to, for


it first to move that project over there. It does make it a little complicated. We're


going to start off with a simple service that's all it is, just like we did before the


curl may not launch, but we're confident it's going to work. So we're going to start


with Ethereum and we'll move from there in the future.


That sounds good. So additional blockchains could have similar functionality, time will


tell.


Yeah.


Okay. So next question, I'm still trying to fully understand Merkel trees and hash-based


functions as a whole. So this might be nonsense. I was wondering the possibility of companies'


websites who use a Merkel tree for data can use XMSS the same way in place of it on the


curl's blockchain. Like for Keybase to be completely trustless with theirs or a GitHub


type site for a trustless version control or also to create type of bit-touring on the chain.


Is there a need for any of those to be decentralized and would be beneficial to be


uncurial?


Yes, I think this is something what it's sort of driving out is decentralization, perhaps


a neutralization of data. I mean, there are projects which decentralize the storage of data.


But you can already, using our web wallet tools, actually, you can already neutralize


a document. So yes, that is possible. And that's the main way we already offer. I think


the next part of the question we're talking about, trustless version control. And again,


if you're storing data in a chain that's publicly accessible in anywhere in the world and


verify it, then, and you're able to securely put data in that chain, and again, you


can do these things. But it would be requires the backend of GitHub to interact with the


chain. We did actually make a brief concept code-sign-it tool, why did it not get in fact,


which, at the RSE service, which signed code-concomic code from its on GitHub from your


QR address. So it's definitely possible. The next bit was about BitTorrent. I don't know


going into that BitTorrent. But if you're storing data in public and acceptable and verifiable


fashion on a public blockchain, then you can build many things into that. I have to skip


over that because I'm not too familiar with BitTorrent. Is there any need for these to be centralized


or would it beneficial to the QR?


I think the more things that are built into a project, the more use cases, the more widely


used the project is the better. I think that just comes down to, comes down to, you know,


how are public blockchains values? I think that's an evolving, you know, over the coming


years, is more and more use cases for smart contract platforms become prevalent.


Great question.


It is. You brought up value. I'm going to throw a little zinger edge here. It's a question


I just thought of and I'll try and answer it to be fair as well. This month, I believe


it was this month, the market cap of all the year, C20s recently on Ethereum recently


exceeded the market cap of the underlying blockchain itself. That was in that think within


the past couple weeks, blockchains that are running on top of the blockchain to have a higher


market. Do you think that's an advantage to the blockchain or a disadvantage? Do you think


that's a goal?


Well, I think what's important is that the network can obviously the token that powers


a network through the consensus of mechanism has to have some value. So you can have lots


of tokens and stablecoins and various different decentralized finance tokens with colossal


value on your obviously it's pretty crucial that the network itself runs and that the funds


that are created and minted to maintain the network have value. Now, I think, you know,


Ethereum and any blockchain network that has tokens or smart contract functionality, you


know, transactions have fees and those fees are generally paid in base units or base


token for that chain. So, you know, I think that matters too much if there's colossal


values that exceed the market cap of the base token as long as there's something driving


it. So if you've got a lot of commercial activity on the blockchain for other projects,


it doesn't really matter what their market cap is. As long as there's sufficient transaction


fees coming through to keep the whole thing going. So if you need your own, the base token


is able to use the other projects which is what you need to do in the moment, then everything


is fine. And if you're asking me, does that mean the underlying token are unvalued, then


that's another question. It's an interesting relationship, right? Because both the blockchain,


the underlying blockchain itself and the ERCs on time of them run in this symbiotic


relationship, right? There is an argument that the ratio of market cap, the disparity


between the two at some point, goes from symbiotic to parasitic. I'm not really sure I don't


know. I don't know because I don't think that we've seen that, I don't think we've seen


this witness before. And I asked a question that ironically, I'm stumbling over myself a little


bit, but I really, I guess I don't really know the answer because they need each other.


Smart contracts are what brought were instrumental in bringing Ethereum to the mainstream


consciousness go ahead. I mean theoretically, it is possible that you could pay for transactions


with tokens or other, you know, it doesn't necessarily need to be the base token which


provides the fee. You can make it very complicated on the other. I think in the moment,


it's an evolving situation. We're very interested in how that progress is. The sort of


underlying question is how many blockchains will exist in the next 10 years? That's the


other question. Is it in a conversion to just a bonus morning or two or a hoo-foo? That's


yet to be designed to, isn't it? Yeah. What blockchains and what type of blockchains,


right? Absolutely. This is on the category of communication. Obviously not asking about


details or topics of discussions, but have there been or are there any conversations


between the QRL team and somebody from Zoom since the acquisition of Geebase? Yeah. When I


looked at those, any conversations with anyone that should be pre-obvious to anyone asking


the question, unfortunately, that private community agencies between the three projects remain


private. And the reason that is we have signed non-discussion agreements. We talk to exchange


or any projects about anything before that conversation happens and NGA comes along. We


are off the sign it. I'm afraid it's a bit of an unanswered, but the answer is, can't answer.


Yeah. Fair enough. Have you directly talked to Vitalik at some point in the past about


QRL ideas? Have you contacted them? Is there anything you can say on this?


So actually, it can say on this woman years ago now did tech-based discussions have been


in 2016 about QRL. Gosh, that's the one time ago now. I haven't subsequently tried to


contact him. I don't know. We're not on a few many terms. I think he probably is aware of


the QRL project still, I think, being non-twitur. One of these one occasionally about it,


my community, could be as worth contacting him and letting him know about him. I think whether


he'll be too happy to hear him yet another gas hungry, not contracts joining the projects.


I don't know. Well, Vitalik, if you're listening and you're out there and you do


know about our project, don't be shy. Feel free to tweet us at QRLledger on Twitter and we can


strike a conversation. I'm happy to do that. Next question, when will there be the first


financial report coming out on the status of the foundation and what topics would it cover?


Yeah, good question. The project is funded by this foundation and we'll be coming out with


reports at some point this year we're talking about the financial standpoint of the projects and


a runway and how long we think front-end all last. Part of the reason why we've been a bit,


sort of slowing to come out really is that we are in conversations with other projects and organizations,


for example, exchanges, etc. So the project is funded by a Swiss foundation, still well funded with


plenty of runway to go. We will have a report coming out a little bit sluggish on that,


but we will have a report coming out which will detail the current financial standing and


hammer-to-room way. It remains, but you know concerns on that. The project has plenty of


lives to go. So financial report at some point in the future. So I'll see you in the next one.


Soon, at some point in the future. All right, so next question, how long can QRL continue to develop


with existing funds? Are there funds for marketing, exchange listing, or maybe a market maker?


Yeah, so we currently funded on our roadmap for several years. I think we have already announced


we're looking for a member of the team to direct an marketing and capacity. Exchange listing,


part of the reason why we're careful with what we've put out there is an exchange listing is


right, so it's negotiation and there's a significant cost attached to every listing. So yes,


we've funded for that, we don't watch this space, it's a bit of a single-suite and I'll start with.


If you think QRL needs to be on more exchanges, what is the plan for listing QRL on more?


Yes, again, great question. The more exchanges are projected as to learn the more


potential liquidity is available. The wider the access to the project, we are very aware of that


as every blockchain project and space is aware of that. It's not as simple as you just


knock on the door of an exchange and ask to be listed, there's a process and I can't go into


a detail with that and tons are tied, but there is a lot of things happening behind the CV.


Unfortunately, I can't say any more than that. Next question, I believe a large US


exchange can bring awareness to QRL, especially once the proof of state is added. What is the barrier


to entry for exchanges, integration, difficulty costs, so you touched a little bit on the costs


and obviously there's some geo-fencing around that occur and I think it was last year, maybe you


can help answer some of those questions. Yes, I think this is a complex issue for many projects


in the space. Question really is barriers to entry, several factors at play, regulatory costs,


integration, difficulty. The only thing is that there's almost a unique situation with exchange


and a stigma. The size of your community will dictate to an exchange how much I'm


fancy like to bring to them. We're at small projects doing our best to build ourselves up,


exchange to exchange. It's a process. Plus, what is now in the business that we use,


we definitely need to do our recovery, hit them, not use in the project. Which is an


out of headache, got any exchange or wants to do this. There's no getting around that.


We have had to build a lot of tools for the exchanges that have added us. There's many factors


that play, I don't know, into them in any way to tell them that way, but there's a process that


takes time. Yeah, integration with exchanges, I think, is inherently difficult anyway with


the amount of collaboration that needs to take place and contracts and agreements and NDAs.


I think that's inherently complex. I think there's several different projects working on,


streamlining that adoption and that process to make things faster. That is another rabbit hole


of a topic. One thing that we have a talk about, one, we have in play, George, that does it,


brings a new pool of curl and Ethereum into play. We think that will be much easier for


my technical perspective for exchanges to integrate. That we're cautiously hopeful that will


actually enable us to become a much easier value proposition for an exchange here to bring.


I think, again, what is the thing revolving where confident that more exchanges will


look a little bit still in the future? Next question, did you or the foundation get a legal opinion


if curl can be considered a security? If not, is one being prepared? It goes on a little bit,


but more exchanges, we need more exchanges situation.


