examples of everyone saying Bitcoin's over, Bitcoin's died and


Countries Adopting Bitcoin as Legal Tender | The QRL Show Live (News Roundtable)

hundreds of times. So when it out, zoom out. Yeah. So that's kind of, you know,


some of my pros and cons. And we will see we're getting kind of our take on it.


What I want to do now, you briefly touched on this with Paraguay, Michael, I want to


briefly touch on what other countries do you potentially see going in the


same direction of either making Bitcoin legal tender adopting it?


On your radar, just just to opinion, what couple countries do you see in my


potentially do this? I know you mentioned Paraguay, is there any other ones or


also the flip side, is there any countries that you see doing the opposite of


this or maybe masking it in some way? What do you think? How crypto is going to


be handled is going to be dependent on each, each country's unique position


within the global ecosystem, right? Obviously the United States has the


world reserve currency, post-


geopolitics, then someone like Paraguay. So each approach is going to be in that nation's leaders, best, I would say, leaders, best interests. Who I think is going to be next, I mentioned Paraguay in the, they're making news right now, they have a politician, I use a senator in Paraguay, I forgot his name, because my brain is full today. But he's saying that if you elect me president, I will make Bitcoin legal


tender. When have we heard this, how fast is this moving? The comical aspect of that is just two of like, is that is that all you're running on it? But obviously there's much more, it'll be interesting to see how this all plays out.


Something that bold, you're placing your, if you're in Congress and you're saying if you elect me, I'll make Bitcoin legal, you're the Bitcoin guy. I mean, this, that's a


rather, either a career or beginner or career suicide. He will be living or dying by this or likely on that. I wish him the best. I think that I think that it, taking on Bitcoin as a national currency for all of these unbanked nations. This is a lot of value people. Do you know what it's like to be unbanked? I do not, but I have tried to think about what it would be like to be unbanked.


And it's just a little difficult America to wrap your head around, right? And it's so difficult for the majority of us to have the, you know, we take it for granted ability that we're able to all participate in this conversation right now.


And we can, most of us probably watching this, we can get, you know, a new credit card like a pet, it's like a pen dispensers. You know, you get to set in the mail to you. It's a very easy process.


You know, it's something that we obviously shouldn't take for granted because if you look at a global level, this is not the case for most people. And especially in countries, let's such as El Salvador, power goliath, Argentina. These people have seen history tell them over time.


They've had their money taken from under them and they've had to, you know, store money under their mattress. Has it just get eroded over time. We've talked about this in past episodes.


But it will be interesting to see. I think it especially makes sense for the first few countries to adopt Bitcoin as legal tender or do things similar to this in, you know, this bold of a move.


I definitely think it aligns for countries that are in a similar economic situation. So many people in bank. It makes sense for those type of countries. So countries like Paraguay Peru Costa Rica. I don't know, maybe a Morocco.


But they still have a percentage of unbanked is still extremely huge. And then it will be interesting to see how it plays out. But let me ask you this question right. Let me ask this question.


So for those that are banked right a banking is a very familiar day to day scripted process. That's muscle memory out right.


You get your paycheck, you go to work 40 hour, 45 hours, your paycheck shows up through an ACH, at least in the States. Who Bitcoin essentially make make allows you to become your own bank.


I've talked to some friends and acquaintances of mine and I've tried to explain to them the concept of being unbanked.


I'm not really sure that they get it, despite how I try to explain what being your own bank means, because for our entire lives we have been part, you know, we have been part of the system.


So that brings an interesting question for those that are paying attention in the unbanked sector.


How they're you could you could already consider them being their own bank right if they're unbanked. What's it up between unbanked and unbanked.


What they're seeing. What they're seeing. They are like this. Yes, and they have that mindset and then they're thinking, you know what, this is actually something that is evening the playing field for everyone.


And let's let's go back to 2021 let's go back to 10 11 years beginning of Bitcoin. It was an even playing field at that point. Anybody at that time, you could, you know, pull at your laptop, you could pull at a computer, you could mind Bitcoin at that point.


Can you do it now on a laptop? No, but early on it had there was inclusion there. It's very different. It's kind of a stretch of an analogy, but when it comes to today.


What are these people's other options? So I think it's really important that when we talk about unbanked really seeing it trying to see it from their perspective to see.


In one other thing, I'm just going to jump back to my pros and cons because I think there's one other important part that I want to mention, which is adoption. There is, it's going to take time for countries such as El Salvador, other countries that adopt Bitcoin at the time.


There's a learning curve and when I say it's a con, I don't necessarily mean it's a terrible thing. I just mean it's a part of the process. So what I'm saying is when people get in power or El Salvador get used to using the clone, then the US dollar and you know eventually, you know US dollar and Bitcoin.


There's a learning curve. So a lot of people there are like, I don't know. What do I do? I go to a store and I pull out my phone and what's a wallet? Is it like a physical wallet? What is it?


Where's my money is it floating around in the ether? I don't know. And then and learning curve. Yeah. Yeah. And with that.


But think about that. So if they're thinking it's weird of going from paper money to crypto, think about back in time. If you go back in history, when you move from coins, let's go back a few hundred years.


We are in England and you and I are transacting with coins and you come to me one day and you say, hey Ryan, we have this new paper currency that is we're going to replace these and they're going to take place at this.


I would look at you with you know, foreign Google eyes and I'm like, well, what do you mean? Like these coins are that history repeats itself, you know, in different ways.


I'd like to add one other thought before we move on to the next. Yep, go for it. Go for it. We'll move on to the next question. Yeah. So we've all heard of the great flipping right.


I'm going to offer another example of potentially the great flipping. You have the unbanked, which which conceptually can visualize how Bitcoin works, not technically necessarily, but as far as being self-banked, they can visualize that because they're already like that.


Right. So what what happens when these the unbanked start to when the when the when the unbanked countries flip start flipping over to Bitcoin and adopt faster because they're already at least they understand the concept because of because they're already self-banking.


I mean, it's entirely possible that I mean balance sheets of the countries. I mean, what if we start ending up like an iceberg tipping up tipping upside down.


You know what I mean as far as value as far as value that's being held by the residents of country because the difference is this the difference is.


For example, El Salvador does not have their own currency. They don't have their own fiat, which means that they use the US dollar. So when they're using the US dollar, all of their trade and their exchange is based on monetary poly monetary policy on the other side of the world under politics that they have no that they have no input in taxation representation kind of a similar thing.


And that's the position that that's that's how they live. So I mean, how can Bitcoin not be good?


What I see it as I just feels to me like the technical learning curve is probably one of the biggest is probably one of the biggest cons. I don't want to say cons. That sounds like a scam right.


Yeah, no.


And it was like pros and cons. Yeah, they ran a number of pull. Yeah, they ran a number of polls there and I think it was like, you know, some would say a 40% people were like skeptical about wanting to use it.


Some was like 60 70% but it's like when you run polls. It's like it's like a political poll. Like it tells you a little bit of something gives you a little taste of it, but it doesn't paint the whole picture.


And of course in the beginning, there's going to be skepticism because they are not in charge of their money as it is today.


Yeah, I think kind of the moving. Yeah, moving from this point. I know we've been talking about from the countries that docking Bitcoin is legal tender and this having a lot of implications overall for, you know, economies on a global level and on an individual level for various nations.


And what I want to ask is we're talking to this most discompositions been focused a lot on Bitcoin, but what I want to ask is as nations add to their balance sheet and adopt Bitcoin and you know, eventually other all coins in different manners, depending on what the specific use cases are, ways that would align and fit in with what the


country is going to want to do the same thing. There might be other countries that are going to eventually, you know, you've already mentioned central bank, digital currency in China. They're doing their thing. There's going to be other countries that are going to say, hey, we're just like Bitcoin and they're going to mask their idea of a central bank, digital currency in the same.


They're going to give all the perks, but it's not necessarily the same thing, you know, under the surface.


What I want to ask you is as nations add Bitcoin all coins to their balance sheet could cure L act as a nation's quantum insurance policy just as kind of just like what what you're taking on this. I know it's obviously the stuff is a bit further out, but in terms of it's a good question to ask is when it comes to individuals.


We are talking about individuals here. So when we're talking about Bitcoin, yes, also the lower is a nation has adopted Bitcoin as legal tender, but it affects every single individual. So what would you take on this one?


I'm going to circle back to one question that you asked first and then I'll then I'll give you my opinion on that.


I think it was something along of Elsa El Salvador is not the biggest nation spearheading this and that their volume is well, I think you were saying something like that.


I mean, it's a really good perspective to El Salvador, it's the amount of, you know, the amount of transactions that they're bringing into the Bitcoin network isn't as important as the precedent that's being set in this in this in this move.


They're like, they're like a one hedge fund or something like size wise, maybe a little bit bigger.


I mean, but it is a country. So I'm starting to see this as I'm at the macro, I'm starting to see this from going from the microscopic and this is the writing on the wall going to the macroscopic.


It's right there in front of us.


So it's really important what that symbolizes Bitcoin isn't just about being adopted as money. It's also it's also a political movement.


You know, because of the immutability and the transparency, what, you know, having having governments actually start being held accountable for spending and have it being visible to anyone.


I think accountability is something that is completely lacking in every society across the world. Nobody likes to, you know, nobody likes to admit that they did something wrong with the promise nowadays.


Most people just don't and I'm a bit of a cynic possibly. But that's an arguable, arguable point. This is what it was, this is what crypto was created for to stamp all corruption in the champion transparency,


transparency, trans put the world in a better place this week. This goes all back to the to the unsung cipher punk heroes of the late 70s 80s and early 90s right. So I don't know when when you're talking about transparency and the corruption.


