By Matthew Bennett (New Frontier Operations Pty Ltd – QDNA & DNAX Exchange)
Today, virtual currency, aka “crypto,” is in increasingly common use in financial transactions worldwide.
This could be the end of an era…
Best stated by John Maynard Keynes in 1930, “[T]he age of chartalist or State money was reached when the State claimed the right to declare what thing should answer as money to the current money of account—when it claimed the right not only to enforce the dictionary but also to write the dictionary.”
Cryptocurrency today can revert to or from fiat currency peer-to-peer free from any constraints of law – or even conventional morality – making it difficult for governments to make an important decision whether or not there is a need, or indeed the capability, to regulate cryptocurrency.
To complicate the matter further, digital technologies, due to their subjectiveness to cybersecurity breaches, have been known to allow cryptocurrencies to fall into the hands of hackers. Mitigating this requires continuous upkeep of security infrastructure. Cybersecurity measures within many crypto exchanges and wallets are currently going beyond those used in the traditional banking industries, but vulnerabilities still exist.
Another issue that has been encountered with many cryptocurrencies is their lack of inherent value. Warren Buffet characterized crypto as a “nonproductive asset” and the cryptocurrency market valuation as a “bubble.”
This issue can be overcome through directly linking cryptocurrencies value to tangible and intangible assets such as diamonds or even energy derivatives, allowing for the increased adoption along with increased consumer confidence and decreased volatility.
If the governments aren’t sufficiently able to regulate, and real value is being cryptographically transferred, the following question arises: “How do we establish a proper verification layer to help increase consumer confidence?”
Through the developed of QDNA and the DNA-Xchange was born the veri-encryption methods helping to ensure verified encrypted anonymity for content/information content between two nodes while creating a sub monitoring protocol within both wallet and node.
The capability has been developed surrounding the creation of a mimicking process to DNA allowing for information to be processed from multiple areas or sources, without loss of security, while maintaining secure incorruptible blocks.
As such, the design of a pseudo DNA code which is comprised of all relative data regarding transaction also maintains variance links to ensure that even if node theft is possible, that the code can only be used by the retrospective wallet or interchange.
It is yet to be proven whether this will increase consumer confidence, but it does layer in complexity to diminish the access of bad actors.
A challenge with this is implementation into a secure infrastructure network. When developing within either the American or Australian infrastructures this may be problematic due to the server stacks from such companies as Microsoft or Amazon AWS.
One of the massive upsides of this to the QDNA system is that it can be used across dual platforms. This new system may be the bridge needed between the traditional value transfer system and quantum value transfer.
By keeping in mind traditional computation and leading to look at the future computation requirements, our work is to deliver a new method of encoding data through the development of a dual layered encryption algorithm in order to increase the concept of confusion and therefore increase security within a quantum computing realm.