5ire is a blockchain platform that aims to introduce a quantum safe protocol for its public key cryptography to keep financial and personal data safe from cyber attacks in the age of quantum computers. Elliptic curve digital signature algorithm (ECDSA), which is used in blockchain for wallet addresses, signing transactions, and validating new blocks, is based on a mathematical problem called the discrete logarithm problem (DLP). It is believed that quantum computers will be able to solve DLP in the future, making ECDSA vulnerable to quantum attacks.
According to a study done by Microsoft, a quantum computer would require 2330 logical qubits to be able to solve the elliptic curve discrete logarithm problem (ECDLP). Peter Shor presented two polynomial time quantum algorithms for integer factorization and discrete logarithm in the finite field of prime order, which can break all existing public key cryptosystems using his proposed algorithms.
ProofID is an identity system built on a blockchain-based Self-Sovereign Security Model and Unique Digital Credentials using NFTs that aims to return ownership and control of identity data to the individual while providing tangible utility for the ProofID token through real-world products and services.
ProofID overcomes the limitations of centralized identity systems, helps achieve compliance with the most comprehensive national data protection laws and KYC regulations, and returns ownership and control of identity data to the individual.
To use ProofID, a user needs to download the ProofID Wallet program on their personal device, which contains a public/private key pair (ProofID) that serves as the user’s digital signature for identity verification.
ProofID users can make identity claims, such as nationality, date of birth, occupation, etc., and get them attested by verifiers or appropriate authorities such as notaries, government agencies, banks, hospitals, driving license authorities, and immigration.
The number of different types of identity claims that may be verified is practically limitless, and the owner of the identification will be able to pick which information to share with any reliant party.
5irechain aims to create a sustainable blockchain network that uses less energy and is more environmentally friendly than traditional proof-of-work (PoW) blockchains.
The 5irechain network will use a proof-of-stake (PoS) consensus mechanism, which requires significantly less energy compared to PoW. The PoS consensus mechanism also allows for a higher transaction throughput, which will enable more efficient and scalable use cases.
The 5irechain team is committed to using renewable energy sources to power their network and infrastructure. The 5irechain network will have a low carbon footprint, making it a more sustainable and responsible choice for businesses and individuals alike. By using a more sustainable blockchain network, 5irechain aims to contribute to the global effort to reduce carbon emissions and combat climate change.