Yeah. So, obviously, as every crew take a privilege in the space, we have


having legal expenses and one of the expenses that has been obtaining a legal opinion


as a question stays. I don't want to talk specifically about


any more exchange than we've missed at all because we have my conversations ongoing.


Can't go into that. Can't go into this. The answer is yes. Legal opinions have been obtained.


I think that's fair. What do you think is the best way to secure, convert,


not grade, precious and vulnerable bitcoins into quantum hacking resistant,


quantum resistant ledger? User is asking for the easiest answer, leading straight forward


to security and peace of mind. Yeah, this is an interesting question.


Is the question asking how you move your bitcoins on the curl?


Is that what it was reading to me? What's the best way to secure and convert?


Well, I think secure is probably convert bitcoins into curl.


Yeah, you can do those in the curl and you can catch an exchange and swap.


Yeah. One part of it. The idea of the only thing you agree with is that obviously on Ethereum,


there are more wrapped BTC even in the non-relating network.


And so just those with any other token enclave should be able to lock,


attend your log BTC in that way.


Dub, dub, dub, dub, duck, curl.org forward slash markets has a list of all the active exchanges.


Yeah, so there's that minutes to quite a few exchange on the now and that we will come


in the future. You can't allow your team to sell smaller L to build their projects in crypto.


Yeah, it has accomplished so much in the past few years. How has the team managed this with such


comparatively few resources? It almost sounds complimentary, Peter.


I'm not sure if it's almost possible.


I might think that's the question.


And actually it's three years now, not one two years.


I think the show answer that this is that you don't need to raise $2 billion like


Telegram debt to make an crypto project. I mean, the small team is can build excellent products.


You know, this is and it's hard to open source development projects.


Yeah, you don't need a giant team of developers to make innovative and revolutionary projects.


I mean, it's come back to sort of a sort of a ballet thing.


Two guys in the garage can make a company that can change the world.


I mean, it doesn't need lots of people. You just need to be dedicated and very skilled


people. We're very fortunate in our project. We've got excellent developers.


We're leading cryptography advice.


I hope that answers it. I mean, and even further than that, we're actually,


our funding is a drop in the ocean compared to many other projects in the space.


But we have managed that well and we have plenty of run, way less to run.


So yeah, I think that's a really good answer, Peter.


While you're talking to what I'm thinking is, we're in the process, as you said, of


hiring a marketing person, there hasn't been a tremendous amount of advocacy prior to this.


I'd like to think that that's based on the fundamentals and people connecting the dots


of the use case for the project itself and its purpose for existence.


That's how I came to the project is I connected these dots and I was looking to see if,


you know, I was looking at the time to see what existed. There were not very many players at all.


So I'd like to think that the use case by itself is foundational to the reason for the success so far.


Next question is asking about Adam. What happened to Adam as he was previously in charge of marketing?


I'm actually, I had him as a business strategy. He wasn't strictly charged with marketing,


he's a good path of being guilty in our project and really focusing on the technical side of things.


I think fairly confident that every member of the team would probably admit to that and we are


excited by the tech and we're excited by the code and we're excited by the idea.


I'm very excited about building it and perhaps not so excited about tweeting our, you know,


forward. So you know, as you said before, we, Adam is really on to green and pastures and wishing


well, but we are looking for an in-house market here. So that research has begun and obviously


will keep you updated as it is. If someone listening and feels like they might be a good


candidate for that role, what should they do? Yes, it is. Email inside of the QL little and


we'll get back in touch. All right, sounds good. How will you be dealing with potential claims for


migrating un-migrated tokens? The last info on it was that I'll be looked on it by a case by case


basis. Will this continue? Will there be any sharp cutoff after which no tokens can be migrated


anymore? Is it legally possible to have a sharp cutoff? I know we've talked about this since


within the team and a little bit even on this call so far, but go ahead. Before we, we had a


largely automated process in the nursing tokens across, but now we're down to the last


lesson to present and yet to migrate. So it's becoming a very small number of QL that I'm


going to cross and we expect some of them ever migrate across and made it lost previously. So


as a project, we will run for years in the future so that support structure will run and


as people are still coming forward every now and again with an occasional migration,


I would like migration. We'll continue to support that process. It really is a handful of people


who think now. So it says it's a number of numbers and non-issue now.


The next question, assuming a situation that there's let's say 50 million free main net


quanta with 15 million ICO tokens un-migrated and in a few years time, someone who bought them


in the ICO wants them migrated. But no one is sure whether quantum computers are powerful


enough to crack Ethereum and the QL ICO tokens to be migrated have not yet been scrubbed from old


burn addresses. I think that's okay. So that's a hypothetical scenario and I'm reading the question.


Is there a snapshot of all the Ethereum burn addresses so that there is a way of tracking migrated


an un-migrated QRL ICO tokens and will be prepared for this potential future situation?


That's the first question. Can I ask you that one straight away? I think this is a pretty easy


scenario. I think it is. Between one and two percent of QRL has not been migrated. So in


the 19 point something percent has been migrated already. So I think the question alluded to about


15 million not being migrated in that week. It's actually around a million out of 72 million


ish that hasn't been migrated across. So it's a tiny amount now. So we're getting the


map and major issue. With that same, we do still run some backend scripts which track the


contract where we will continue to do so. So we're reading the thing that's an issue. I mean,


at this stage, I would expect, so everybody in the year, everyone that's going to migrate


to possible have probably migrated across. We all support that process and what was the project


still running? And there's a further aspect of this question which was asking about perception


stability if we let a lot of tokens migrate across. And the vast majority of tokens already


have migrated across. So yeah, I don't think it's an issue of denying migration or any


legal sort of claims arising from that process. I don't think we need a hard cut-off date to


smoke the migration process. There's so few coins that have migrated across now that I think it


just at just as time runs on by the end of the year. It's highly unlikely that anyone will not


get to the migration process you're going to. So to bring some clarity to that, I think


sometime in 2019, I think that there was a hard cut-off date that was published. I don't


recall what it was. Would you say it's fair that moving forward migration of all the ERC20s,


pre-mainnet is best effort moving forward. We'll do the best that we can. But we're, I mean,


this two years in the mainnet at some point it seems like it feels like a guarantee because


it can't exist in the perpetuity. I agree, but, you know, let's say more than 98% of people with


migration across it is a tiny proportion of coins that haven't moved across. It's a fairly


simple process to migrate. It just needs to generate a burn address. So, you know, we are happy


to support that process. Anyone who's interacting with our team, certainly via writing now,


would be more of a risk of getting back to people with that.


What Exactly is the Quantum Threat to Bitcoin? Part 2

In today's episode of our miniseries on what exactly is the quantum threat to Bitcoin?


We're going to be covering shores algorithm and quantum computers.


So make sure you stay tuned for today's episode.


Hey everyone and welcome back to this miniseries on what exactly is the quantum threat


in this part two of the video series.


We're going to be touching on shores algorithm and quantum computers in the first part of


this series that we touched on addressing.


So if you haven't seen that video, make sure you go either to this video right here that


I'm pointing at or to the link in the show notes in this part to video myself and Michael


Strike, who is the director of outreach on our team at QRL.


We're going to be quickly covering shores algorithm and quantum computers.


So Michael, take it away.


Yeah.


Thanks Ryan.


The first part we handled addressing and we talked about the difficulty of reverse factoring


two large prime numbers.


In other words, it's very easy to take a large prime number and a large prime number and


multiply it together.


That's a one way function.


It's very difficult to go backwards and that's the difference between your private key


and your public key.


Let's talk about quantum computers and shores algorithm.


Quantum computers have the theory has been around for quite a while.


Basically it is there if you're not sure what they are, they're state of the art machines


that are completely, completely differently using qubits rather than bits than the traditional


computers that we have today.


Essentially they're analog in nature.


It's almost as if what's old is new again.


So in order to cut to exactly what the threat is in 1994, Peter Short developed an algorithm


called Shores algorithm and what it's able to do is factor in polynomal time based on


a quantum computer and using a quantum Fourier transform and what that means in simple terms


is it's able to take that large number and be able to find those two prime numbers,


two prime numbers when multiplied together equal that private key.


That's all depending on a sufficiently powerful quantum computer.


So what are the limitations with quantum computers right now?


They're limitations.


Still under 200 qubits.


The biggest limitations right now are we're trying, the engineers are trying to solve systemic


noise which is noise in the system.


Any type of electromagnetic radiation or interference that can touch that qubit, holtan


or whatever it back basically depole years that holtan and it follows apart like a blue


screen on your computer.


That's one of the things that's being able to try and separate that processor essentially


from the universe is what engineers are trying to do.


If we're able to fix that, the noise issue then we'll be able to start bringing these things


closer to scale.


So if you're looking at the progress of quantum computers, you've got the progress moving


forward.


You've got progress with the qubits moving forward.


You do have progress with reducing the systemic noise moving forward and then you also


have the possibility of increased efficiency for algorithms being at shores or its derivatives


and it has derivative algorithms that do the same thing a little bit differently.


So there's also the increase of efficiency there.


So at least things put together essentially this is the quantum threat being able to take


that public key in being able to drive the private key from it.


And a future episode we'll talk about different attack sectors on that public key.


For example, the public key in the early days is written to the blockchain.


It's not written that way anymore but it still sits in the mem pool waiting for the transactions


for the Bitcoin transactions to get processed at sitting in RAM.


