The cryptocurrency community has been quite vocal about potential attacks by quantum computers in the future. According to many theories, quantum computing will become so powerful that it might eventually break and decode modern-day encrypted algorithm. Even as Bitcoin programmer, Jimmy Song, dismissed claims that quantum computing could harm digital assets, Andrew Poelstra, when asked about Monero not being fully secure and vulnerable to different kinds of attacks, admitted,
“The only threat we are aware of to the elliptic curve discrete logarithm problem for the curves that we’re all using there are indeed quantum computers”
The question, according to him, is whether there will be a quantum computer that is large enough in terms of qubits to decode the logarithm. The researcher however, claimed that it is not an immediate cause of concern. He also admitted that things like these take time to develop and that there should be an effort to develop systems that are resilient to future attacks.
He further stated that for Bitcoin, the situation would not be any better. Poelstra revealed that in practice, around two-thirds of all public keys that control coins in the Bitcoin network are currently exposed and are known to people. So, a powerful quantum computer in the future would seamlessly “steal all those points.”
With the king coin however, the only simpler thing would be the transition plan if quantum computers actually happen to breach the network. The transition, in this case, would be simpler because all it requires is to replace the digital signature algorithm in order to be quantum-resistant. But in case of the privacy coin, Monero, the replacement process would be complex as it includes replacing the Ring CT [Confidential Transactions], which is a vital part of the network.
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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