Maybe that's what our esteemed economic leaders meant in the 2000s when they said trickle down economics with El Salvador at the top. Maybe they were talking about countries or not. And not currency.


Monetary jokes aside, you asked about your own.


Okay, so a lot of our viewers are already familiar familiar with the project our project is a industrial grade hash based signature.


I'll somehow make keep it short, keep it shorter than the intro.


Probably quantum secure cryptocurrency that was purpose built from the ground up. So we do not in order to be quantum computer, provably quantum computer secure.


We don't have to fork.


We're already there and we're one of the very, very few and in the only one to my knowledge that is NIST recommended by the XMS S protocol, which was recently ratified I think like a year ago as a recommendation.


So barring any black swan event, I guess, or force, mature, you know what no matter when it happens, why to cue will always probably be called the black.


It could happen five to 10 years from now, writings on the wall for the past four years, company does our saying what's going to happen and then everyone will say, well, force measure it's active God or black swan nobody could predict it right.


There's the value that we bring it that we bring either to the citizen or to the institution or to things larger such as central governments is just being able to just being able to say that your digital holdings are quantum secure.


Even if that's even even if you don't believe in the feet that quantum computers will be able to scale they won't be able to solve the systemic noise problems that they're that they're impossible even if you don't that being able they're I think that there's value, especially from a secure a national security standpoint to say hey.


And I'm not a Bitcoin maximalist I love all types of I do love all types of crypto my portfolio is diverse but being able to say that in just in case we are also quantum secure.


And I'm kind of like it's kind of like buying a car if you look at if you look at the little things on the car like how well how just that thing is door handles just engineered perfectly.


But on what are perceived to be the small potatoes but I just to prefix part of that I am obviously a blockchain quantum.


And I think that those are the future so but at the end of the day it's up for each person each organization each country to make up their mind, the only thing I don't want is just just don't come crying to me after that.


I'll just point you to the YouTube channel.


And we're also just we're we're presenting a broad set of views on different things and based on what we're discussing definitely form your own opinions based on your situation your perspective, your unique take on it.


So if I would you know Michael if I were to ask you right now we're in 2021 we're filming this if I were to ask you 10 years ago, do you think do you think people would think it's crazy that countries could be adopting Bitcoin is legal and you know five or 10 years.


And I was in crypto 10 years and I was in it and I was still crazy I remember Max Kaiser saying like nine years ago could Bitcoin on the radio I'm driving down could Bitcoin go to go $100,000.


Yes, it could and I'm like Max I love you but you're nuts boy. Yeah and what are we are no I'm betting. Yeah. Yeah. And the other part then with that is okay now we're sitting where we are today.


And if we pose other questions tied to you know the last question that I asked about you know whether it's one insurance policy or whether it's where stuff moves forward with security.


And I'm not going to be crazy in the moment but five and 10 years from now it's not not the same so I just want to I just want to leave with that I think that kind of is a good way to wrap up and close.


I really enjoyed this discussion on Bitcoin and just you know countries this whole idea and concept of countries adopting Bitcoin is legal tender.


I'm curious to see once there is you know three or four of them.


I do it in different ways I feel like it's just going to be exciting to see how it would all plays out and know there's going to be a lot to come because there's going to be a lot of friction just like if you if you relate it to an analogy of you know when tech started getting really big media there's a big like.


That's that's one thing but like when it comes to governments clashing you know money and state it's a it'll be interesting see how it plays out Michael I appreciate you having this conversation and just talking all things whether it's the monetary policy aspects of it but more in terms of related to crypto blockchain and quantum.


I appreciate the conversation and for those of you watching this if you haven't already done so make sure you subscribe to our channel by hitting that pretty red button in the bottom right that way when Michael and myself come out with new videos each episode you're the first to be aware of that.


i hit in our channel and let us know what do you what do you think watching this right now what do you think happens what countries you think adopted coin next.


such as inclusion, talent coming to certain countries.


What does your take let us know in the comments below


or in our active QRL Discord?


And Michael, any more closing thoughts on your answer?


Yeah, let's go one step further.


You know what?


Based on all the content we've done,


we've been doing this for a couple of years now,


at least as far as YouTube videos.


We'd like to take this conversation out to other parties.


If you want to, if you'd like to come on


and you're out, you're aligned or you want to play devil's advocate


and you just want to have a conversation.


Come into our Discord or send us a go to www.duvduvduv.org


or send us a message at infoatduckurl.org.


We're taking, we are now considering bringing other people in


to have our own table discussion about this.


I don't want my word to be the, I mean, it's not,


but I don't want it to even seem like it's the only word


because that's just my opinion.


So, but otherwise, yeah, I thought this was a great conversation, Ryan.


Yeah, and I think too also, like let's say if you're yourself,


you're watching this channel, like, I don't,


I'm not obviously the person for video,


but if you know someone that is maybe notable in,


it kind of a complimentary or, you know,


kitty corner type of space, whether it be related to this,


maybe a bit more geared towards what, you know,


government is doing with crypto and blockchain,


or a couple episodes ago, maybe someone's, you know,


what artists is in the blockchain or other projects that could,


um, relate or add value to the conversation.


So definitely as Michael said, let us know and until next episode,


uh, make sure that you are keeping those digital assets secure.


And Michael and I will see you in the next Qo, episode.


Take care.


What is Crypto Custody? and Creating a QRL Wallet

In today's episode, we're going to be talking about


Cryptocustity, Web wallets, and a whole lot more.


Let's dive in.


What is going on, everyone, and welcome back


to another episode of the Quantum Resistant Ledger Channel.


In today's episode, it's going to be all about cryptocurrency


custody, Web wallets, and a whole lot more.


First off, I want to welcome our routine guest,


Strike Attack.


It's great to have you back on today's episode.


Hey, thanks for the intro, Ryan.


Lots to talk about today.


We're going to dive in, as you said.


Hopefully I'll see.


Yeah, so what I want to do today's strike,


if it's cool with you, is I want to talk about cryptocurrency


custody.


I want to dive into the pros and cons of different types


of custody, web wallets, and a few other areas.


So for everyone viewing, if it is your very first time viewing


a QRL episode, take it a moment to pause this video


and go to the link below the QRL.org.


Take a few minutes to get an understanding


for what our project is about, and then come back


to this video and keep watching.


If it is not your first rodeo, and you've been here before,


let's dive right into the good stuff.


Strike, I'd love to start out by asking you,


can you first for a minute or two


define what cryptocurrency custody is?


And then we will dive into the risks and rewards of each


based on what works best for each person?


Yeah, let's do that.


The answer to this in the spirit of blockchain


is more than just a dictionary answer.


And let me explain.


So what is custody?


Custody means essentially who has the private keys


for the crypto that's held on the blockchain.


In other words, that would be, let's just go with Bitcoin.


And let's go with the common wallet, Bitcoin Core.


That's who it would have, the wallet.dat file,


and potentially that pin or password for the file


that has the private keys stored in it.


He who has the private keys owns the crypto.


So that's the dictionary definition.


But there's this, in the spirit of blockchain,


the definition goes deeper in that it,


what essentially what this means is you are your own bank.


And that's really difficult for a lot of newcomers


to be able to wrap their head around and rightfully


solve because if we want money, we put it


in our savings account.


In the United States, I don't know how it is.


We're in all other countries.


But once you deposit your money into a savings account,


that becomes a non collateral loan of which you no longer


legally own those funds.


So those are now the bank's funds.


It's just, it's a loan to them with no collateral


from a strictly legal perspective.


So the concept of being your own bank, being able to do


a transfer of cryptocurrency from peer to peer,


meaning from me directly to you or someone else,


is still not a mainstream thought process.


So if you talk to people that are really familiar with blockchain,


there is this aha moment.


It's like, oh, I'm my own bank.


Now I don't need any, I don't need anyone else.


Okay, then they start to kind of get it


and everything starts to click.


But let's get back to custody.


I just think that that's an important point


to emphasize.


So there's different types of custody.


You can have, all custody is is where your private key is.


custody can be in the form of like a paper wallet.


It can just have a series of phrases


and that can equal a private key through,


I think it's a BIP32 standard.


You can have a hardware wallet like a ledger,


or a treasure, you can have custody could be a multi-sig wallet,


which is like a web interface and then transactions


can only get approved if there's a tour or more people


that have access to the well, multi-sig can be a form


of custody we did a video on that last year.


Centralized exchange, but centralized exchanges


like Coinbase and others in other CEXs


as they're called are probably the most popular form.


So as they say in custody, he who has custody


he who has the private key owns the crypto,


not your keys, not your crypto,


same thing goes with nodes, not your node, not your rules.


So those are the two, those are some versions of custody.


And before your next question,


there's the only other thing I wanna add


is that if on the topic of custody,


there's the paper wallet and that's a form of cold storage


for a private key custody solution


because that's not connected to the internet.


We call this a network and we call this an air gap.


In centralized exchanges,


the larger centralized exchange,


in fact probably most of them


have a combination of cold storage and hot storage.


They have hot storage online that's connected to internet


that they can use transactions and do those instantaneously


in order to maintain liquidity on the exchange,


but they also have in case of any number of reasons


like an attack or a hack or something like that,


they can go to cold storage up in the safe


and transfer those funds into their database or whatever.


So I think that answers most of your question.


Go ahead.


Yeah, yeah, no building on that.


I want to kind of for everyone at home,


a lot of people are kind of deciding,


people either have a solution that they're currently using,


whether that be a hardware wallet


or some people that just have money on an exchange,


obviously that's not recommended.


