John Alan Woods, CTO of Algorand, in a recent original Algorand podcast, discussed Algorand’s preparedness for the quantum computing era that is to come. He explained how quantum computing and chips impose a threat to Blockchain security and encryption. This is because quantum computing is capable of breaking the cryptographic algorithms that secure blockchains.
Quantum computing is basically the use of quantum-mechanics to compute significantly faster than regular computers. To address this threat, Algorand has been proactive in its security measures. Algorand, as a layer-1 blockchain platform, enables developers to build decentralized applications (dApps) and other blockchain-based solutions. To maintain the trust of its users, it is necessary that the information on the Blockchain remains secure.
According to John, no quantum computer created threatens modern cryptography. However, there have been breakthroughs that signal that the era is near. He agreed to the interviewer’s assertion that Algorand’s Ledger and all its information are completely secured. “The transactions on the Algorand Blockchain are secured by the post-quantum signatures scheme, known as FALCON,” he stated. “This signature is NIST and will soon receive FIPS certification”.
He went on to share that Algorand is continuously working on its security. According to John, they are pioneers in the space, as most other Blockchains have not attained the same level of security. John also discussed Algorand’s finality feature, powered by its verifiable random function (VRF), and how the team plans to make this technology quantum secure. It is impressive to see Algorand strive to be even more secure, considering it’s high throughput and low cost.
Algorand’s Commitment to Growth and Community Impact
Beyond Algorand’s utilities, they offer grants to startups and public goods. Borderless Dev Hub, the not-for-profit arm of Cryptosmart which raises developers in Africa, has once been a recipient of the Algorand grants. This enabled the organization to build its very first physical hub in November 2022, at Port Harcourt, Nigeria. Borderless provides tech enthusiasts who meet the requirements for acceptance into its quarterly program a chance to learn various tech skills. Algorand is just as deeply invested in the growth and wide spread of the Blockchain technology as it is secure and energy-efficient.
As the quantum computing era draws near, Algorand’s approach to security sets a high standard for the blockchain industry. By prioritizing innovation and collaboration, Algorand is not only safeguarding its own ecosystem but also contributing to a more secure and resilient blockchain landscape.
