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China To Release Three Blockchain Standards This Year

  • Paul Hackley
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    China to release three Blockchain standards by the end of this year


China To Release Three Blockchain Standards This Year
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The government-backed China Electronics Standardization Institute (CESI) under the Ministry of Industry and Information Technology (MIIT) is about to release three Blockchain standards for smart contracts, privacy and deposits. They will be issued in order to guide the development of the industry in China.


The standards, which will be association-based, are expected to be released by the end of the year. Li Ming, director of the Blockchain research lab at CESI, said that the association-based standards will serve as a foundation on which national and international standards can make reference to or be based on.

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"The Blockchain is gradually being accepted, and more and more people are beginning to recognize, invest in or use Blockchain. But at the same time, many people are skeptical and international standards are needed," said Craig Dunn, chairman of the International Standardization Technical Committee for Distributed Ledger Technology during a recent Blockchain conference in Shanghai. "At present, more than 50 countries are participating in the development of Blockchain standards, including China."

Li Ming said that the standards are recommended, not mandatory, and are drafted as a reference guide.

Recently, China’s IT ministry emphasized the need for developing of such standards at the soonest possible time.

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It Would Take Several Seconds to Hack Every Cryptocurrency in the Nearest Future


It Would Take Several Seconds to Hack Every Cryptocurrency in the Nearest Future
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Contents

Blockchain is commonly known as an immutable ledger that is impossible to hack, but there is always a looming threat of quantum computers. HCASH Chief Scientist Dr Joseph Liu, who claims that every single cryptocurrency can be hacked in a matter of seconds, has come up with his own coin that won’t be threatened by quantum hackers.

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The inevitable quantum takeover     

Quantum computers are generally considered to be the Achilles’ heel of Blockchain-based cryptocurrencies, including Bitcoin. IBM has already announced its first quantum computer with Google and Intel also working in that direction in 2019.


IOTA, which is powered by DAG dubbed ‘Tangle’, is considered to be the only quantum-proof cryptocurrency on the market, but there could be yet another option – Hypercash that recently presented its post-quantum secure Ring CT protocol.    

‘If you want to use this computer to break the … normal security, it’ll take maybe 500 years to break the system. If you use a quantum computer, maybe several seconds. Hcash is trying to provide security, even in the existence of this future computer,’ – he claims during a recent interview.

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A precursor to Monero     

The aforementioned quantum-resistance cryptocurrency is based on Liu’s research paper about a ‘linkable ring signature.’  Fun fact: that paper, which was published back in 2014, was used by the creators of Monero as the basis for the flagship privacy coin.

The Ring Confidential Transaction (RingCT) allows having an external verifier without exposing who that verifier is. Liu didn’t expect the coin to produce any significant impact, but now he is eager to improve the protocol of the billion dollar currency without getting any financial gains.

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High hopes for Blockchain

Despite his gloomy prediction about the quantum takeover, Liu is still certain that the future of Blockchain is bright. He is certain that there will be an increasing number of Blockchain-related jobs that will be coupled with growing academic interest in cryptography. There is will be many use cases of Blockchain technology in different spheres of our life.

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