As you get more into holding digital assets,


other people go really extreme


with certain forms of cold storage.


You've got like say an example or something like that,


but you have a wide spectrum.


What I want to do is I kind of want to walk through


each of them and talk about some of the pros and cons,


because I think one really important part


that I want to touch on as we go into the next question or two,


is I want to talk about the importance


of choosing a solution that fits your technical understanding.


So what I mean by this is obviously we'll read stuff


in the paper or on the news cycle from years ago


of someone only having a few password attempts left


at making sure that they can access their digital assets,


but I think it's really important for people


to not reach too far above their technical understanding


because that will actually could be a detriment


to accessing that in the future


if they're not up to being able to access it.


So for a lot of people,


maybe just having a hardware wallet solution


might be the best option for Uncle Ricky


or for your aunt Sue,


maybe some form of exchange in some capacity


might be the best solution for them,


even though there's risks,


but can we kind of dive first through the pros and cons


of exchanges then go to hardware wallets


and just talk about that for a few,


I think is a really important topic


when it comes to custody.


Yeah, so you said two things that were really interesting.


When you phrase the first thing,


you said central exchanges and then you said not recommended,


but then you followed up with that


with if depending on your level of expertise,


that really defines what your custody solution should be.


So in what you said is key right there.


I think you hit the nail on the head.


Your solution,


so there is custody is not one size fits all.


Unless, I'll give you an example,


if you're not, if you're not,


Aunt Susie, Uncle John,


as I think as you put it,


if you're not highly technical inclined,


a paper wallet and a ledger just might be a little too much,


which is fine.


This is all about risk.


We wherever your wallet is at the end of the day


is about risk management.


Whoever has the private keys owns the crypto.


You cannot lose your private key, otherwise.


There is no way, there isn't to get the crypto back.


There is no one to go to talk to.


All right.


So depending on your, I would say,


depending on your level of expertise.


If you're a beginner,


there's probably,


if you're a beginner, welcome to crypto.


Welcome to blockchain.


I am all, I think you've made a good choice.


Try Coinbase or one of the larger exchanges


that buy Bitcoin with a click of a button by Ethereum,


that type of thing.


If you're an advanced user,


definitely recommend if you're advanced,


you have technical expertise.


I, you know, a hardware wallet is definitely a way to go.


It's more complicated to use a hardware wallet


than it is just to have a username, a password,


like on Coinbase, log in and be able to trade crypto.


So for beginners, let's say Coinbase,


for intermediate users, centralized exchanges,


probably work.


And then you can move,


you can manage your risk by moving your cryptocurrency


off of the centralized exchange to your wallet.


And let's say you want to,


you wanted to make a trade or something like that.


You had bounced it back to the centralized exchange trade


and then bounced it back to your hardware wallet.


That's very common.


And depending on your,


depending on your digital asset investment strategy,


some people just might be long-term holders


and just keep it on their wallet


and, you know, put it freezing and ice in a ziploc


and a bag of ice put it in a freezer


and just never, you know,


save it for the next five to 10 years.


Some people, you know, it depends on the strategy.


Yeah.


So what I want to do now is I want to kind of segue


into a little bit different topic.


And then after this next question,


I want to segue back into talking about web wallets


and different custody solutions there.


But before I do this,


I want to make an important note that


what we're doing for this episode


and we're going to be sprinkling this in


for a few upcoming episodes is,


strike and I are going to be adding in sprinkling in a few


nomadic phrases such as these two letters below.


So for those of you that have been involved


in crypto for a while,


you already know what's an nomadic phrase is.


So these are the two first words of an nomadic phrase


throughout the rest of this episode at sporadic times.


We're going to place the rest of that nomadic phrase


throughout the rest of this episode


and whoever, you know, puts the string of that together,


you can go to that curl address based on the nomadic phrase


and we'll throw a few quants in there for you to grab.


But if you're not sure what a nomadic phrase is


and you're watching this and you're like,


what the heck are these first two words of that?


First take a little time after you watch this video,


you know, research what a nomadic phrase


and then come back to this video.


But I just wanted to mention that


because it's just a fun thing we're doing


in a few upcoming episodes.


And with that, I want to segue into the next question


and that is on the OCC, the US Treasury,


the Office of Control or Currency,


a few weeks ago, they made a big announcement


for the crypto industry,


which is allowing banks to use public blockchain


and stablecoin networks.


So, Strik, I want to ask you,


why is this a big win for the industry


and just the infrastructure in general for crypto?


Yeah, so that's the question.


Is crypto down with OCC, right? It depends.


Let's go to a few different recent developments.


We're gonna cut over to my screen for a second here.


And let's do this.


OCC letter on banks using stablecoins


acting as blockchain nodes.


What does this mean?


This means that banks in the banks


are going to be able to use stablecoins


as a function of moving currency around.


But it's a little bit more than that too,


because if you read through this article right here,


it says that the bank is allowed, I'll read this,


this letter addresses the legal permissibility


of certain payment related activities


that involve the use of newer technologies,


including the use of independent node verification networks


and stablecoins.


Well, what's an I and VN to the OCC?


Well, that's a node on the network.


What this means is banks are going,


this is giving the go ahead from the controller of the currency


for banks to run their own nodes


in order to support the stablecoins


so they can submit their own transactions to blockchains.


I think that'll probably start out with Ethereum.


We're most of the stablecoins are as year as year as year


2020s, but it doesn't specifically call out Ethereum,


but it does say stablecoins.


So what this is interesting,


so banks are going to start running crypto nodes


and support of the network.


This is a little, that is interesting.


Now, I mean, I can't help but wonder about,


our enclave project, where we are post quantum computer


securing Ethereum is could quantum security


in a quantum secure, ERC20 stablecoin be a value


to national banks across the United States.


I think that that's an interesting use case


to be able to quantum secure stablecoins


at the bank level for the US


and for other parts, for other parts of the world as well.


So that's an interesting article.


That's good news.


Let's cut over to the second article here.


Introducing Anchorage Digital Bank,


the first federally charted digital asset bank.


So the Anchorage is pleased to announce


that the office of the comptroller of currency


has provided conditional approval to our application


for a national trust charter,


which makes the Anchorage Digital Bank,


the national association,


the first federally charted digital at bank in history.


So what this means is that this is the go ahead


at the federal level in order to be able


to start using crypto.


So this by itself is interesting.


Now, if you're also paying attention to late last year


on the flip side, you can see that the OCC


is trying to walk this, a little bit of this tight rope narrative.


On one hand, you've got the force of blockchain and crypto


and the increasing almost exponential adoption,


which is this unmistakable force.


Now, on the other hand, you have what's considered,


potentially this conflict of interest


of the United States being the World Reserve currency, right?


So you have these two very massive objects


that are on a collision course.


And you can kind of see the OCC


as trying to navigate this field


because one of the other things that was from last year


was they put together, I think there was a referendum


in which they want centralized exchanges to do KYC,


which is no your customer.


For any a month, I think it was over 10,000,


there was a dollar amount.


It's no longer the thing.


Yeah, 10,000, in order to send to a self-hosted wallet


like a ledger or a paper wallet,


any of the wallets I described earlier


in which you have your private keys to provide KYC


and what that means is in order to send to your wallet,


you would need to have the centralized exchange.


They would need to ask you per the United States


regulatory control.


They would need to ask if your identification in this.


In most, I would say more than 50% of the crypto community


created a not-proar, especially since it was pushed through


with I think it was like 14 days notice,


in early 1900s Federal Reserve,


Jekyll's Island style during Christmas holiday.


So they've since backed off from that a little bit


with the new Biden administration


so they're giving more time on that.


So it's interesting to watch this take place


because this will affect the whole, the space as a whole,


not just for the United States,


but for other exchanges and other crypto platforms


around the world as they try to make sure that they are,


not in adherence with US federal law,


but don't get sued by the United States.


So that's my take.


Yeah, and it's just interesting


because it's like treating public block chains


as infrastructure just as you would have with like,


you know, ACA, H or Swift.


And what I want to kind of segue into now


is since we're on the topic of custody for today's episode,


I want to ask what type of custody solutions


does QRL support? So web wallet, ledger,


locally hosted, can you dive into those for a few minutes


and then maybe we could walk through


and actual walk through of the wallet


and going through from not knowing how to do that


through to setting one up?


Yeah, so there's a few different custody solutions


that supported by the project.


We have the web wallet as you brought up.


You can go under the website


and you can open up your wallet quite easily.


We'll put these links in the description below.


You can download the wallet and self-host the wallet


if you don't want to, you know,


send your keys over over the web to a web server


so you can run it yourself.


And then you could also run a node.


You could run a node on your LAN,


your home network plus your own wallet,


which allow you to interface directly to your node


if you wanted.


And then that node would handle the transactions,


approximately the transactions on your behalf.


We also have support for the ledger nano series.


So you, it's not ledger live support.


In other words, you don't manage your QRL


from within the ledger app,


but what you would do is you would take your ledger nano


and plug it in and you would go to the website


and then you'll select you, you know, ledger


and then enter in your PIN.


Yep, and it'll interface through a USB API


on your computer and open your wallet that way.


We have the mobile app that makes, you know,


makes everything real convenient and available.


Could you walk us through the web wallet now,


strike it, that's cool with you?


Yeah, let's do that.


We'll cut over to my screen here and let's do a web


while walkthrough.


All right, here's the wallet screen.


This is where you can create a QRL wallet.


What you'll do is go to wallet.duqurl.org


forward slash open, make sure it says HTTPS here.


So that your web session is encrypted


and we're going to go to new wallet.


