While the cryptocurrency market continues to consolidate with increasing bearish pressure, some projects remain popular for long-term investments. Some popular altcoin types include Metaverse coins, Web3 tokens and dApp tokens from various ecosystems such as Tron (TRX), Elrond (EGLDD, Ethereum (ETH), Polkadot (DOT), etc.
These altcoin projects have the potential to revolutionize
Cryptocurrencies have the power to revolutionize finance by eliminating middlemen. By bringing their extraordinary abilities to the design process, quantum computers and supercomputers have the potential to revolutionize the way drugs and materials are created. But here’s the problem: If quantum computing evolves faster than crypto’s future-proof efforts, the blockchain accounting system that supports cryptocurrency projects could be vulnerable to sophisticated attacks and fraudulent transactions.
On the other hand, some new altcoin projects claim to be quantum secure and quantum resistant. This means they can withstand known quantum computer attacks. In this article, we will examine the 5 most potential quantum computing altcoin projects on our list.
The first altcoin on the list: Mochimo (MCM)
Mochimo (MCM), a brand new cryptocurrency developed by an international team and released on June 25, 2018, is resistant to threats from quantum computers. Mochimo uses WOTS+ Quantum Resistant Security certified by EU funded research organization PQCrypto and one-time addressing to protect privacy whenever you want. According to the website, it uses the Mochimo blockchain to dramatically increase TX speed using a proprietary algorithm, ChainCrunch™, while remaining small.
Using a compressed portion of the historical blockchain contained in every node in the decentralized network, anyone can set up a fully working node in minutes. Industry experts in the fields of computer networking, artificial intelligence, telecommunications, cryptography and software engineering are Mochimo’s critical contributors.
HyperCash (HC)
Originally known as Hcash, the purpose of HyperCash (HC) is to enable value transfers between various blockchains. It supports DAO management, quantum resilience, and zero hash proofs. It is a decentralized and open-source, cross-platform altcoin project designed to facilitate the exchange of information between blockchains and non-blockchain networks. It is also a highly secure network with quantum resistive signature technology.
The HCASH network has two chains that run laterally, each serving different functions within the ecosystem. These two chains provide an interconnected, bifocal, dual-token, dual-chain ecosystem that will help us solve interconnection, privacy and security issues in the current blockchain ecosystem. The management of hcash is based on a hybrid PoW/PoS consensus methodology and blockchain/DAG network.
Nexus (NXS)
Nexus (NXS) is a community-driven initiative with the shared goal of creating a society characterized by progressive and ethical principles, advanced technology, and universal access to connectivity on a free and open basis. Since September 23, 2014, Nexus has been created purely by mining, without an ICO or premise. Nexus uses post-quantum signature schemes (FALCON) and automated key management functions through “Signature Chains” technology. This technology allows users to access their accounts with a username, password and PIN information, eliminating important management problems (wallet.dat’s). Another technology developed by Nexus;
- Decentralized autonomous organization for governance (DAO),
- Safenet, a hack-resistant Operating System,
- A decentralized satellite
- mesh network
All the technologies mentioned above are interconnected by a multidimensional chain structure. Nexus is bringing this possibility to life with an end-to-end decentralized platform designed to empower every person with technology to reclaim their digital identity.
Quantum Resistant Ledger (QRL)
Quantum Resistant Ledger (QRL) is a fully quantum resistant blockchain network using PQ-CRYPTO recommended/IETF standardized encryption. QRL uses a hash-based eXtended Merkle Tree Signature Scheme (XMSS) instead of ECDSA, which is reported to be vulnerable to quantum attacks and is found in many other blockchain projects.
According to the project, a set of applications and a development environment that allows users to “simply create blockchain applications on the Quantum Resistant Ledger network” increase the security of its platform. It combines on-chain key storage with robust ephemeral messaging layer to node communication. It provides a first-of-its-kind post-quantum secure message layer for ultra-secure digital communication. The platform has a full suite of end-user products designed with the end user in mind, from integrations with hardware wallets to mobile apps.
Last altcoin on the list: IOTA (MIOTA)
Launched in 2016, IOTA (MIOTA) is a distributed ledger. However, it differs significantly from a blockchain in that it is not a blockchain. Instead, it uses a node system called Tangle, with its patented technology, to confirm transactions. Blockchain is mining, so there are no fees as there are no miners. As congestion worsens, costs rise in many traditional networks, but IOTA strives to offer unlimited capacity at a low price.
The foundation of the platform claims to provide much faster speeds than traditional blockchains and has the perfect footprint for the ever-expanding Internet of Things ecosystem. The purpose of IOTA is to establish itself as the default platform for performing IoT device operations. In summary:
- IOTA maintains the integrity and verifiability of data.
- IOTA helps people navigate their digital lives safely.
- IOTA combines IoT with secure data and value exchange.
- According to the team behind the project, their distributed ledger can enable anyone to access digital identities, enable real-use-based auto insurance policies, open the door to cutting-edge smart cities, facilitate seamless international trade, and ensure legitimacy of goods.
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