Algorand tops post-quantum race with 2.7M secure transfers- Will it rally ALGO?
Algorand still does not have a full post-quantum security across its entire stack
Algorand continues to make commendable progress towards post-quantum security. In an X post, the blockchain declared that it now ranks first in the industry in post-quantum (PQ) transactions.
Over 2.7M post-quantum transactions on mainnet, more than any other blockchain on the planet. Others are still talking about the quantum threat. We’ve been shipping since 2022, and nobody has caught us.
Simply put, if there were functional quantum computers today, Algorand’s transactions won’t be cracked or funds stolen.
But blockchain’s mainnet transactions are just one part of the stack that should be secured. There are wallet addresses, consensus mechanisms, price oracles, and more that should have PQ signatures too for a chain to achieve full post-quantum security.
Currently, Algorand has a hybrid model that supports classical (elliptic curve cryptography, ECDSA) and post-quantum signatures for transactions, cross-chain communication, and wallets.
This allows for a more gradual transition and for users to migrate at their own pace for now. In fact, this is the approach Coinbase wants Bitcoin to adopt.
Comparing Algorand’s post-quantum readiness
As of September, Algorand had a ‘C’ grade for post-quantum readiness assessment. As mentioned earlier, the ‘C’ is because the chain has PQ signatures for transactions and the consensus mechanism.
However, it still lacks PQ-ready schemes for privacy features, zero-knowledge (ZK) proofs, and P2P connections.
It shares the same C rating as Zcash. However, its PQ progress and readiness are way better than Bitcoin, Ethereum, and Solana, which have D and F ratings.
That said, responding to the update, Dr. Joseph Kearney, technical advisor at Quantum Resistance Ledger (QRL), congratulated Algorand but noted that they still lead in PQ transactions with over 6M.
The fact that some blockchains are now competing and bantering about which platforms have the most PQ transactions is utterly impressive. Especially amid renewed quantum and advanced AI fears in the past few days.
But will the narrative boost the value of the underlying tokens?
Impact on Algorand’s ALGO?
On the price charts, ALGO market sentiment was at a ‘neutral’ level after this week’s broader market pullback. The latest post-quantum update seemed to have little impact on the token’s market sentiment, at least in the short term.
Hence, the upcoming macro volatility and broader market could have more influence on ALGO’s next price moves. As of writing, ALGO was down 19% and could drop to $0.10 or lower if the risk-off deepens.
Final Summary
- Algorand post-quantum transactions hit a record high of over 2.7M
- The blockchain had a ‘C’ grade for post-quantum readiness compared to Bitcoin and Ethereum, which had ‘D’ and ‘F’ ratings
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