Now I recommend you're gonna need a passphrase


for the dot.json file if you want to save it.


I recommend going into password generator.net


and just follow this process that I'm doing here.


So this site will generate the password on your device


as you can see, it doesn't send it over


then that clear text.


So just generate a password here, it doesn't matter.


Make sure it's strong enough that it's like 16, 16 password length.


And let's do this.


Save this, okay.


And I'm going to go to QRL wallet.


I'm just gonna paste that in.


This is your tree height.


This is how many, one time signature pairs you have,


one time signature pairings you have.


So what this means is this is,


if you're newer to the project,


this is how many times you can perform a transaction


from your wallet or an output.


If you're still really new to quantum,


blockchain quantum security, think of this as,


how many times you can send QRL.


You can receive tier wallet as many times as you want.


And it doesn't use up one of these,


but a few initiated transaction.


These are the limits.


The only difference is how long it takes


to generate on your PC.


So I'm gonna do 4,096.


That's thousands of transactions that you can do.


And obviously before you get to one,


you just wanna be able, if you ever get to one,


you wanna be able to move your phones to a different wallet.


So this is one of the costs of being quantum,


provably quantum secure.


So here's the hash function.


This is what makes the wallet quantum secure is this hashing.


So all of these are quantum scarer.


You can pick one.


If you don't have a preference,


just stick to the default.


It doesn't change anything.


It's not gonna change anything for you.


You're not gonna notice as far as from a user experience.


So we're gonna go into create a wallet here.


And what it's doing is it's generating that


on generating that on your PC.


You should see a,


yeah, you see spike up here.


You can see because that's generating the wallet


because it's doing it locally.


And next is the disclaimer, of course.


We will save the details on this page.


So what you need to do is back this up.


What I would recommend printing it


because you don't want,


you have a couple different options.


You can print this whole screen.


And the advantage of that is you're not,


if besides writing down as you're not going to make any,


there won't be any mistakes if you just print it.


The difference is it's potentially sent over clear text


over your local area network.


It's highly unlikely that anyone sniffing traffic


on your local network.


But also some hard drives,


some printers, especially corporate printers,


have hard drives.


You may want to avoid sending,


I definitely would avoid sending your wallet


to a corporate printer.


Don't print this at work.


The printer at home and you're using your laser jettots


should be fine.


Your other option is if you want to be strictly paper wallet,


which is really the most secure,


it's one of the most secure.


It's a balance like we talked about earlier in the video.


You can just write this phrase down


and that's all you need to be able to recover your wallet.


As long as you have this phrase,


you can always recover your wallet.


In fact, as long as you have the hex seed,


But what I'm going to do is,


I'm going to save this encrypted file.


And the encrypted file is another way to open your wallet.


So between the mnemonic phrase back here,


the hex seed and this encrypted file,


you always have a wait open your wallet.


Those are three ways.


Okay, so this is a wallet.


That's JSON file, okay, you can use this


to open your URL wallet on the next screen.


If you do this, you use the JSON file.


I recommend that you go to key pass.


And this is a secure password software.


It's freeware.


And what you can do is you can actually take your JSON file


and put it inside key pass along with your other passwords


and you can store,


you can store a file in here.


But if you're not comfortable with these extra steps,


just print this like we talked about.


Okay, so let's back this up.


And we're going to open wallet.


So here's the open wallet screen.


You can see it here on the left.


And we're just going to do a simple wallet open


and we're gonna use the mnemonic phrase,


the copy it in my clipboard.


We're gonna click unlock wallet.


Here we are.


Up here is your public address.


You can use this to, this is what people will send to.


So if you want to send,


it's send and receive over here.


You could type in an address here.


Let's say it was your friends address.


Someone you want to send quantity to, put it here,


type in the amount, confirm, send.


If you want to receive, you'll notice that


this address here is the same address up here.


This is who, this is the address


that someone else would send to.


That's it to simple as that.


And let's, we're going to do a future video


on how to use the ledger device.


And we'll get into some more advanced topics


as far as custody regarding how to save your private key.


But this is a simple explanation.


So this is what I would do.


This is what I recommend.


So, strike, we've just gone over


and you've shown us the step by step


of going through a web wallet and setting that up.


Now with that, when a quantum computer does get to a point


where it's capable enough to put our digital assets at risk,


can you explain briefly what the QRL


and what enclave will provide here when that time does come?


Sure.


So I believe in more choices are a good thing.


And with our project and our team,


you're going to have a couple different choices


on how to go quantum computer secure.


We have our native blockchain, our own chain,


not in ERC20, doesn't run in a theory,


it runs on our QRL nodes, it's been running


the main effort two years successfully.


You'll have that native coin, the QRL coin,


and you can purchase that if you want to add


to your quantum computer hedge,


quantum computer hedge threat.


The other thing is we have our enclave project.


If you haven't heard of our enclave project,


we're putting together a smart contract platform


on a theorem in which you can quantum secure your ethereum


and you'll be able to quantum secure a select subset


of ERC20s in the near future.


So in the ethereum 2.0 roadmap,


quantum security isn't part of 2.0 for ethereum


that's coming home hopefully later this year.


And if you look at how long it took the team


and rightfully solved because it's such a huge blockchain


to put together and test and even just get the sandbox


for ethereum 2.0 to come up.


We're talking about years here.


So the Q or the quantum resistance ledger team


we're trying to bring post quantum digital assets


here in ethereum in order to help people hedge against


that quantum computer threat.


If ethereum were to go quantum secure,


this would be a huge undertaking


because ethereum has the same technical


and theoretical vulnerabilities as Bitcoin based on


a factorization and asymmetric encryption,


which is public private key encryption,


which is the ability to, for a quantum computer


to use storage algorithm in factorized large numbers.


So point being ethereum and Bitcoin fall into the same.


Umbrella has not really been quantum secure ready.


So we're bringing that to ethereum.


We're excited about that project


and we want to make a difference.


So.


Yeah, and if you haven't already learned about Enclave,


make sure that you go to this link below


this URL on clave.io.


Check it out.


So do a little bit of research homework on your own.


And I know that this video, this episode is kind of filled


with a lot of information on custody,


walking through a web wallet and just information in general.


But strike and I, we appreciate you watching this episode.


If you haven't already done so, make sure that you subscribe


that way each week when a strike and I come out


with all sorts of industry related topics,


whether it be post-pawn and digital asset security,


stuff on QRL, enclave, stuff related to ethereum,


Bitcoin, DeFi, you name it.


You're going to be up to date when we come out


with videos each week.


And as always, if you have questions


or you have a topic that you think


that would be interesting or notable to cover,


don't hesitate to reach out to us,


whether that be directly within our email


or within Telegram Discord.


And until next week's episode, strike,


I really appreciate you not only doing a web wallet walkthrough,


but kind of diving into custody


because regardless if it's day one for you


within cryptocurrency and you got the bug


or if you've been going down the rabbit hole


for five to 10 years, it's always important


to discuss the best solutions


because solution that's right for me or for you,


it's going to be different for everyone


and it's important to discuss


and bring up and elevate the industry as a whole.


So, strike, thank you for joining me today.


I appreciate it.


My pleasure, thanks.


Awesome, we will see you all in next week's episode


and you keep those digital assets secure


and we will see you next week.


Dang.


Bitcoin Taproot Explained, AMA, & more | The QRL Show Live

In today's episode, we're going to be discussing Bitcoin's taproot update, and we're going


to be talking about how this affects Bitcoin's quantum resistance moving forward.


Let's dive in, and today's QRL live episode.


Hey, everybody, and welcome back to another episode of the Quantum Resistant Ledger


Channel Live.


Today's episode is going to be talking about Bitcoin's taproot update.


We're going to be talking about quantum resistance with Bitcoin, how this affects it, some


of the positives, negatives, and dive into all this in today's episode.


With me for our episode today is our director of Outreach at the QRL, Michael Strike.


It is a good-heavy with me for another weekly episode of our live shows.


How are you doing today?


Pretty good, just a different, a pretty big piece of news within Bitcoin's protocol.


Probably one of the biggest, since SegWitt, segregated witness, a few years back.


Looking forward to diving into the topic and talking about where it might lead.


It kind of talk about the quantum resistance aspect.


There are some parts with Lightning Network Layer 2.


Let's dive right into it.


Before anything else, I want to ask you if someone is reading online or if they've read


a little bit about it.


When they hear the word taproot, it sounds like something that you would get in a stagnant


pond if you're on vacation.


What is taproot in regards to Bitcoin's upgrade that's going to be happening in four to


five months?


I always thought it sounded a little bit more like an 80s rock hairband.


I don't know why.


So taproot, okay.


Taproot is essentially going to be Bitcoin's biggest upgrade since SegWitt and as you


said in 2017.


According to the consensus so far, it's supposed to take effect in November.


It's only recently become available since there was a patent on snores.


We'll get into that a little bit.


What is taproot?


What does it do?


First off, it's kind of exciting.


It unlocks the potential for smart contracts.


In the future, this could be Bitcoin taking away some of the DeFi market share from Ethereum.


This is possible on how complex those or simple those smart contracts could be remains


to be seen.


So also there's some increased privacy and efficiency within the signing algorithm that is


going to allow more transactions to be placed in a single block.


There's something interesting that's batch verification of multiple signatures simultaneously.


So this speeds up the network as a whole without needing stronger hardware requirements.


And of course, taproot adds an additional signing algorithm called Schnoor Signatures, which


enables multi-sick transactions, improves classical security by making different types of transactions


available, such as standard output and multi-sick output.