So the public key is exposed until that transaction gets signed.


And there's also the possibility of a, there's also an attack factor with a rogue node


that could, a rogue node that sits there that only receives a transaction and doesn't


broadcast it out and advertise it like everyone else would.


You could just receive that transaction instead as a, as a, as a regular traditional


computer instead of broadcasting it sends it to a con and computer instead.


So you have Bob here sitting waiting for a transaction to be confirmed.


It's sitting on a quantum computer because he sent it to the rogue node and he doesn't


know.


So he's waiting for it to show up, doesn't show up.


Who knows, who knows what happens at that point?


There's other attack factors but we'll cover them later.


Thank you, Michael, for covering that.


I know this is a very complex topic.


There's a lot that is entailed within Shores algorithm and quantum computers.


So you being able to break it down for us helps digest it.


So I appreciate you covering it.


And what we're going to be doing in the next video in our series is we're going to be covering


our project, the QRL and how this ties into the quantum threats at Bitcoin.


So make sure that you tune in for the next video in the series, whether you're watching


it right now or if you want to refer to it later and we will cover QRL in this next


episode.


Thank you.


Is Bitcoin A Pyramid Scheme?

Is Bitcoin a pyramid scheme?


Is Bitcoin A Pyramid Scheme?

If you click on this video, you probably want to know,


Is Bitcoin A Pyramid Scheme?

is Bitcoin a pyramid scheme or not?


Is Bitcoin A Pyramid Scheme?

We're going to cover that in today's video,


Is Bitcoin A Pyramid Scheme?

so make sure to stay tuned and let's dive in.


Is Bitcoin A Pyramid Scheme?

So,


Is Bitcoin A Pyramid Scheme?

so,


Is Bitcoin A Pyramid Scheme?

hey everyone,


Is Bitcoin A Pyramid Scheme?

and welcome back to another episode of the


Is Bitcoin A Pyramid Scheme?

Quantum Resistant Ledger channel,


Is Bitcoin A Pyramid Scheme?

the place where you've come for the crypto


Is Bitcoin A Pyramid Scheme?

and stay for the quantum.


Is Bitcoin A Pyramid Scheme?

In today's episode,


Is Bitcoin A Pyramid Scheme?

we are going to be covering and discussing


Is Bitcoin A Pyramid Scheme?

the all important question.


Is Bitcoin A Pyramid Scheme?

Today is Bitcoin a pyramid scheme?


Is Bitcoin A Pyramid Scheme?

Is it a Ponzi scheme?


Is Bitcoin A Pyramid Scheme?

And with me for today's episode,


Is Bitcoin A Pyramid Scheme?

is our director of outreach at the QRL,


Is Bitcoin A Pyramid Scheme?

Michael Strike.


Is Bitcoin A Pyramid Scheme?

Strike, it is good to have you with me


Is Bitcoin A Pyramid Scheme?

in discussing this sort of debated topic,


Is Bitcoin A Pyramid Scheme?

whether it be on crypto Twitter,


Is Bitcoin A Pyramid Scheme?

it's good to have you with me.


Is Bitcoin A Pyramid Scheme?

Yeah, thanks.


Is Bitcoin A Pyramid Scheme?

We'll go over pyramids,


Is Bitcoin A Pyramid Scheme?

and this is kind of like a follow-up


Is Bitcoin A Pyramid Scheme?

on our video over Ponzi schemes.


Is Bitcoin A Pyramid Scheme?

That would seem to get a lot of feedback


Is Bitcoin A Pyramid Scheme?

in a lot of views,


Is Bitcoin A Pyramid Scheme?

so organically seems to make sense to,


Is Bitcoin A Pyramid Scheme?

okay, let's cover pyramids.


Is Bitcoin A Pyramid Scheme?

Great, well,


Is Bitcoin A Pyramid Scheme?

the part I want to cover first before we discuss


Is Bitcoin A Pyramid Scheme?

and go into the question of,


Is Bitcoin A Pyramid Scheme?

is Bitcoin a pyramid scheme?


Is Bitcoin A Pyramid Scheme?

I kind of want to just lay out


Is Bitcoin A Pyramid Scheme?

the book definition of a pyramid scheme.


Is Bitcoin A Pyramid Scheme?

I know most of you are familiar with pyramid schemes


Is Bitcoin A Pyramid Scheme?

or Ponzi schemes in different senses,


Is Bitcoin A Pyramid Scheme?

but a pyramid scheme in a sense is


Is Bitcoin A Pyramid Scheme?

the initial schemers are trying to recruit


Is Bitcoin A Pyramid Scheme?

other investors that will continue


Is Bitcoin A Pyramid Scheme?

to recruit new investors over time


Is Bitcoin A Pyramid Scheme?

with the promise of either maybe it's passive income,


Is Bitcoin A Pyramid Scheme?

you buying product initially,


Is Bitcoin A Pyramid Scheme?

maybe it's like selling knives, selling vacuums,


Is Bitcoin A Pyramid Scheme?

and we're all familiar with MLM or multi-level marketing.


Is Bitcoin A Pyramid Scheme?

These are different costumes within pyramid schemes,


Is Bitcoin A Pyramid Scheme?

and it's a little bit different than a Ponzi scheme,


Is Bitcoin A Pyramid Scheme?

which a Ponzi scheme is a little bit different,


Is Bitcoin A Pyramid Scheme?

the perfect classic example would be,


Is Bitcoin A Pyramid Scheme?

Bernie made off, he was that,


Is Bitcoin A Pyramid Scheme?

managing capital for a lot of people


Is Bitcoin A Pyramid Scheme?

over a longer period of time,


Is Bitcoin A Pyramid Scheme?

and then the scheme was brought on after the fact,


Is Bitcoin A Pyramid Scheme?

whoa, this is a big scheme going on,


Is Bitcoin A Pyramid Scheme?

that's a Ponzi scheme,


Is Bitcoin A Pyramid Scheme?

but I just want to kind of just definition,


Is Bitcoin A Pyramid Scheme?

I wanted to define the first,


Is Bitcoin A Pyramid Scheme?

what a pyramid scheme, what a Ponzi scheme is,


Is Bitcoin A Pyramid Scheme?

and with that, I want to ask you, Michael,


Is Bitcoin A Pyramid Scheme?

is Bitcoin a pyramid scheme?


Is Bitcoin A Pyramid Scheme?

Let's dive right into it for the people viewing,


Is Bitcoin A Pyramid Scheme?

because a lot of people probably came here


Is Bitcoin A Pyramid Scheme?

from searching is Bitcoin a pyramid scheme,


Is Bitcoin A Pyramid Scheme?

so we all want to dive into this.


Is Bitcoin A Pyramid Scheme?

Yeah, so one of the main arguments on this


Is Bitcoin A Pyramid Scheme?

is that the Bitcoin network is continually reliant


Is Bitcoin A Pyramid Scheme?

upon new people buying in,


Is Bitcoin A Pyramid Scheme?

and that eventually it'll collapse in price


Is Bitcoin A Pyramid Scheme?

as the new buyers eventually get exhausted.


Is Bitcoin A Pyramid Scheme?

That's probably one of the most common arguments that I hear.


Is Bitcoin A Pyramid Scheme?

So, I guess, first off, pyramids are schemes,


Is Bitcoin A Pyramid Scheme?

they don't fit into classifications,


Is Bitcoin A Pyramid Scheme?

such as money property or an asset class, right?


Is Bitcoin A Pyramid Scheme?

These are schemes, they're neither,


Is Bitcoin A Pyramid Scheme?

they're those three things by definition.


Is Bitcoin A Pyramid Scheme?

So, they're not like an asset,


Is Bitcoin A Pyramid Scheme?

we're an asset class or money,


Is Bitcoin A Pyramid Scheme?

Bitcoin, for example, you can enter and exit,


Is Bitcoin A Pyramid Scheme?

and potentially for a better position.


Is Bitcoin A Pyramid Scheme?

If you're an pyramid scheme,


Is Bitcoin A Pyramid Scheme?

you enter your position,


Is Bitcoin A Pyramid Scheme?

and that's where you live into perpetuity.


Is Bitcoin A Pyramid Scheme?

So, first off, that's one reason.


Is Bitcoin A Pyramid Scheme?

Second, pyramids require recruitment.


Is Bitcoin A Pyramid Scheme?

Bitcoin participants, people that are in the net,


Is Bitcoin A Pyramid Scheme?

that purchase Bitcoin are encouraged


Is Bitcoin A Pyramid Scheme?

to recruit other people if they do so they do so,


Is Bitcoin A Pyramid Scheme?

because they want to.


Is Bitcoin A Pyramid Scheme?

In a pyramid scheme, the subs that you recruit


Is Bitcoin A Pyramid Scheme?

directly affect your bottom line,


Is Bitcoin A Pyramid Scheme?

and Bitcoin's market cap is so huge,


Is Bitcoin A Pyramid Scheme?

and just doesn't work like that.


Is Bitcoin A Pyramid Scheme?

If you convince your entire family, Ryan,


Is Bitcoin A Pyramid Scheme?

to take their life savings,


Is Bitcoin A Pyramid Scheme?

and put it in a Bitcoin,


Is Bitcoin A Pyramid Scheme?

you went to affect the market cap at all,


Is Bitcoin A Pyramid Scheme?

unless you've really been holding on to me on your degree of assets.


