Blockchain & Cryptocurrency , Next-Generation Technologies & Secure Development , Security Operations

An Alternative Approach to Cryptocurrency Security

Today's cryptocurrencies are based on cryptographic standards that eventually could be broken via quantum computing, says Gideon Samid of BitMint, which has developed a virtual currency based instead on the concept of "quantum randomness."

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Samid says relying on algorithmic complexity for cryptography is dangerous because advances in quantum computing could render that approach ineffective.

"Rather than build more and more complexity and hope that the complexity will withstand an attack, we say don't hinge your security on algorithmic complexity; hinge it on lavish use of randomness," he says.

In a video interview with Information Security Media Group, Samid discusses:

• Why he believes today’s cryptocurrencies and cryptography will be vulnerable to quantum computing;
• BitMint initiatives with the People's Bank of China;
• Why identity and money will become interlinked.

Samid is chief technology officer for BitMint and the architect for the BitMint digital currency, basing security on quantum randomness rather than algorithmic complexity. He also has developed AI-assisted innovation tools, earning 23 patents in computer and material science. He is a lecturer at the University of Maryland and Case Western Reserve University.