All of these, the security comes in, all of these transactions as when they get rendered


the chain become indistinguishable from each other.


So there's a degree of security there in that when you look at when you look on chain,


you can't necessarily tell what type of signature it was.


So to give credit where credit is due, Schnoor is the creation of Klaus Peter Schnoor.


Well, there he is.


There's a little bit of debate on how we approach his algorithm.


He patented it and then released the paper.


Perhaps if he had not done that, it's entirely possible that Bitcoin might be running on, might


have started out with taproot instead of its EZ DSA variant.


So that's taproot.


Thanks for covering that.


It's kind of an intro to this.


I want to move now into, I know you mentioned, EZ DSA, elliptical curve, digital signature


algorithm.


Talk about Schnoor.


I'll probably cover it a little bit more in my next couple of questions.


But I want to go back to just this kind of as how the Bitcoin protocol works in general


with consensus.


But I want to go and dive into how is consensus reached and maybe this will provide


a little bit of insight for people that are looking in and they're like, well, how does


the consensus part even work?


And then specifically talking about here with taproot.


Could you cover that a little bit?


And that will probably lead into what we're going to talk about with digital signature


algorithms.


Absolutely.


So the consensus part of how this how taproot came to be is interesting because in order


further to be any post quantum variant of Bitcoin, any hard fork of any of that nature,


there would need to be consensus across the world, across hundreds, if not thousands of


developers and so forth.


So what happened?


Starting in May, miners who wanted to adopt the upgrade signaled their support on their


own node with a special data in mind blocks called a signal bit.


And what happens is if 90% of those mind blocks during this difficulty, during that


difficulty period included the taproot signal bit in the block that they mined or any


other there's also some other periods or any other roughly equivalent two week difficulty


periods between now and then I think there's an August 11th time out.


And essentially the update the upgrade is locked in.


So if when building the blocks, you essentially are just putting special data in a signal


bit within that block and that shows that your and that shows that that constitutes your approval


of of taproot.


So I mean, but this video is a little bit more about digital signatures, you know, about


the nor digital signature being added.


So let's we can talk about that a little bit.


Yeah, so move away from the consensus reached part.


We cover that a little bit.


So let's move into the part that I'm probably we're probably most excited about as far


as just talking about or kind of more our lane is the digital signature algorithm.


So talk if you talk to us a little bit about what this means for the Bitcoin protocol


moving forward as far as the digital signature algorithm.


Yeah, so understand DSA's digital signature algorithms.


I think it makes sense to understand bitcoins, one and only DSA right now, ellipse, which


is an elliptical curve.


Yep.


So elliptical curves by the Nash it, excuse me, by definition are algebraic structures


that constitute a basic class of cryptographic primitives, which rely on a mathematically


hard problem.


And the case of ECDSA, the problem is the mathematically hard problem is elliptical curve


factorization.


Essentially trying to find the two prime numbers of a given 200 and the two prime factors


of a given 256 bit number x, that was only one x.


I said, yeah, in the case of Bitcoin, the variant of ECDSA that it uses is SCCP 256K1.


So that mathematically hard problem being able to generate a 256 bit random number, being


able to find its two prime factors.


That is the heart and soul of Bitcoin addressing.


So what's DSA?


So the purpose of the digital signature algorithm is to improve the authenticity of intent


by allowing a holder of coins to cryptographically sign a transaction and therefore proving


who they are because they are able to prove that they have knowledge of the private key.


The intent can be, can be anything on any transaction, a transfer of money, transfer


of property ownership, NFTs, whatever it doesn't matter.


This digital signature directly relates to the user's public private key pair for which


they are account or wallet was originally created.


So Satoshi chose ECDSA as the signature type for Bitcoin.


ECDSA makes use of elliptical curve cryptography as we know.


And ECDSA and Schnors are both different, but they are, I would say they are probably


more similar than they are different.


So let's explain how that works a little bit.


On a transaction signed, the public key is presented to the node as part of the signing


process during both ECDSA and Schnors.


Irrespective of what Bitcoin script type is used, paid a public key hash or paid a public


key, the public key is submitted to the node in order to sign the transaction.


The transaction waits in the mempool of the node and is broadcast all over and waits


in mempools until written to the blockchain until someone is able to solve the nonce and


be able to write the next block.


So for those of the seen the previous videos, we know that this is where the quantum threat


comes in, right?


Irrespective of whether or not we are using ECDSA or Schnors, we are using our public key


is exposed for a period of time to the node of which we are sending the transaction.


So for that, during that time, Bitcoin transactions, whether ECDSA or Schnors is at risk for


a sufficiently powerful quantum computer to be able to attack this transaction before


it gets written to the chain.


And when I say before it gets written to the chain, this doesn't even take into consideration


the rogue node attack vector, which if I send my Bitcoin transaction out, I present my public


key in order to sign this transaction.


Who is to say that?


No, that I am talking to is going to send my transaction to the Bitcoin network.


I might be sitting there waiting for waiting for waiting for at least one confirmation,


but instead the node sent it off to a quantum computer, who really knows?


So that's essentially the risk.


Yeah.


And I think this leads good into the next question that I want to ask is, and how does


this affect Bitcoin's quantum resistance?


I know that ECDSA is RSA all brought up within conversations, previous videos, people watched


different videos that we've had in the past and just when we're discussing the vulnerabilities


that Bitcoin, Ethereum, all the cryptocurrencies, the current market out there face.


How does TAP routes, specifically this upgrade, does it affect Bitcoin's quantum resistance?


And any manner?


And to what extent?


Well, after having dug into this, it does not appear that Snorze fixes any of Bitcoin's


quantum resistance.


In fact, I would say it probably adds to the complexity of any type of migration.


So like ECDSA, Snorze uses the same public public private key pairs.


So what's the difference though?


The main difference is Snorze signatures and Bitcoin signatures, ECDSA, is that Snorze signatures


are algebraically linear, which is allowing this broader set of features like we were


talking about multi-sigging those other features.


An interesting property of this linear function that they're adding on is when you add


two or more Snorze signatures together, the result is a valid single-sort Snorze signature


on the blockchain.


Also there's other differences in how the signing and verification algorithms function,


which happens to be a lot simpler than ECDSA, apparently ECDSA is a little bit more complex.


That's one of the reasons it's being added as another DSA.


So if Snorze quantum secure, no, both belong to the same class of elliptical curve cryptography


and public private keys are still used.


They're securities still based on the assumption that the elliptical curve discrete logarithm


is unfeasibly, unfeasible, or classically impossible to compute.


So classically impossible being modern, supercomputers, nothing quantum.


So there are sufficiently powerful quantum computer can still compromise both digital


signature algorithms.


Those taproot make it any easier to migrate Bitcoin, for example, to a pulse quantum


secure blockchain.


I don't think that it does either.


In my experience, anytime you add another function, or you add another module to something,


in this case, a digital signal algorithm, it becomes another module of the code that


needs to be considered upgrading and needs to be taken into consideration as part of that


project or that migration path.


So the Snorze upgrade would be definitely be part of the critical path of that project


in order to push Bitcoin forward.


But Snorze, with the smart contracts and the signature aggregation, the efficiency improvements,


you know, these are all great things.


But at the end of the day, none of this does anything that you resolve the potential threat


that is freshly powerful quantum computer can bring.


So I guess the bottom line is that it's that it is much easier to roll out new DSA's


into a blockchain to roll them in than to roll them out and make them pulse quantum secure.


Anytime you're adding increased functionality is the increased functionality adding that


is relatively trivial compared to what it would take to make Bitcoin pulse quantum secure.


So just to be clear, the purpose is not not creating fear and certainly in doubt about


taproot.


I think where the developers are taking it is the next is a logical classical step for


the blockchain.


But what we are trying to do on the QRL is we do, you know, we're providing education


and information to what potential threats might exist in the future so that we can allow


each of our viewers to make their own determination as to the probability of the quantum


threat.


So as always, you know, educate yourself, listen, and hedge accordingly.


Thanks for diving into that, Michael.


It's kind of like you said, it's kind of a balance of it.


It's not a knock at all on the Bitcoin developers as far as where they're going with the


upgrade.


It's just kind of a fact of whether it's not going to make a substantial difference


in terms of the quantum resistance of the upgrade.


But thanks for at least covering those parts as far as getting an understanding of it.


What we're going to be doing in a minute or two is we're going to be doing a little bit


of an AMA.


So this could be a mix of if you have maybe some interesting take or maybe a question


on something that we're discussing here with Bitcoin's taproot update and digital signature


algorithms.


Or if you also, too, we, if you have a comment below based on what's your take on the


taproot upgrade that's going to be happening in November 2021, what are your thoughts


on it?


We'd be interested in hearing what you think.


So just comment below based on what you're thinking.


And we'll wait about, you know, 30 seconds or a minute and see.


We'll open up the chat to see if we have some questions and we'll go from there.


And I'm just point up the questions right now, strike and we'll see.


Looks like we are from our goal.


Yep, let me.


Yep, let me pull that up right here.


We got, I'll read it out.


Some QC display and economics have consensus that PQ security must be implemented now.


Do you believe other crypto projects are looking at the quantum security threat quietly?


What is your take on this, Michael?


Here's the thing.


I would say when you need to implement quantum security, it varies a little bit depending


on its use case.


For example, if you are encrypting files and you need them to be secure for the next five,


10, 15, 20 years, they need to be pulse quantum secure.


Now, that's the biggest thing with files at rest.


If that information needs to stay secure because then you could, someone could obviously


get a copy of the encrypted file, which is classically secure now, but not necessarily


down the road.