Is Bitcoin A Pyramid Scheme?

We're gonna, we're gonna, we're going to,


Is Bitcoin A Pyramid Scheme?

we're going to wind back 10 years to 2011,


Is Bitcoin A Pyramid Scheme?

I'll have them put in heavily then,


Is Bitcoin A Pyramid Scheme?

and then we'll be a little bit more of a market whale,


Is Bitcoin A Pyramid Scheme?

so to speak, but I'll go follow up to that I want to ask is,


Is Bitcoin A Pyramid Scheme?

and this isn't just coming for me,


Is Bitcoin A Pyramid Scheme?

this is, you know, other people have,


Is Bitcoin A Pyramid Scheme?

I've seen this, so I just kind of want to,


Is Bitcoin A Pyramid Scheme?

whether, you know, cover it or debunk it.


Is Bitcoin A Pyramid Scheme?

What would you say to someone that would ask the question


Is Bitcoin A Pyramid Scheme?

about, well, what about the people that, you know,


Is Bitcoin A Pyramid Scheme?

came in at a dollar or $10,


Is Bitcoin A Pyramid Scheme?

or even $10,000 when it was having and flowing in those prices?


Is Bitcoin A Pyramid Scheme?

What would you say to them, were they lucky,


Is Bitcoin A Pyramid Scheme?

or, you know, did they get into the top?


Is Bitcoin A Pyramid Scheme?

But how is this in relation to if someone ties the early people,


Is Bitcoin A Pyramid Scheme?

getting the benefit of getting $1,000,


Is Bitcoin A Pyramid Scheme?

$2,000 extra turn, or were they lucky,


Is Bitcoin A Pyramid Scheme?

or what's your distinction here?


Is Bitcoin A Pyramid Scheme?

Every noise says this,


Is Bitcoin A Pyramid Scheme?

if you bought Bitcoin for $1,100,


Is Bitcoin A Pyramid Scheme?

you need to have $1,000.


Is Bitcoin A Pyramid Scheme?

No one ever talks about how you would have sold


Is Bitcoin A Pyramid Scheme?

at the five X, at the 10 X, at the 15, at the 20.


Is Bitcoin A Pyramid Scheme?

Back in the, you know,


Is Bitcoin A Pyramid Scheme?

if you really did,


Is Bitcoin A Pyramid Scheme?

you're obviously a financial salon,


Is Bitcoin A Pyramid Scheme?

if you didn't really did keep Bitcoin, you know,


Is Bitcoin A Pyramid Scheme?

for years and years and years.


Is Bitcoin A Pyramid Scheme?

But back in the very early days,


Is Bitcoin A Pyramid Scheme?

a sentiment was really, really different.


Is Bitcoin A Pyramid Scheme?

I was more like gold in our, in our cave game


Is Bitcoin A Pyramid Scheme?

than something that had actual value.


Is Bitcoin A Pyramid Scheme?

The truth is, a very, very small percentage of people


Is Bitcoin A Pyramid Scheme?

actually held on in mind in those early days.


Is Bitcoin A Pyramid Scheme?

And of course, you know,


Is Bitcoin A Pyramid Scheme?

those are the ones that make the stories,


Is Bitcoin A Pyramid Scheme?

those are the ones that make the news.


Is Bitcoin A Pyramid Scheme?

And for the people that get in early,


Is Bitcoin A Pyramid Scheme?

if you can handle 50% drops in one day,


Is Bitcoin A Pyramid Scheme?

and still hold on to something that's speculative,


Is Bitcoin A Pyramid Scheme?

speculatively, then you deserve that,


Is Bitcoin A Pyramid Scheme?

you've quite frankly deserved that reward,


Is Bitcoin A Pyramid Scheme?

and especially if you were able to put something


Is Bitcoin A Pyramid Scheme?

into Bitcoin, not knowing because of the volatility,


Is Bitcoin A Pyramid Scheme?

but because of how speculative it was at the time.


Is Bitcoin A Pyramid Scheme?

So as Dan held over at Cracking Month in East says,


Is Bitcoin A Pyramid Scheme?

everybody buys Bitcoin at the price that they deserve.


Is Bitcoin A Pyramid Scheme?

And this is true because Bitcoin had a fair launch


Is Bitcoin A Pyramid Scheme?

at Genesis.


Is Bitcoin A Pyramid Scheme?

Everyone had the same opportunity to mine it or buy it,


Is Bitcoin A Pyramid Scheme?

and this still holds true today.


Is Bitcoin A Pyramid Scheme?

Yeah, I couldn't agree more with that.


Is Bitcoin A Pyramid Scheme?

And the part that you mentioned with,


Is Bitcoin A Pyramid Scheme?

every with the buying in at a certain price,


Is Bitcoin A Pyramid Scheme?

another way to look at it too is people


Is Bitcoin A Pyramid Scheme?

will look back at hindsight and they will say,


Is Bitcoin A Pyramid Scheme?

oh, well, if I only invested X number of dollars


Is Bitcoin A Pyramid Scheme?

way back in the early I'd be all set right now,


Is Bitcoin A Pyramid Scheme?

but if you look at, let's even say the price,


Is Bitcoin A Pyramid Scheme?

whatever the price is at now, $10,000 to $1,000,


Is Bitcoin A Pyramid Scheme?

if it goes up 100X from here,


Is Bitcoin A Pyramid Scheme?

if you pull out at that time,


Is Bitcoin A Pyramid Scheme?

you're not gonna be disappointed in the moment


Is Bitcoin A Pyramid Scheme?

that you pulled out because it's currently


Is Bitcoin A Pyramid Scheme?

at that all time high.


Is Bitcoin A Pyramid Scheme?

And when people were pulling money out of Bitcoin,


Is Bitcoin A Pyramid Scheme?

whether it happened in 2012 or 2013,


Is Bitcoin A Pyramid Scheme?

which in hindsight, it seems like it was way too early,


Is Bitcoin A Pyramid Scheme?

but at the time it wasn't because it started out


Is Bitcoin A Pyramid Scheme?

much smaller than that.


Is Bitcoin A Pyramid Scheme?

So it's just gonna continue on over time.


Is Bitcoin A Pyramid Scheme?

And one other part I wanna mention


Is Bitcoin A Pyramid Scheme?

that ties back to the pyramid scheme part is,


Is Bitcoin A Pyramid Scheme?

if you go back to the Bitcoin white paper


Is Bitcoin A Pyramid Scheme?

and see how what Satoshi is laid out


Is Bitcoin A Pyramid Scheme?

and the entire thing, there is nothing that advocates


Is Bitcoin A Pyramid Scheme?

for people bringing new people into the system


Is Bitcoin A Pyramid Scheme?

to incentivize them to further boost up the price later on.


Is Bitcoin A Pyramid Scheme?

And there is no, and pyramid schemes you have things


Is Bitcoin A Pyramid Scheme?

such as Matrix is or eight balls where it's like,


Is Bitcoin A Pyramid Scheme?

you bring on two people or they bring on two people


Is Bitcoin A Pyramid Scheme?

and then over time that builds,


Is Bitcoin A Pyramid Scheme?

none of that was laid out within the white paper


Is Bitcoin A Pyramid Scheme?

from Satoshi and that's been true


Is Bitcoin A Pyramid Scheme?

since the formation of Bitcoin over a dozen years ago.


Is Bitcoin A Pyramid Scheme?

Yeah, I think the closest he said was something


Is Bitcoin A Pyramid Scheme?

to along the lines of,


Is Bitcoin A Pyramid Scheme?

and maybe some people will start to think the same way,


Is Bitcoin A Pyramid Scheme?

which have become a,


Is Bitcoin A Pyramid Scheme?

let's try to remember exactly other words,


Is Bitcoin A Pyramid Scheme?

positive feedback loop something similar to that.


Is Bitcoin A Pyramid Scheme?

So, you know, a little bit more back to a Bitcoin


Is Bitcoin A Pyramid Scheme?

and pyramid.


Is Bitcoin A Pyramid Scheme?

Bitcoin isn't structured in a pyramid shape anyway.


Is Bitcoin A Pyramid Scheme?

So this new blocks get added to the chain


Is Bitcoin A Pyramid Scheme?

that led your moves laterally.


Is Bitcoin A Pyramid Scheme?

It continues as a genesis


Is Bitcoin A Pyramid Scheme?

and it moves the code moves laterally out.


Is Bitcoin A Pyramid Scheme?

It doesn't function in a pyramid scheme or hierarchy.


Is Bitcoin A Pyramid Scheme?

Everyone on the blockchain is equal to everyone else,


Is Bitcoin A Pyramid Scheme?

aside from their balance or how much they purchased.


Is Bitcoin A Pyramid Scheme?

Anyone can jump in and out and everyone's treated the same.


Is Bitcoin A Pyramid Scheme?

Everyone is treated the same respect


Is Bitcoin A Pyramid Scheme?

based on how much hash power you bring in.


Is Bitcoin A Pyramid Scheme?

And you're able to bring in,


Is Bitcoin A Pyramid Scheme?

you know, it doesn't restrict anyone from bringing in


Is Bitcoin A Pyramid Scheme?

as much hash power as they want.


