In the world of cryptocurrencies, nothing is more important than security. One hack or other security-related issue can cause huge problems for those who are holding a currency. It will also hurt the reputation of crypto in general. When it comes to security, XBY really is head and shoulders above the competition. Those thinking about investing in XTRABYTES will want to understand how XTRABYTES is secured, and what this system has planned for the future. This is a somewhat technical article, though I’ll attempt to write it in such a way that everyone can understand.
Why XBY’s Zoltchain offers greater security
XTRABYTES new Zoltchain will be using a SHA-512 hashing algorithm when it is launched. Bitcoin and other cryptos currently employ a SHA-256 hashing algorithm, a standard that many expect will become obsolete with the advent of quantum computers. In contrast, a SHA-512 hashing algorithm provides somewhat greater protection from such computers. That is, it’s considered quantum-resistant. Read on to get a basic understanding of what SHA-512 is, and how it works.
SHA stands for Secure Hashing Algorithm. It works by taking an input that can be any random size, and will produce an output that is a fixed size. With true SHA-512, the output will always be 512 bits. Why is this important?
A larger bit hash can provide more security because there are more possible combinations. Remember that one of the important functions of a cryptographic hashing algorithm is that is produces unique hashes. If two different values or files can produce the same hash, you create what we call a collision.
While collisions using a SHA-256 hash algorithm are highly improbable, they’re even more so using a SHA-512 hash algorithm. The trade-off is in performance. SHA-512 hash algorithms perform slowly on 32-bit devices. In contrast, SHA-512 is 10-50% faster than SHA-256 on modern 64-bit processors.
About SHA (secure hash algorithms)
As stated above, SHA- type hashing is particularly effective in cryptocurrencies because it provides a unique and irreversible hash. Thus, even if you encrypt the same input multiple times, you’ll always produce identical results. You can’t, however, take those results and determine what the original input was. This feature is critical for ensuring nobody can determine someone’s private key based off their public key.
Many people wonder about “brute forcing” a public key. The fact is, however, that brute forcing this type of encryption is simply not possible. The sheer number of potential keys makes it mathematically improbable, even with advanced computers that will be made in the future. To illustrate how impractical this would be not just today, but at any point in the future, let’s look at how long it would take to brute force a randomly generated SHA-512 key.
If we had a computer that operated at the most efficient speed allowed by the second law of thermodynamics (note, this would be even faster than theorized quantum computers), how long would it take to crack a key? Well, if we could harness 100% of the power of the sun, and channel it into the most efficient computer possible, it would take 32 years’ worth of power to crack a 192-bit key. If we harnessed all the power from a supernova, it could crack a 219-bit key. Suffice it to say, a 512-bit encrypted key isn’t going to be brute forced.
Ready for change
While the risk of a successful brute force attack is essentially zero, that isn’t the only potential risk to cryptocurrencies. It is possible that someone will someday come up with a way to effectively crack this type of hashing encryption. For most cryptocurrencies today, including Bitcoin, this presents a problem because adjusting the type of security used is difficult and often requires a large consensus of a group of people. XTRABYTES, on the other hand, can move to even greater encryption extremely quickly. This allows the XTRABYTES system to always remain on the best possible security based on the needs of the system.
Hashing & encryption are just one piece of the puzzle
Even if we stopped there, XTRABYTES would be a very secure system. For XTRABYTES, however, there is another layer of protection that really sets it apart. The Proof of Signature (PoSIGN) consensus algorithm is much more secure than Proof of Work or Proof of Stake options, which are used on most other cryptos.
This is because PoSIGN relies on trusted peers and miners that are not anonymous. Each one is also audited to ensure it is kept trusted and secure at all times. In order for a hacker to compromise this system, they would need to be able to take over all the peers and miners at the same time, which is simply impractical.
In the end, the developers of XTRABYTES know that when it comes to security, ‘good enough’ just isn’t good enough. They have built this system to ensure it is protected from all known threats, and any future threats that may come along. This is just one of the many things that help to set it apart from Bitcoin, Ethereum, and virtually all the other cryptocurrencies on the market today.
Would you like to know more?
We don’t just publish articles, XTRABYTES is a whole new blockchain platform that allows DApps to be programmed in any language, utilizing a new consensus algorithm called Proof of Signature. In doing so, XTRABYTES presents a next – generation blockchain solution capable of providing a diverse set of capabilities to the general public.