But regardless, the blockchain use case, if quantum, if the quantum threat becomes realized,


any project that is not purpose building their addressing scheme from the ground up to be


pulse quantum secure is going to have a hell of a time trying to do so afterwards.


It's not, you'll see, okay, we'll just, we'll just add another sign digital signing algorithm.


No, it's not the signing algorithm.


It's the underlying ad, it's the address.


It's the address in scheme.


Well, we'll just do a, we'll just do a soft fork.


So all of the old addresses still exist on the blockchain.


So you have to migrate in order for, I'll use Bitcoin for it as an example, in order


for Bitcoin to stay fungible.


In other words, one Bitcoin to me, for me is worth the same as a Bitcoin to you.


It doesn't, you can't have pulse quantum secure bitcoins and classically secure quantum


bitcoins, right?


So all of those old addresses and wallets, all of those UTXO outputs on the chain would


be, need to be migrated over to something that's pulse quantum secure, but only the person


that has the, the private key can do that.


So there has to be some, there would have to be some sort of major call to action that's


supported throughout the entire ecosystem of Bitcoin and so forth in order to prevent,


in order to protect themselves against the quantum threat.


So it's a good one.


A good question as we get another one here.


I'm seeing a femoral messaging system.


I'll call it this question right here.


Plants produced documentation or code for EMS in the near term.


Question from QRL Discord and before you answer this one, if anyone's watching this and


they aren't currently active within the QRL discord, we have a vibrant QRL community of


5,000 plus and discord.


So make sure below this YouTube show or wherever you're watching it, we have the link to


our discord.


So feel free to join it on the conversation.


If you're new to the project, just kind of observe, learn a little bit and then feel free


to take part.


But Michael, feel free to dive in on this one.


I just wanted to make note of that with the discord channel.


So the ephemeral messaging system for those that don't know is going to be allow post quantum


repair communication using the blockchain to establish identities.


So I view the EMS, the way I see the EMS system is a bit of a post quantum secure, almost


like an SDK.


In other words, it's going to give you, it's going to give third parties the tools to


be able to be able to turn asymmetric, asymmetric encryption of being able to establish identities.


And then take that, then once identities are established, to be able to allow peer to


peer symmetric encryption.


And it's still in development.


But if I were to think of a good analogy, I view EMS as a bit like, I'll use a smartphone


as an analogy.


The smartphone is essentially the platform and the SDK that comes with the smartphone


and the smartphone in order to develop apps for it.


That's essentially what EMS is.


So EMS will allow third parties to develop their own peer to peer.


Not everything on chain.


Let's establish identities on chain and let's keep the on chain transactions to a minimum.


Peer to peer communication, that's post quantum secure because obviously if you were doing


I'm just going to use a messaging or a video app that's peer to peer as an example.


Obviously that transaction, that data, that's being exchanged.


I wouldn't want that on chain.


That would be unusable.


So any plans to produce documentation?


Yes, we will need to produce documentation in order to give the instructions on how to use


the platform so that third parties can develop the applications and the tools in order


to build their own pulse quantum secure apps.


Thanks for covering that one.


We're going to, we'll wait, see one more minute.


We have, let's try to see any other ones in there that you want to cover.


I'm just going over to the other screen for a second.


Here, got one.


Good stuff, oh, hello.


Yeah.


And in the meantime, if anyone will see if there's another question or two in a second.


But if you haven't already, subscribe to our YouTube channel, the QRL, the place where


you come for the crypto, stay for the quantum, make sure that you hit that little subscribe


button in bell that way.


When we come out with new content, whether it is a QRL live video, such as this one right


now, that Michael and I are doing, or if it is a planned video that we have set in our


channel, you'd be the first to know about it.


So if you aren't already a subscriber, make sure hit that subscribe bell and we're only going


to put out content.


When it's quality, we don't pump out five, six pieces a week.


It's usually generally one piece, maybe two max a week.


And we were big on quality over quantity in that regard.


And so definitely subscribe if you haven't already.


It looks like there's a good question by Craig Clements.


Yeah, let me pop that one up real quick.


Will it generally take BTC devs longer or shorter to agree and lock in implementation for


PQ signatures compared to the length it took for tap reads?


That's a good question.


So I applaud the Bitcoin community, the developers free and able to come up with an


efficient way to essentially reach consensus on tap, or being able to modify a piece of


the block in order to show your support gives everyone the visibility because of the


block change and mutability to be able to see how many nodes are in support of this.


So I give the ecosystem and the developers credit for that.


Taproot itself is more of a retrofit of a digital signature algorithm.


It's a module.


In other words, it's another way to sign transactions.


But the underlying transactions are still 256-bit public-private keys.


So this gets back to the same argument to all we'll just solve for it.


We'll just change the encryption protocol.


None of those are valid.


The underlying address, your private key, that is the problem.


Because a sufficiently powerful quantum computer using Shores algorithm can derive the


private key from the public key.


So until Bitcoin gets away from this public-private key, ECC usage and possibly something


like Lampert signatures or something else that doesn't solve the whole time by Shores,


you're still not the same problem.


So with taproot being more modular, I'm retrofitting this DSA in the Bitcoin.


That's something that's more like clamped on.


The Adresine scheme, the public-private key system, that's fundamental.


This is the foundation of how the protocol works.


So you're talking about the difference between changing a tire on a car or tearing out the


chassis.


Good question, Craig.


Thanks for answering that, Michael.


What I want to do now quick as in closing, I will see we'll leave the AMA open for another


minute or so.


What I want to ask is, Michael, if someone's watching this for the first time, maybe they've


seen a video before, maybe not, along with watching our other YouTube content where we


kind of cover a plethora of different areas of what our projects about and other areas of


the industry, where we're covering different aspects of crypto and blockchain.


Where is a good starting spot that if someone's watching this video right now, whether


it's the first time or maybe a couple times, where's a good spot other than our YouTube channel


for someone to dig in and learn more?


Is it docs.theql.org?


Is it theql.org?


Where are you sending them?


If they are watching this video in real time right now or a little bit later and you're


sending them there to dig into the QRL project a little bit more?


There is a site, FAQQ.info which essentially lays out the problem exactly.


Where are the quantum threat lies for ECC blockchains such as Bitcoin, Ethereum, 99.99%


of others?


That's probably a good place to start.


Also, there's docs and info.theql.org as you mentioned.


Got the other videos that we put together.


There's one video we did a while ago, I think it was called, so what exactly is the quantum


threat?


What is this?


Our goal on the project is to essentially help mitigate this quantum threat by we've established


our own blockchain.


At the end of the day, it's up to everyone to decide what their own degree of exposure


is, their risk comfort level.


We're not screaming quantum fire, but we are pointing out that this industry is definitely


moving forward.


If you look at the advances that are taking place in quantum computers, this is not a linear


advances.


These are, I hesitate to use the word parabolic, but they're definitely more than linear.


There's new advances being put out all the time, hundreds of millions of dollars of being


pumped in, not just in venture capital money, but also sovereign governments, of which


the sovereign government is obviously.


We don't get any information as to their progress, irrespective of whether or not it's


tax payer or fund it or not, I emailed the NSA that and get back to you.


It's a bit more behind the scenes, even if it's not to that extreme, even if it's governments


and we've covered that in past videos.


I hope that helps.


Great.


Well, I appreciate you hopping in and answering these questions not only on tap routes, but


also on how this affects Bitcoin and as far as quantum resistance moving forward and kind


of just the balance of different parts moving forward.


But for everyone watching at home, I appreciate you joining in on this conversation, not


only viewing it, but a few of you taking part asking some really good questions and from


both Michael and myself and the rest of the QRL team, we look forward to seeing you in


our next QRL video, whether it be alive or our next just QRL episode in general.


And until we speak with you next time, make sure to keep those digital assets secure and


we will see you soon.


Have a great rest of the day.


Take care.


Thanks Ryan.


Thanks guys.


QRL- How Much energy does Bitcoin use vs Quantum Computer?

In today's video we're going to be discussing how much energy does Bitcoin use for


a quantum computer, what really is money, financial sovereignty, and how you can help offset risk


with QRL. Let's dive in.


What is going on everyone and welcome back to another episode of the Quantum


Resistant Ledger Channel, your information superhighway into the world of post-quan


some digital asset security. I'm here today and today's episode with strike. How's it going,


strike?


Doing real good today. Let's talk some blockchain Bitcoin and quantum.


Awesome. So what I want to kind of lead the conversation, I want to talk about a few things


kind of just go through one by one. The first one being I want to start out by talking about


energy use from Bitcoin, the network, versus a quantum computer. I want us to kind of


break it down a little bit. I'd love to start there and then kind of see where that conversation leads.


Sure.


So there's a lot of talk in some bahs about how much energy Bitcoin uses.


So I dug in a little bit before we started talking and it was actually pretty amazed.


It's bigger than I thought a mode of energy that Bitcoin does use, but let's talk about


quantum first just to keep things at a smaller scale to start out with.


So according to D-Wave, their machine runs around 25 kilowatts.


So that would be, that's quite that's quite a bit of energy.


How can I describe it? Most of most of all of the energy of that 25 kilowatts was basically


tied up into the dilution refrigeration. So that whole system has this refrigeration unit


around it and its goal is to try and bring the temperature down to a mill of kelvins above absolute


zero because obviously quantum computers are cool and they need to be therefore kept very cool.


So that's about the, according to D-Wave, the last search I did that's around 25 kilowatts.


Now Bitcoin's a different story.


If you're talking about just a node on the network, which does not obviously constitute Bitcoin,


that's a very small piece of Bitcoin.