Is Bitcoin A Pyramid Scheme?

So the shape is basically along chain wing


Is Bitcoin A Pyramid Scheme?

that gets one link longer like every 10 seconds or so.


Is Bitcoin A Pyramid Scheme?

And lastly, and this is probably the most relevant.


Is Bitcoin A Pyramid Scheme?

You have to understand your source of information.


Is Bitcoin A Pyramid Scheme?

People generate a lot of traffic calling Bitcoin,


Is Bitcoin A Pyramid Scheme?

Ponzi's pyramid schemes, scams,


Is Bitcoin A Pyramid Scheme?

you know, putting cute kittens online, right?


Is Bitcoin A Pyramid Scheme?

So nearly all information online in this day and age


Is Bitcoin A Pyramid Scheme?

is either paid content or a gender driven.


Is Bitcoin A Pyramid Scheme?

That's why big data is such big business.


Is Bitcoin A Pyramid Scheme?

The web is the world's largest billboard, right?


Is Bitcoin A Pyramid Scheme?

I'm not a used Peter Schiff example,


Is Bitcoin A Pyramid Scheme?

is that his adherence to physical gold


Is Bitcoin A Pyramid Scheme?

is essentially unwavering and it has been for many years.


Is Bitcoin A Pyramid Scheme?

I mean, I listened to him back in the day too,


Is Bitcoin A Pyramid Scheme?

but he's taken a hard stance against Bitcoin


Is Bitcoin A Pyramid Scheme?

in contrast to Mike Baloney,


Is Bitcoin A Pyramid Scheme?

who's now pro-crypto and pro-pressure smells.


Is Bitcoin A Pyramid Scheme?

But if you watch,


Is Bitcoin A Pyramid Scheme?

he's, Schiff is one of Bitcoin's most outspoken critics.


Is Bitcoin A Pyramid Scheme?

But ironically, his, ironically, his sons and advocate


Is Bitcoin A Pyramid Scheme?

and watching them argue back on forth


Is Bitcoin A Pyramid Scheme?

on Twitter feels a little bit more like crypto Kardashians


Is Bitcoin A Pyramid Scheme?

and that was actually real life.


Is Bitcoin A Pyramid Scheme?

For the people that put down Bitcoin and blockchain so much,


Is Bitcoin A Pyramid Scheme?

if they don't care about why are you talking about it?


Is Bitcoin A Pyramid Scheme?

Why go on and on and on and on?


Is Bitcoin A Pyramid Scheme?

So you have to look, you have to look, it's like everything else.


Is Bitcoin A Pyramid Scheme?

You have to look beneath the surface.


Is Bitcoin A Pyramid Scheme?

How many views did the video get?


Is Bitcoin A Pyramid Scheme?

And what does that translate in a revenue?


Is Bitcoin A Pyramid Scheme?

So in fairness, pro-Bitcoin advocates like sailor


Is Bitcoin A Pyramid Scheme?

and Max Kaiser logically could and should be held


Is Bitcoin A Pyramid Scheme?

in the same standard, right?


Is Bitcoin A Pyramid Scheme?

Because that's the other side of the coin.


Is Bitcoin A Pyramid Scheme?

Logically, this video should be held in a,


Is Bitcoin A Pyramid Scheme?

could be held in that same standard.


Is Bitcoin A Pyramid Scheme?

But in an era of commercialized misdirection


Is Bitcoin A Pyramid Scheme?

and advertisement, at the end of the day,


Is Bitcoin A Pyramid Scheme?

something to each of us to decide what version of reality


Is Bitcoin A Pyramid Scheme?

we accept, whether to go pro-Bitcoin, pro-crypto


Is Bitcoin A Pyramid Scheme?

or the opposite.


Is Bitcoin A Pyramid Scheme?

And like I always say, there's no crying in crypto.


Is Bitcoin A Pyramid Scheme?

So you know, you can't make a decision


Is Bitcoin A Pyramid Scheme?

and then bitch on five to 10 years later.


Is Bitcoin A Pyramid Scheme?

So yeah.


Is Bitcoin A Pyramid Scheme?

And the part two to mention on top of the first part


Is Bitcoin A Pyramid Scheme?

with Peter Schaff and his son Spencer of,


Is Bitcoin A Pyramid Scheme?

they're, they're writing out the details of Bitcoin.


Is Bitcoin A Pyramid Scheme?

It's keeping him relevant.


Is Bitcoin A Pyramid Scheme?

There are some, there is some merit


Is Bitcoin A Pyramid Scheme?

in some people having some skepticism or at least


Is Bitcoin A Pyramid Scheme?

a bit of caution when it comes to projects


Is Bitcoin A Pyramid Scheme?

in the cryptocurrency and blockchain space.


Is Bitcoin A Pyramid Scheme?

Because some people have been deceived in the past,


Is Bitcoin A Pyramid Scheme?

with past projects, let's say the 2017 and early 18,


Is Bitcoin A Pyramid Scheme?

Ico craze, if you look now, a lot of them


Is Bitcoin A Pyramid Scheme?

didn't end up turning out to anything.


Is Bitcoin A Pyramid Scheme?

The founders, you know, exited some of those people,


Is Bitcoin A Pyramid Scheme?

you know, exited early on.


Is Bitcoin A Pyramid Scheme?

And they're not around building anything these days.


Is Bitcoin A Pyramid Scheme?

Whereas there is a smaller number of projects


Is Bitcoin A Pyramid Scheme?

that are still ongoing and they're actually doing


Is Bitcoin A Pyramid Scheme?

a lot of important work and development.


Is Bitcoin A Pyramid Scheme?

But if you look at the majority of some of those projects


Is Bitcoin A Pyramid Scheme?

during that phase, it's kind of an iffy time.


Is Bitcoin A Pyramid Scheme?

But lastly, the part with the part


Is Bitcoin A Pyramid Scheme?

where you mentioned with the agenda,


Is Bitcoin A Pyramid Scheme?

we're just like as we're doing with our channel,


Is Bitcoin A Pyramid Scheme?

we're just giving you some opinions based on what we know.


Is Bitcoin A Pyramid Scheme?

And also we want you to form your own opinions


Is Bitcoin A Pyramid Scheme?

based on this.


Is Bitcoin A Pyramid Scheme?

So this video is obviously titled,


Is Bitcoin A Pyramid Scheme?

is Bitcoin Appearment Scheme,


Is Bitcoin A Pyramid Scheme?

we're laying out some of the fundamentals of why it's not.


Is Bitcoin A Pyramid Scheme?

But we want you to do your own research.


Is Bitcoin A Pyramid Scheme?

Look at some other channels,


Is Bitcoin A Pyramid Scheme?

look at other sources, inform your own opinion.


Is Bitcoin A Pyramid Scheme?

And if you have a strong comment or opinion,


Is Bitcoin A Pyramid Scheme?

feel free to put it below this video.


Is Bitcoin A Pyramid Scheme?

We'd love to, you know, hear what you think.


Is Bitcoin A Pyramid Scheme?

But what I want to ask now, strike,


Is Bitcoin A Pyramid Scheme?

we've clearly defined, you know,


Is Bitcoin A Pyramid Scheme?

pyramid schemes, Ponzi schemes,


Is Bitcoin A Pyramid Scheme?

we've covered why Bitcoin is not a pyramid scheme.


Is Bitcoin A Pyramid Scheme?

What I want to ask now is,


Is Bitcoin A Pyramid Scheme?

so if Bitcoin is not a pyramid scheme,


Is Bitcoin A Pyramid Scheme?

what vulnerabilities over the next one year,


Is Bitcoin A Pyramid Scheme?

two years, five, 10 plus years,


Is Bitcoin A Pyramid Scheme?

down the road does Bitcoin potentially face


Is Bitcoin A Pyramid Scheme?

as a vulnerability moving forward?


Is Bitcoin A Pyramid Scheme?

I think this is a really good segue into this question


Is Bitcoin A Pyramid Scheme?

from here.


Is Bitcoin A Pyramid Scheme?

Yeah, so,


Is Bitcoin A Pyramid Scheme?

for any newcomers to the show,


Is Bitcoin A Pyramid Scheme?

our project is the Quantum Resistant Manager.


Is Bitcoin A Pyramid Scheme?

And we are purpose built,


Is Bitcoin A Pyramid Scheme?

industrial, and freight,


Is Bitcoin A Pyramid Scheme?

and AST recommended,


Is Bitcoin A Pyramid Scheme?

our signature scheme is based on AST,


Is Bitcoin A Pyramid Scheme?

and AST's recommendation.


Is Bitcoin A Pyramid Scheme?

And the purpose of this project is to build a blockchain


Is Bitcoin A Pyramid Scheme?

and an ecosystem that's post-quantum secure.


Is Bitcoin A Pyramid Scheme?

So if you're not familiar with the post quantum cryptography


Is Bitcoin A Pyramid Scheme?

or essentially the quantum computer thread


Is Bitcoin A Pyramid Scheme?

or as by two Q, as we like to call it,


Is Bitcoin A Pyramid Scheme?

take a look at some of the previous videos.


Is Bitcoin A Pyramid Scheme?

