South Korean blockchain gaming platform, Monoverse has partnered with a quantum encryption startup, EYL. The two have signed an MOU with which both companies will work together on a hardware solution for encryption keys, securing their blockchain projects.
Monoverse is currently developing Fruitti Dino, an NFT and a play-to-earn game to be released in the second quarter of 2022. On the other hand, EYL is a U.S.-based startup that majorly deals with the cyber security of connected devices through quantum random number generators and applications.
With the new Quantum tech project, Monoverse will be testing the high-performance quantum random number generator chip by EYL. The collaboration is essentially expected to strengthen and solve the security of encryption keys in their blockchain system.
According to Jaehyun Lee, CEO of Monoverse, “Quantum computing is nothing short of a revolution for cryptography.”
Randomness is at the core of cryptography since it maintains the integrity of blockchain operations. Since the cryptography dependence of blockchain is a major part of the process, randomness contributes to the entire blockchain ecosystem.
In crypto wallets, the encryption keys generated in the system help to control one’s digital assets indiscriminately. However, at present, mathematical pseudo-random number generators are used to produce such keys. It creates a structural flaw due to the deterministic feature that it comes with. As a result, the flaw eventually makes the link vulnerable and can harm the cyber realm.
Reportedly, before EYL, no company has been able to solve this issue of deterministic nature and vulnerability. EYL has successfully utilized radioactive isotopes at the foundation of these quantum random number generator chips.
EYL produces a random key by providing a disorder, molecular randomness and a strong entropy through its Quantum Pulse Generator. Most importantly, the random key is generated so that nobody can reverse-engineer.
Monoverse aims to explore this technology with EYL and understand the practicalities of user authentication and encrypted key generation.
“By teaming up with EYL, the leading providers of quantum-based RNG hardware, we are making our infrastructure future-proof. Their solutions will help us make blockchain and crypto even more secure for users, protecting their digital assets with true randomly-generated keys,” Jaehyun adds.
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