Yeah, I meant like the macro is a whole like.


Okay. So the macro of a whole, depending on who you talk to, is somewhere between 58 and 77


terawatts. So what the heck is a terawatt? A terawatt is a one with 12 zeros after it. So I don't know,


one of my favorite movies, you know, back to the future, the lightning strike, right? We all know


it's it's 1.1 giga, you know, but it's actually giga, but does that kind of air like how


jigga sounded. So they went with that against the wishes of the sites and plies there. But that's


essentially 1000 gigawatts equal a terawatt. So how much is how much, you know, even these are even


though these are terawatts, you know, sustained for an hour, how much is Bitcoin using? Well, 77,000


lightning strikes. So there's a huge difference between the power requirement of the proof of work


consensus, you know, being used in Bitcoin versus a quantum computer. Now the flip side of that


or the irony, if you will, is that, you know, this 25 kilowatts of, or what is, what's that 250,


100 watt light bulbs, I think, and, you know, this, this is what this is what this is what essentially


this 250 light bulb, light bulb risk, assuming the power requirements don't scale up exponentially


as the qubits and quality of cubits scale. This is what's posing the threat to Bitcoin and,


you know, this is what the project is all about. So I think that's a little bit of irony. So if you look


at, you know, I think I was talking the other day about, to my wife about power to weight ratio


in cars, this is more like a powered factorization ratio similar. Yeah, no, that kind of, that answers


it succinctly as you possibly you could go into that. I want to kind of come back to proof of work


in a few minutes, but where I want to kind of segue to for a minute here, and I want to kind of get


your take on it, when it comes to crypto, I want to ask what really is money. And if we look at,


you know, Fiat or if we're looking at BTC, you know, store value, I kind of, when I come from my


economics background, obviously you have, you know, the evolution of money, I kind of refer to it as


CMPPC. So what that stands for is you have, you know, commodities. So I'm trading you like grain or


chickens or a commodity for something else in exchange, as a medium of exchange, then you got, you


know, metallic. So, you know, I'm trading you coin in exchange for, you know, an IOU for something


that's going to be valuable later, then you got paper, then you got the P in it as plastics. And


then obviously the, the C of the way I form it is obviously crypto moving forward in the digital age.


But I want to ask you what really is money or how would you kind of explain that if someone


were to ask you if they're just talking about whether it's Bitcoin or another all coin,


what really is money in association with crypto? So this is, this is a good question.


I'll give you the short answer first and then I'll kind of go into some detail.


Money is basically, money is whatever you perceive that be consciously have value,


but there actually is a structure around what money should be. But it really is whatever it is to


you is an example fiat currencies around the world. Why do they hold value? Well, fiat holds value


today because everyone has confidence. It bought something yesterday. It should buy something


tomorrow. But if you break it down, you really think about this is a, this is a, this is a,


this is a psychological construct that was created by man, right? And it's something that we


reached a consensus on kind of, I don't know, I guess I'm not going to use the word consensus on that.


There's some people that in the blockchain, Bitcoin community that feel quite differently,


which I think why we're all talking here. But there were, there were some, you know,


let's just go where there were a subset of people in Jekyll's Island,


the 108 years ago or so they reached consensus, half joking aside. I, when I started studying


in monetary history in 2008, I wanted to know what had happened during that crash. So I


found myself for years going down this rabbit hole. Something did, I remember, I remember,


early, I remember in 2008, I was talking to someone in the car and he was talking about housing


going up 10% a year. I was like, that's interesting. What do you mean? Well, how can housing go up


10%? And I just remember that feeling so strange when you actually think about it.


So I started following a lot of people, different people. I started like, I've followed


Max Kaiser for years. I followed Mike Maloney. I, yeah, Stephen, well, I, I followed Peter Schiff,


1.0. I'm not sure I'm not sure I'm following Peter Schiff, 2.0, too much. But one of the things that


Mike Maloney did is who's crypto friendly and gold friend who she's pro crypto and pro gold,


at goldsilver.com. And he has a great, he has a good series of videos. I mean, good series of,


I think it's called the hidden secrets of money. I do recommend watching them. But if you break


down to answer your question, what is money? There's a few different things money. It, it,


it really just has to be, that's to be a medium of exchange, which means you have to be able to


trade it. It has to be a unit of account. So you have to, it has to be able to be numbered,


you have to be able to count it. So you, so you didn't know, you know, how much you're holding


in your hand. It has to be durable. Now, this doesn't necessarily mean physical durability. You


know, the dollar bill is relatively durable, cotton and linen. They, you know, they did do a good job


with how they did do a good job with putting it together as far as how physically durable it


is. I mean, we all know they survived the washing machines. So it has to have durability,


but that doesn't necessarily mean physical durability. It has to be, uh, divisible and it has to


be able to be divided equally. It has to be fungible, which means if I have a dollar


and I can buy something, you should be able to buy that same thing for the same dollar.


So a dollar to me has to be worth the same as a dollar to you. So that's fungibility broken down.


But the last qualifier, and this is really the most important is it has to be, it, money should


be a store of value. It should retain its purchasing power over time. And they're, I mean,


and there's a, there are a lot of frustrations with people that study, you know, I, well, I,


I lean more on the, on the ostrich inside of economics than, you know, the Kenzie inside. But there's,


when you do really, there's a lot, there are many frustrations about the system.


One of them is the, one of them is retaining its purchase power. So we all know inflation and


inflation, you know, being the M2 expanding so that there's always more increasing money, debasing,


you know, debasing the purchasing power of those that hold dollars so that as you're holding a


dollar in your hand, it's literally losing value because more of being printed. And this is all


my opinion, you'll hear a different opinions possibly even on the, on the, on the team of QRL.


But if you have to me, it doesn't equal money, it doesn't have a store of value.


That's an important qualifier to me. It means something.


Yeah, and we're kind of seeing this play out in real time if we go to Kenzie and economics of,


okay, look how much money is being printed and seeing, okay, is that something that we can


continuously and not we, I mean, the Fed being able to, can they buy themselves out of the


troubles that they're in, whether it be in, you know, printing money, whether it be in a bailout,


etc. But I want to tie back to the part we're discussing with the energy use, both with


a quantum and with Bitcoin, because I think it's really important to touch on this for a second and to,


you know, diverge back into this. And what I want to ask is with proof of work, there's a lot of


people that will maybe say have criticism and say that, oh, well, proof of work's kind of old,


but it is fundamental. And I want to kind of tee you up with this question in saying that,


yes, although it is easy to criticize proof of work and say, oh my God, it's a waste of energy and


all this stuff. People will blindly make that statement without really considering what happens on


the back end when let's say that they use their credit card at the grocery store or they make a


purchased online. And they're not really thinking of the back end infrastructure and energy that's


being used there. When you go, when you purchase something with your credit card, there's a ton of


stuff and energy being used on the back end, whether it's keeping, you know, lights on at, you know,


your, your bank of America, whether it's when you're spending dollars, it's having running


servers. So a lot of people don't think and consider that part. The electrical energy and bio


and bio, bio mechanical energy, because there's a person at the same time, which is not an


algorithm. Yeah. Yeah. I love for you to dive into that just for a minute of kind of, you know,


why it's fundamental. And I just wanted to tee it up with that because I think it's really


important. A lot of people don't even think about that. Okay. Yeah. So when Bitcoin came out,


obviously the consensus is proof of work. And there's been, there's been a lot of consensus proposal


since then because there are, there are people that take issue with, you know, 60 terawatt hours


that are being, you know, used, you know, consistently in order to maintain, maintain this network.


But at the same time, well, there's some of the other, some of the other consensus is


get proof of work. You've got, there's, there's even proof of elapsed time. There's proof of


stake. There's a bunch of other ones. But here's the thing, if when you go into exchanges, you'll


notice that when you want to centralize exchanges, you'll see these parions, right? You'll see,


you'll see, you'll see things tied to fiat, but you'll also see altcoins pegged to crypto.


Like, but like, why is that? Like, why peg it? Why would I peg Bitcoin in a theory and together?


Well, the answer, the answer is Bitcoin is essentially how the US dollar is the world reserve


currency. Bitcoin is essentially the crypto world reserve currency. And it was the first, you know,


it was revolution, you know, it was the first of its kind, you know, no one had ever seen


it, no one had ever solved the benzene team general's problem quite this way before in a way


that was distributing in a made sense, right? So, but here's my, here's my thought on it.


And I'll use proof of stake as an example. Proof of stake reaches consensus by, by where you have


funds, you know, bonded and then they're locked up and then there might be withdrawal period


that you have to wait or or not. But it, you know, it applies well to, you know, relatively


well to game theory in that you have been incentive to be a good actor on the network because you


have your funds tied up, you know, you don't want your funds slashed, you know, if you misbehaved. So,


most everyone in proof of stake, they're behaving like good boys, right? So proof of work,


it's similar with Bitcoin's implementation of proof of work. You do the work or you just don't


get paid, right? Yeah, I don't know, but nobody wants to show up for work, do something and then


leave you at the end of the day and have your boss go pick up your check and have your boss say


it was just, he was just joking. He thought, you know, he thought, you know, he wasn't being serious.


But be back to the pagging of altcoins back to, back to Bitcoin. It feels fundamental to me that


that initial work that crypto world reserve currency should be based on something that requires


effort to be performed, energy to be expended. And if it, and if it didn't, it almost, I mean,


I like proof of stake, but I just don't think it's a one size fits all mechanism.