We go over Bitcoin's adressing scheme,


Is Bitcoin A Pyramid Scheme?

we go over public and private keys,


Is Bitcoin A Pyramid Scheme?

essentially how those all fit together


Is Bitcoin A Pyramid Scheme?

and how a sufficiently powerful quantum computer


Is Bitcoin A Pyramid Scheme?

can, in theory, be able to generate a private key


Is Bitcoin A Pyramid Scheme?

from your public key, empty wallets,


Is Bitcoin A Pyramid Scheme?

steal funds, create crypto chaos.


Is Bitcoin A Pyramid Scheme?

And this thread isn't limited to just blockchain.


Is Bitcoin A Pyramid Scheme?

It's universal,


Is Bitcoin A Pyramid Scheme?

respective to asymmetric encryption.


Is Bitcoin A Pyramid Scheme?

So take a look at that.


Is Bitcoin A Pyramid Scheme?

There's also FAQ.q.info.


Is Bitcoin A Pyramid Scheme?

It's a good website for resources.


Is Bitcoin A Pyramid Scheme?

We also have a Discord channel.


Is Bitcoin A Pyramid Scheme?

Also, dot.gov.url.org.


Is Bitcoin A Pyramid Scheme?

And do that about covers and all as far as different resources


Is Bitcoin A Pyramid Scheme?

where people can go and find out more about the project


Is Bitcoin A Pyramid Scheme?

and about what we're doing.


Is Bitcoin A Pyramid Scheme?

Yeah, thank you, Michael.


Is Bitcoin A Pyramid Scheme?

And along with those resources, obviously,


Is Bitcoin A Pyramid Scheme?

I'll link these real quick.


Is Bitcoin A Pyramid Scheme?

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The new guru and the box.


QRL Ask Me Anything #2 Hosted by Michael Strike - E11

Welcome YouTubers and this is the official Quantum Resistance Ledger channel, your video


portal in the post quantum digital asset security.


So last week we had the first part of the Ask Me Anything with Dr. Peter Waterland.


We ran through a bunch of viewer questions and we're going to cover some more of them


in this episode.


So when we originally set this up, I thought that we would probably have about maybe 30


minutes and hour, hour and a half, up, worth of footage.


Apparently we ended up with a lot more than that.


So this series or AMA has been cut into four separate sections.


This is part two and also during the AMA, I'm going to put some of the memes from the


meme contest that we had the past couple weeks for your viewing pleasure.


So they'll further ado.


Let's get started.


Many member asks, how many QRLs should it take when proof of state get to 1000 sure every 24


hours?


So this is a very good question but it's a little bit difficult to answer.


And the reason for that is that we don't know how many QRL are going to be states, actually,


when they were proof of state.


So obviously the more QRL is the state, the less you would get if you state your own


QRL.


But if we assume that every single person who holds QRL states, all of their coins, then


that will be 71.9ish million QRL big states.


And I think there's a moment about just shy of 8000 QRL being mined per day or that decreases


every day.


But if we take that and it's sort of one eighth of the daily mining would need to be acquired


by proof of state, we need to have about 9 million coins per state which obviously is a huge


amount but to get to get 1000 back a day.


But actually in reality, it's much more likely that a much smaller percentage of the


emitted QRL is likely to be state.


If you look at existing proof of state chains, then you mount that state is a lot lower


than 100%.


So there's a difficult one to answer but as it stands, that's about one eighth of the


daily output.


So you need to have roughly one eighth of the state amount which is maintained in that


work which obviously a lot of coins.


I think that's very fair, it's very much a moving target.


Very simply just as the hash rate of the network of the mining hash rate increases and


decreases, so will the amount of QRL received by a sticker.


Actually, it depends on the issue is algorithmic, that is predetermined but the number of


people who are staking is not.


It's a bit like Ethereum, early on maybe fewer people who are staking and they will get


much greater rewards as a result come from maintaining the network.


So we're pretty excited to see what proportion of hold and actually do stay their


coins.


And I think it's interesting about proof of stake, it brings a whole raft of security concerns


and a much different attack surface to proof of work but it does also change the dynamics


of the network a little bit.


So if you have proof of work, miners expend work to get the coins and therefore there's


a great drive to sell coins whereas with proof of, with proof of stake, it's a different


capital fish, it incentivizes holding which is a different type of thing.


I'm really looking forward to us, I'm really looking forward to the stake, I think it's


going to be really buoyant for the project.


I'm definitely looking forward to it as well, not just with a QRL but to see how it evolves


within the blockchain ecosystem.


How will smart contracts be affected by future advances in quantum computing?


Does QRL work with the Ethereum blockchain?


Yes, that's a great question.


Smart contracts is running a code based on inputs from transactions.


So I would say it should not really be affected particularly by advances in quantum computing.


Anymore than running any bit of code would be what is affected by quantum computing is the ability


to sign a transaction to prove that you are the person who holds control of those points


and keys.


So it's a pretty fundamental break.


So at smart contracts, when SOB affects it by quantum computing, but the cryptography which


controls the assets on a blockchain will be inevitably, I hope that answers that.


And does the QRL work with the Ethereum blockchain with the second one?


And actually we started out as a token and it's only a tiny quantity of QRL remains on


the Ethereum blockchain at the moment.


However, we have a second project called the project Enclave which is hybrid multi-signature


Ethereum wallet which allows you to cosign a transaction with an XMSS signature which allows


you to effectively postpone some secure and a theory request which may hold a theory more


it could hold the RC20 token through XAPO.


So QRL, we do plan to, with the release of Enclave, we do plan to allow to create a


bridge to allow QRL to move from main net QRL to Ethereum and vice versa using the Enclave


wallet.


So that's very complicated back end, but in that way QRL will again be able to be stored


on Ethereum and TAPE wallet.


QRL itself doesn't directly, but the lock chains can be interoperable, they're very


much separate entities and QRL is apart from this bridge we will be creating, they are


separate.


So how about that?


How about that?


Yeah, it certainly was.


I guess to summarize a little bit, so what it sounds like, to answer the question,


the quantum computing won't directly affect the code of a program of smart contracts


directly, but it would have an, potentially has quite possibly and likely has the indirect


consequence of affecting the underlying asymmetric public private key cryptography and the


blockchain itself, which essentially invalidates, probably invalidates the reliability of the


smart contract as a whole.


So a quantum computer to blockchain to smart contract that a bit like if your PC is password


is compromised.


So this next question is a series of questions.


So I'm going to read it out and feel free to jump in or answer whichever pieces you feel


are most relevant.


Excited for on-play, and I assume that being able to swap QRL to the Ethereum chain means


that it would also be possible to use swap Ethereum to the QRL chain.


Given this, I can imagine a situation where quantum computer is threatened security for


a three minutes resistant, and Ethereum user is migrate their funds to the QRL chain, given


its full security and much cheaper transaction.


However, I think that Ethereum drives most of its value from its smart contract functionality,


and I know that Ethereum uses Solidity for smart contracts in QRL will use OKMO.


Can you speak to some of the differences between the languages and would it be possible


for most or all of the functionality of Solidity smart contracts to be brought over to the


QRL chain, for example, distributed finance?


In essence, could Ethereum and other smart contract platforms migrate in terms of funds and


smart contracts not necessarily protocol over to the QRL chain while maintaining similar


or equivalent functionality in the event that the quantum computers crack ECDSA, elliptical


curve, before those platforms are prepared?


Hope the question isn't nonsensical from a technical perspective.


The person that wrote this, obviously, they had several different questions and they're


wanted to give the thought to credit that it deserves.


Go ahead.


The question is that the question is also very exciting to have.


We think it's, I say, it's really all its stage now and we're really excited about it.


It's going to be unique projects.


So first of all, I think it was an assumption at the very beginning, I assume that being able


to swap QRL on the F chain means it would possible to swap F to the QRL chain and fortunately,


answer that is no.


That's a wrong assumption.


So you can move, you'll be able to move QRL to and from the Ethereum chain and the


and the QRL chain, but Ether will remain present on Ethereum.


It is possible to do that at you.


The swaps are possible.


That's not something you're likely to be driving for in the first iteration with Ether.


The, I mean, it's more about locking crypto assets on the Ethereum, that in the ether and


ERC-22, the locking modes in a way which means they can't be stolen by an adversary with a quantum


computer.


So it's a slightly different idea.


And in the first iteration, it will purely be to lock your funds securely.


With the secondary feature that you'll be able to move QRL, may net wallet to the Ethereum


chain or vice versa actually.


So I think that's the first part of it.


In the future, it may be possible to do what this question is driving out of it.


But certainly not in iteration zero.


That would be a very major project.


And I think that the second part was asking specifically about the language that's used,


how are the virtual machines for smart contract functionality?


And the answer to this question talks about Solidity for smart contracts.


We have disclosed that we are planning to use a camel, which is also used by Tesos.


I think the question was asked about the difference between the two languages.


They are vastly different in terms of programming.


It's probably helpful to go into the nitty gritty of it.


But the most important difference between the two is that it is concept of formal verification.


So a camel allows you to prove the correctness of the code that you're writing.


Obviously, smart contracts on a financial blockchain is about maybe about moving funds.


And you want the code to do.


You want the code in the smart contract to do and only do what you expect it to.


And obviously, Ethereum is a very mature platform now.


But I'm sure all of us everywhere, everyone has aware that it has become mature over time.


And that there have been a lot of high profile hacks.


For example, the Dow hack, which can have terrifically bad consequences to the platform.


When code doesn't expect to things, it can be made to do unexpected things.


So the main difference between the two, there's many differences.


They're very different, very, very different.


But the most important difference is in this concept of formal verification that's present with a camel.


In actual fact, we would expect most people to be writing things smart, smart contract codes on the QRL.


So the chain using a Python library, which is in convertment by our blockchain tools.


But I hope that answers that one now.


I think there's more to this one.


Would it be possible for most or all of the functionality of the smart contracts that you're also with the QRL chain?


Well, it is actually possible for, you know, if you've got a tier-in complete smart contract language for any platform to run any code.


So the functionality, many of the major smart contract platforms can be moved across back and forth without too much difficulty.


And then I think the final part of this mega question talked about migration of funds and smart contracts.


They was the QRL chain.


So that, I mean, that's a fairly non-contrivial step.


It is potentially possible to lock coins in an enclave power that's smart contract on the Ethereum side and then unlock an equivalent token on the E.


On the QRL side, it is technically possible to be there.


Yeah. Sounds good. You're right. That was a whopping.


Well, up and up a question.


Our next subject takes us to go QRL.


Committee member asks, what timeframe do you think is reasonable for the switch to go QRL?


And will the full version be available at the same date as QGULQRL?


So what time is reasonable?


The read of mail may not be aware that we do actually have already had an existing go-QRL client.


But they maybe will know that the previous date node is being entirely coded on in the go-lang.


Python will know long will be the past of the node and that sort of forms and concurrency reasons.


So I think if we were to go back and start the whole project again,


but we certainly wouldn't have started the Python, but certainly the next iteration of the project,


the previous date client, previous date node is purely go-lack.


So the timeframe will be when that is released. So as I say, we are very close to opening up our code base and going to a public will the full version of the end and running on the QRL blockchain be released at the same date as QGUL.


As the bi-thing by the end, this question means a federal messaging.


And so it's probably worth saying that that following our last hard forward with QRL mainnet already supports the use of federal messaging.


And by going, we already have the stub functionality in place where you can create what's called the lattice transaction.


And so that's a transaction which allows you to store several keys in addition to the normal data in the transaction.


And that includes some elliptic curve keys and two lattice keys for dial-eth in and time-built, which allow you to sign and encrypts in a post-contents to your model.


So we have a message payload. So already at the moment, the functionality is there.


So a third party could immediately build, you know, in a federal messaging protocol or a federal messaging system.


Now, in the base, previous date client, we will, that stub functionality, you know, obviously we will remain as of it.


As a project, we have always viewed the federal messaging side of things to be suddenly which is to be abstracted on top of the blockchain and is sort of not a third party service necessary, but there's certainly an extra layer above base chain and above the base network.


So I think that goes into this next question here. You started touching it on a little bit. I'll read what the question is of add a couple thoughts as well.


The question is, would the ephemeral messaging fully implemented? Could the capability be created to stream a video like the payload of the message being able to fit a frame of video and send the amount of messages at the rate of speed necessary or function in a different way to achieve it.


And I think you touched upon that a little bit already.


So if I were to kind of take kind of everything that was said and include this question as well, the ephemeral messaging stub is all about a verifying identities and then handing off that subsequent communication be symmetric.


So if ephemeral messaging being the asymmetric public private key, verify who everyone is, make sure that everything's encrypted that it's quantum secure, include, for example, codec information identities names in address, whatever you want to do in order to set up that communication and then from that point on once those two parties are verified, you know, there was a transactional fee that got paid in order to verify this.


Then everything is symmetric end to end. So from John to Sally or whatever, that's no longer part of the blockchain.


There's a way that I've communicated it within discord, questions and asked a couple of times. Feel free, please comment on that.


I mean, I'm very eloquently there. I think so as it stands at the moment, the ephemeral messaging stub functionality is essentially a decentralized, it's using the main net using our main cure L chain as a decentralized public key repository.


And then that allows you to create a critical aspect secure connection at channel between two parties.


And because we use both elected curves and the latter keys, we're able to do that in using a hybrid fashion to create a completely secure post quantum connection between two parties now.


As you say, how those two parties do afterwards is then symmetrical, a symmetrical encryption and it all occurs off chain.


So, you know, I think the original question was talking about cramming in video and sending it into messages onto the chain, but that's not what you want.


It's about connecting two parties together in a complete secure fashion and then for those two parties then to interact and transmit data between them in a secure manner that's encrypted.


The bandwidth is necessary or the numbers are within within the panel, but there's no relation to creation of the connection.


You need to make a video for you, you can use it to make transfer files, it's sort of bandwidth, the relevant really, the process of the ephemeral messaging and you can actually get about creating a secure connection between parties and it uses the blockchain and sort of look up mechanism.


The message is a bit like surfing the web. If the blockchain is the certificate authority, sure, you can picture the machine itself as a certificate authority, right?


You get the public key with the public private key, the asymmetric piece that happens in order to negotiate talking to a website that asymmetric part is actually used to establish its in TLS at HTTPS,


uses a protocol called TLS and that public private key asymmetric part is very slow, you would not want to move actual data with it.


So what happens is that asymmetric piece is actually used to generate a separate key and then that separate key is communicated asymmetrically and then the communication goes end to end.


Browser, direct web server, symmetrically using that key that was received asymmetrically is asymmetrically slow symmetrically as fast.


I think that analogy fits relatively well into this. If you take it, if you look at it from that perspective as a website, yes, that's one use case top of that you could have video, audio, messaging, really anything, any use case that you want to do verify identities and simply establish parameters,


and in order to talk to each other and then feed those parameters into a third party application or service or something like that.


If you picture it like that, the use cases really become boundless and wrapping them all within a quantum secure context, I think is really exciting.


Yes, so I think you've explained that really well actually, we are producing as part of our sort of helper code based with what we were producing an API that will allow people to build a family capability into their third party.


So the idea is that the QL chain is there, so as you say, divide that backbone, that decentralized lookup service and then what what's our party is doing is entirely up to them.


And then there's a whole raft of possibilities to create a price constant in the use cases.


Yep, in use cases are up to the imaginations of third parties, EMS is providing the platform to to set up the communication and the parameters in order to feed the app, whatever it needs or the use case or the business or whatever it needs.


That's what it does. The limits are the imagination. All corners here. That's great.


I think we covered that one. Next question, could ephemeral layer be the back end part of the first distributed app post quantum secure immutable decentralized social network by old camel, smart contracts post quantum notarizing every message picture idea on the URL mainnet as PDF document and using qrtc 20 enclave utility tokens as likes to boost


content. I'm reading through that one. It's sounds imaginative, Peter. I'm sure you have just as an imaginative answer. Could you must be the back end part of a distributed app? I think if you if you take out post quantum secure immutable decentralized, we know all this.


Could ephemeral be the back end part of a of a D. App for spark. The difference between I mean, you can be many things. I mean, the sky's a little bit when you want to be able to start contract platform and you've got a messaging that you can give many interesting things that probably aren't being done right now.


And there's actually great people to projects that are using messenger services. There's a project on status that thinks of being used and stuff from on a theory.


The key difference between this and we call it a family layer is that it is it off chain data and this is off chain communication.


So I think that's a good way you have right there is there's confusion between what's on chain and what's off chain.


And with the ephemeral messaging it's just setting up negotiation. It's setting up protocol. It's it's exchanging information and validate and identities.


At that point everything is off chain, QRL, the blockchain itself, the project. It doesn't see it. It's end to end communication.


I think you I mean, they've already are projects that do neutralize and store everything in chain when some success, but I really would be a messenger protocol that's built using EMS is going to be something that's off chain.


It is an abstract layer on both of blockchain. And then any wine works as the question would suggest.


This next question is interesting as well. It's one I've thought about here and I'm not sure if there's consensus or joke on intended across blockchain on what all of these use cases are.


So the question is a family messaging system allows for any secure data to be sent.


I would probably rephrase it. I found my messing it allows for a limited data to be sent, which means much more than we sent.


That means much more than quantum messaging channel. What smart data do you envision? It looks like it's I believe the question is asking for EMS use cases.


This is a great one. I mean, you know, we've talked about already messaging a video audio chat possibly all of those possibly a point of sale.


I'm not entirely sure what all the use cases are. What are your thoughts on this? This is a good question.


This is one of those questions where there are basically unlimited use cases. So I mean, I think whether they won't find why usage is a different matter.


So for example, what on Ethereum does the Ethereum name service, you know, could be used in a decentralized internet to replace DNS in some fashion.


And the, you know, the curl reached wide usage. Then as a decentralized post quantum key storage system, it could be used as the base layer to build many many things that are very very interesting and exciting.


I think the question I'll use some of those which would be actually decentralized look up service for data transfer or for voice calls.


It could be used for something like point yourself payments if if you attach an identity to to a cure like rest that that you've been used for the channel.


There's blockchain financial blockchains do work and succeed. Then in five or 10 years, it wouldn't be unreasonable to expect that your identity will be attached to a to a chain and you'll be able to do many things from that entity in a trustless and decentralized man.


And the moment I was looking for use cases, but a lot of those use cases do rely on the fact that that you have a widely accessible widely used chain as a sort of back boat to it with the MS.