So like, I'll use Gavin Wood as an example with Polkadot, you know, he's saying Polkadot's a bet


against blockchain maximalism. So what he's saying, he's betting that there's going to be heterogeneous


blockchain in the future. And I happen to share the same opinion. And to me at the end of the day,


if you're taking the other altcoins and you're pagging them something that took genuine actual


work to create, that's irreplaceable because otherwise you end up in this financial scenario,


which becomes this slippery slope of arguments, proof of state, proof of stake, no actual work was


being done, the rich get richer. You know, these are positive arguments. But if you had things that


are pegged to a crypto world reserve currency like Bitcoin where it takes this much energy,


then that means something that because that means someone exerted energy, someone performed work,


and there was a cost to acquire it. And the other thing is it also gives anyone that's new coming


into crypto. It's giving them a fair on ramp because they can perform the work as well too.


Now, early adopters, they took risk when Bitcoin was just gold in a video game, right? That was


a very, that was a sentiment that I had years ago. I've said this before, you know, took some risk.


They deserve to reward it because risk award, right? But when you pay it to something that has


work, I think that that means something that that has to exist. So I believe in this, you know,


in this heterogeneous blockchain future, and that's why I would answer that question.


Let's add on to one more part of that before we dive into the last question. The meta is just,


how does this tie into financial sovereignty? I kind of want to just tie into that just for


briefly for a minute or two, because I think it's important for people to understand that a lot


of people that are maybe newer to the space will kind of dabble when they in the beginning,


maybe they are, you know, a whole little bit of a few coins, whether, you know, the really


the Bitcoin Ethereum, maybe some all coins. Sometimes they'll just be, you know, having it sit


within an exchange and they don't really understand maybe some of the deep earth areas where


they need to. Can you just touch briefly on financial sovereignty as we kind of lead into the last


part of today's episode? Yeah. So financial sovereignty, you actually exist. It doesn't anymore.


We have centralized, you know, we have central banks, which function as central governors


that govern the government, you know, government fiat and that's every country in the world.


So with what blockchain and Bitcoin and blockchain brought was this concept of financial


sovereignty, where you are a sovereign entity that does not require any other organization


in order to have what you have. I mean, as, you know, a gold could be, you know, gold can be


confiscated by force, the savings deposit box could be confiscated. But I don't, with Bitcoin and


blockchain and, you know, I don't have, I see what the rules are. I can see the code. I don't have


to trust anyone else. I don't have to trust that the government, you know, that the central banks


aren't going to debase my currency in a road, it's purchasing power in order to, in spend my


purchasing power and something that I didn't agree to. I don't have to trust that anymore because


I trust the encryption. I don't have to trust that there that I don't have to, I don't have to


worry about for actional reserve lending fiat or gold because I trust the encryption. I don't have


to worry in whether or not I actually own what I own because I've either got the keys or I don't


have the keys. There's no, there's no, there's no, I kind of got half the keys. Well, if you got,


you got your public and you don't have, you know, if you've got your public and not your


private then that would technically be true, but in that equal, but that still equals nothing,


right? So you don't have to trust anything because you trust code. It takes trust out. Now,


this isn't, this isn't Mike being a cynic. This is just Mike applying game theory to modern


economics and for the past, you know, for the past hundred years at the least and before that,


we know how game theory and economics works out. I mean, that's well, that's pretty well documented,


right? So as far as, as far as blockchain, you know, and quantum resistance ledger and Bitcoin,


it is financial sovereignty. You are, you are your bank. Yeah. And just the last part to kind of tie


this back in while we're on this topic is, how does QRL fit into this entire system based on


what you were just discussing with financial sovereignty? Yeah, of course. I mean, so I don't know


if this is your first episode that you've been watching. We have other previous episodes where


we go into essentially hedging risk with digital assets. Okay. So we talk about quantum computers a


lot on this channel. A sufficiently powerful quantum computer has the ability to apply short


algorithm and take a public key and revert, you know, in fact, you know, into a private key,


which is a convet through a conventional computer is so many years, so many billions of years,


it's impossible. But what our project does do is it hedges you against that quantum threat.


And if you are paying attention to quantum, you know, if you're paying attention into quantum


computers and to all of this cutting edge technology, IBM's got their commercial


quantum computer, Honeywell's got one for 10,000 bucks an hour or something like that.


D waves been making them for a lot of years and if news is coming out, there's hundreds of


millions of dollars of publicly visible money that's being put into this. But this is kind of like


one of those things that comes back to you when you're either right or wrong in five or 10 years.


But I'm going to say that there is a lot of money that's being put into the field of quantum


computers where we either a don't see the money that's going into it, possibly, and but certainly


b that we don't see the progress that's being made because of what of what the threat actually


means to bitcoins, to altcoins, to essentially every major blockchain project, except


QRL, which is, you know, we're may ask you to draft recommended now. And QRL is your quantum


your quantum hedge against a black swan event. So if I mean,


if someone holds digital assets, they have to make a decision of whether or not what their


what their exposure is, right? What their risk tolerance is. And then if you acknowledge that there


is a risk there, then that means something. If you acknowledge it exists, then that objectively,


I don't know, means of percentage of a portfolio or something, at least that's the way I look at it.


And that's what I do. So I'm just, I'm not recommending anything. I'm just giving my opinions


and my thoughts that saying what I do. Yeah, no, I appreciate you kind of diving into that and not


only that, but kind of discussing the first part, which was kind of the energy of, you know, the


whole Bitcoin network versus a quantum computer. I feel like that topic in itself can get pretty


overwhelming at times and then just dive into, you know, what money is and the last part about


how curl ties into it. But strike and appreciate you diving into some of these questions as always


in upcoming episodes, we're going to be discussing a few new episodes on crypto security,


continuing to tie in Bitcoin discussion when it's applicable. And if you haven't already subscribed,


please hit that subscribe button below. And strike and I will continue delivering a great


content to you on a weekly basis. And we look forward to both seeing you in the next video. Thank


you guys. Thank you. Bye bye.


Creating a Quantum Resistant Multisig Wallet

In today's episode, we're going to be doing a multi-sig while it walked through and going over a few reasons and why you might want to even create one in the first place.


Let's dive in and show you how to do it step by step.


What is going on everyone and welcome back to another episode of the Quantum Resistant Ledger channel,


and the video portal into the world of host quantum digital asset security. And today's episode, we are going to be doing a multi-sig while it walked through and with me for the episode.


It's my co-host, Michael Strike, our director of outreach. What's up, strike?


Doing great. Another video looking forward to this. We're going to do some multi-sig. We're going to have some fun.


And also with me is our Head of Communications Jack. How are we doing?


Pretty good, right? You're going to be a corner. Great. And a multi-sig address.


Awesome. Let's dive right into it. Strike, before we go over and just jump right into creating the multi-sig.


Can I ask you a question first, if someone out there is watching and they're like, well, what is the point of creating a multi-sig?


Can you give us a few use cases or scenarios where it might make sense for someone to use a multi-sig?


And then from there, we can dive into the actual strain and go through the water.


Sure. So let's talk a little bit about what multi-sig is so that the content will make sense.


A multi-signature transaction is essentially a form of digital custody. It actually goes back many, many years.


First, the first recorded use of multi-sig was by the Byzantine monks in which they had, I believe they had relics that they wanted to keep safe.


So they had a door which required two, three keys, minimum.


And to each of the monks, they would give an individual key. And in order to open that door and unlock that lock, each key would need to be present,


or at least two or three out of the keys would be present, you know, depending on how sophisticated the lock is.


And I covered this late last year in another video.


So if you want more information about the origination of multi-sig, go ahead and view that.


A couple of use cases could be escrow transactions in which you'd have three parties.


It could also be used for things like corporate treasuries.


You could assign different weights to different board members. And once you, as long as the threshold is met for a transaction, then you can, you know, then funds from the corporate treasury can get spent.


And you can also use it as a, for your own personal wallet, if you have someone, if you have few people that you're really, really trust. And you wanted in case of your own demise, I suppose, you could create yourself a multi-sig address and, you know, give yourself, you know, all, a lot of weight, obviously, when you, when you create it, but you could also assign my, I know maybe three friends.


And if those three friends, you know, all agree or collude or defending, I hope, hope they're good friends. You know, then, then, then, then, other addresses can access those funds.


So it's basically a type of custody and it allows you to spread risk out.


That's, that's a good way to explain it and really just having no one point of failure. And then obviously you're dealing with people that you trust in that it worst case scenario happens, whether it's a personal situation or the treasury example that you used.


But let's, let's dive into the screen strike and you can kind of dive into how the multi-sig works.


Sure, let's do that.


One moment.


All right, so I have, I have my wallet open here. I have two quanta. I'm going to go to tools.


The first thing we're going to do is create the multi-sig address.


So, I'm going to go into this tools multi-sig functions and what I'm going to do is, Jack, I'm going to put you in here.


Great.


So, I'm going to do a little bit of a great way to one.


Ryan, you two.


And for those of you watching what's happening now is what you would be doing in this scenario is the people that you would be creating them all that


stick with this is where their addresses would be going in real time.


What I'm going to do is set the threshold to spend as two. So, what that means is that Jack's, Jack's is here. Ryan's is here. Mine is here. If two people want to spend


from the multi-sig address, then they can do that. One person cannot, that transaction won't go through. And that's essentially how it works. So, we'll set the threshold to two and we'll click on confirm.


And confirm multi-sig transaction creation. It's going to create the multi-sig wallet. Click to send. And here is our multi-sig wallet address.


Okay, I got the address. I'm saying it 25. Okay.


Let's just jump over to center to see. So, it looks like this in the web wallet. If you see this, if you see this moving around here, that's showing that you have an on-process transaction.