Building the ability for people to build into it. The, as general, the sky is a limit is a very unique quality being answered often trustlessly centralized, post quantum secure communication. But it's we aren't as a pretty new or small team.


We're not building out those use cases. It's up to the imagination people who were listening.


Take, I heard you say phones. I can imagine a similar conversation. Well, with this eight years ago or so, when smartphones first started really getting popular and functional, a conversation and at Google or at Apple.


Okay, we're now allowing third party apps. What are the use cases here? It's open right it's opening the imagination of everyone.


The smartphone itself is a bit like EMS as well. It just provides the foundation. I mean, that would be a lot of things without. I mean, we pretty trivial to build a messaging a text messaging service or a voice communication app.


So I have a colorful question here. Peter Waterland, you are constructing a wonderful post quantum communication tool, if I'm wrong, but also a tool that can be used by terrorists and criminals.


As a medical doctor, your your ethical mindset has to be more elevated the average person, hopefully, which, which are your personal reflections about the communication monster in good and bad sense that isn't working.


It's emerging a URL in having your name attached to it.


Yeah, I think this is actually a really, really good question. And I suppose it's more, it's more of what first of all, I think we know I do have a high ethical mindset.


If you like the average person has an entire street, but I think it's a really great question because it's driving a really, that's about privacy, I think is asking now. Yeah, should citizens be allowed to have private communication, should I have a large sentence and into you privately and that is above my very way, I would say now to sort of them,


perhaps I step this one a little bit, we're building the sub functionality so that other third parties could build constructions with it. So we aren't directly building it.


It comes down to whether you believe private communication should exist. I probably think it should do, but that there are bad people in, you know, every group, there's a bad person.


I don't think you can stop bad people doing bad things. We suddenly are not designing anything in our projects to facilitate criminal activity or anything worse than that.


If you look at this from a high, from maybe a 10,000 foot view, I mean RSA, ECDSA, those are believed to be classically secure today.


And the pulse quantum future, I mean, isn't there a strong argument that the only thing this project is doing is maintaining the status quo and acknowledging that personal privacy is a value that should be recognized.


It's not that anything different is being doing. It's just that the environment is changing the technology is changing and the underlying protocols need to keep pace in order to maintain the status quo.


Yeah, you know, so, yeah, I'm a fairly eloquent way of looking at it.


Absolutely right. If I chat to you on WhatsApp, then it's secure, isn't it?


It's end-to-end. The OSB is secure within the encryption, then it's end-to-end.


So, you know, that the OSB is secure communication, where are the smart phone is secure, you know, that's wrapping around the OSB is wrapping around WhatsApp.


It's secure, if you know, but this isn't anything new, it's just a different way of it's a different form of cryptography.


So, yeah, great question.


Next topic we have is onclave.


First question. From a marketing perspective about onclave, how will it be possible to help people understand there are actually two types of ethereum chain,


un-migrated ICO tokens and smart contract, right, main network one to plus a third type.


I think what it's talking about as far as moving forward between a smart contract ERC 20, host city of Ethereum,


on the Ethereum blockchain, that quantity that's held quantum secure, bolt versus mainnet,


that's held on the R-chain, and also previous ERC legacy quantity. Those are three different types of QRL from a marketing perspective.


How is it possible that people understand or end-or-is it necessary to do so?


I think you alluded to it now at the end, which is necessary.


The first thing to say is that there's only between 1% to the percentage of the original ERC 20s haven't been migrated, so 98 points something per cent have been migrated already,


which is the overall majority of the ledger.


So, actually, one of the worries we had as a project was, a lot of them migrated coins over to mainnet,


that in itself is a security risk from a quantum perspective, because those coins are theoretically vulnerable.


So, we're very pleased, actually, although there's still laggards coming through even now.


Here's later people are still migrating the coins across every few days, but we're down to less than 2% in on my grates.


So, the vast majority of coins have migrated across.


At process world on a 1-to-1 basis for the team to look at the team to look at the team.


So, I didn't think there's only the other great points are initiating more.


So, then it comes down to the two forms of curale that we'll be in the present of the future.


Curale on the mainnet, which are created by either pre-for-work or pre-visvestale,


and then quanta will just store it on a theory in the enclave system.


Now, both of those slides on the point, and both the post-continent secure,


and actually they're the same, really, because they can only exist on one side or the other,


on mainnet, or in the in-game-close system on the theory.


So, I didn't think there's going to be that difficult to understand.


You can either store your coins in the enclave wallets,


and using your ledger device, or you can store them on mainnet,


using your ledger device, have that in case pre-restriable.


And I mean, so, it's an interesting one, because from an ease perspective,


it will be much easier to perhaps people to hold them in their enclave wallet.


But in order to stay coins, which we want people to do,


they may, we should just store their coins on mainnet.


So, yeah, we really need to see how QRL flows back and forth.


We don't have an online session at this stage.


I think that's a great answer. Thanks, Peter.


I guess my personal opinion is very much aligned with yours.


Pre-mainnet, VRC20s.


They don't really come up.


Here's what I mean. I don't see people asking too many questions,


regarding that. So, it's not within, it doesn't seem to be within the consciousness of our user base.


If you're taking your Q&T and you're moving it into your


YourC20 smart contract on the Ethereum in order to make it Q&M secure,


it seems pretty obvious that you know what you're doing.


Hopefully that you're making this a conscious approach,


and that you know what the difference is.


It's not something where you accidentally push a button.


And oops, so I'm like, Q&T as on Ethereum.


There's a little bit of, there's certainly a process that's involved.


In order to do that, and I think that the users that would be doing,


running through that process, would be doing it for a specific reason,


and therefore know why and what the difference is.


I would say that's probably an advanced blockchain use case scenario.


So, I think that it feels like that's a little bit self-solving,


or a non-issue, but ultimately, as with many things time will tell.


So, that concludes the second AMA with Dr. Peter Waddellin.


I'd like to thank the community for their creative contributions


in running through and making all the wonderful memes.


Unfortunately, we couldn't show all of them.


We may have been at risk of losing our general audience,


reading with the Emotion Picture Association.


That's right, you know who you are.


With that being said, I'm looking forward to next week's video.


I hope that you are too.


Until then, we'll see you in Discord, and thanks for watching.


Quantum Computer Secure your Ethereum with enQlave

In today's episode, we're going to be discussing how to post quantum secure your


Ethereum and your ERC 20 tokens. So make sure to grab a snack and let's dive in.


Welcome back to another episode of the Quantum Resistant


ledger channel, your video portal into the world of post quantum digital asset security.


In today's episode, we're going to be discussing how to post quantum secure your Ethereum and


ERC 20 tokens with me is our director of outreach at the QRL strike. It's awesome to have you back


again. Thank you. Looking forward to talking about post quantum blockchain security.


Awesome. Well, if it's your first time here, first episode with us, what we do on this channel is,


as I just said, we talk about post quantum digital asset security, but we also talk about another


wide range of things in the industry, whether that be related to Ethereum, Bitcoin, DeFi,


but we really cover a lot all encompassing on this show. So today's episode is not going to be


any different. Strike, what I want to do today is I want to kind of start out this episode and just


kind of settle a little bit of context for the viewers at home. And I want to start out talking about


Ethereum, the origins, then moving into what is on clay, and then lastly, talk about kind of our


outlook of where we're at now and moving forward for digital asset security. So is it cool with you


if the first question we dive into is, can you just give everyone myself, everyone at home,


just kind of a run through of the origins of where Ethereum stems from and then we can kind of


run into some other questions from there. Yeah, so everybody's heard of Bitcoin.


largest market cap, right, has been around the longest is, and to some people, synonymous with


blockchain, even though it's not really accurate. So Ethereum is a second largest blockchain when


you consider market cap. And it's been this way for a few years, it was put together by


Vitalik Buterin in, as proposed in 2013 and went live in 2015. It's, what is a pretty revolutionary


at the time, because for the first time, you could run a smart contract on a blockchain,


essentially making this blockchain programmable. So you could run small little programs on it,


which is, which is, which is a fantastic idea, honestly. So it's a, it's a utility chain.


Previous to this, only transactions, you know, only transactions could be performed on a


blockchain, you know, send, receive minor things. So in this way, Ethereum was was a bit


revolutionary. So I give Vitalik some credit on that. So like, like Bitcoin, Ethereum uses proof


of work, but it's moving to proof of stake, believe it's probably going to be this year.


There's some speculation on that with Ethereum 2.0, which has been tested right now. This of course


means that proof of work burns electricity in order to be a minor. Most of our viewers know this,


and proof of stake means that you lock up or stake your asset, your digital assets, and you put


them on the network, and that stake acts as the consensus mechanism. So instead of doing work,


you're, you're staking, you're staking your assets. So there's between proof of work and proof of


stake where, where Ethereum is now in where it's going. There are definitely pros and cons to both,


but I think that whenever this is my opinion that, you know, other people have, may have a


different one, but I think proof of stake and all these other consensus mechanisms have their own


unique use cases, as long as at the, at the end of the day, everything is pegged to Bitcoin being


proof of work, which will likely always be proof of work because one of Bitcoin's greatest strengths


is also its biggest weakness. It doesn't scale, which means it doesn't really change. It can't