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How to mine Quantum Resistant Ledger (QRL) Tokens

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QRL Mining-Step by step guide

Quantum Resistant Ledger is working on building blockchain networks that are quantum computing resistant.

There is a lot of buzz around quantum computing and how they will make the blockchains vulnerable, however, projects like Quantum Resistance Ledger (QLR) are busy building blockchain networks that are expected to be quantum resistant.  

You can mine the QLR tokens that are native to the network. It is rather simple and the output depends on the configurations you are working with. 

You will find the step by step process to mine QLR tokens below.

Note: If you are using antivirus software – it could block you from installing the xMR rig.  You may have to change the settings on your antivirus. This is your personal call, we cannot recommend one way or another.

Visit the link to create the wallet: https://wallet.theqrl.org/create

Enter a desired password and click create wallet.

Createing QRL Wallet

You will be prompted to save the file to be able to access your funds/tokens anytime.

Here, you will be provided with the Wallet address to which you will mine your QRL tokens to, Mnemonic phrase, which is more like your private key and Hex Seed.

QRL Wallet Private key

Once you have saved the details, head over to download XMRig here and download the “xmrig-5.11.1-gcc-win64.zip”

QRL windows

Occasionally browsers like chrome and mozilla identify the file as harmful and tend to delete it automatically. In such cases try using Internet Explorer. Again, this is your personal call on whether or not you want to proceed.

Visit the page: https://docs.theqrl.org/mining/pools/ and paste the QRL wallet address you obtained from the wallet details page on this page to generate a code to use with your json file.

QRL address

Copy the code 

qrl json config

Go to the download folder and open the config.json text file and paste the code and override/save the file.

Now right click on Xmrig application and run as an administrator.

XMrig file

That’s it, a window will popup and start mining QRL.


Will Quantum Computing break Bitcoin?

Google created a sensation when they claimed Quantum Computing supremacy. However, there are more power computers in existence today that are more powerful than Google’s quantum computer, Bergahorn Model.  For instance, IBM announced a 32 qubit quantum computer called Raleigh.  

This raised concerns in the crypto community as Quantum Computing has been long touted as the weapon that could bring bitcoin down.

What is quantum computing?

To understand quantum computing easily, you have to watch Avengers, particularly, this scene in Avengers where Dr. Strange transcends time and sees all the possible outcomes from the future. Watch it first before we get on with our explanation.

Dr Strange Sees The Future Scene – Avengers: Infinity War (2018) Movie Clip HD

No Description

Let’s say you and I think like modern day computers that can solve big problem with great efficiency but we tackle one or few problems at a time. Quantum Computers on the other hand, similar to Dr. Stranger in that clip can tackle problems from multiple angles all at once.  That means, they can look for solution from almost all possible possibilities all at once, instead of testing one before going to next.

Quantum physics teaches us that there are multiple universes with multiple possibilities all existing at the same time.

Quantum computers use this same principle to look for numerous possibilities at once and thus reducing the amount of time it takes to crack a problem.

How does Quantum computing impact bitcoin blockchain?

Bitcoins are mined by solving a problem.  If quantum computers, in theory, are able to solve multiple problems at once – they can crack open the bitcoin blockchain since the amount of computing power it takes to crack the bitcoin blockchain could be achieved by connecting few quantum computers together.

This is what worries crypto fans that there may be quantum computers that are already developed in the underground that may prove fatal to the blockchain resilience.

What aspects of blockchain can quantum computing impact?

Quantum Computing and Blockchain

What makes blockchain hack-proof is the strength of its network based on the combined power of all the computers connected to the network.  If quantum computers can generate more computing power than those providing strength to the network, in theory, quantum computers can hack and break the blockchain network itself.

Quantum Computing and Mining

The immediate and biggest threat is mining. The bitcoin blockchain operates on a proof-of-work concept, which is when computers (also called nodes) solve a problem they get rewarded with bitcoin. This process is called mining.  If quantum computers can solve these problems in a fraction of the time then the all remaining bitcoins could be mined faster than scheduled.

Quantum Computing and Security

securitySpeaking specifically about bitcoin, Deloitte released an analysis on quantum computing impact on bitcoin blockchain.  According to Deloitte, the pay to public key (p2pk) are vulnerable to quantum computer hacks.  Analysis commentsSince all transactions in Bitcoin are public, anyone can obtain the public key from any p2pk address. A quantum computer running Shor’s algorithm could then be used to derive the private key from this address. This would allow an adversary who has a quantum computer to spend the coins that the address had.”

There is a simple solution to this problem, according to Deloitte.

“If you have Bitcoins in a vulnerable address and believe that progress in quantum computing is more advanced than publicly known, then you should probably transfer your coins to a new p2pkh address,” analysis concludes.

Possible outcome of quantum computing on bitcoin blockchain

ETF applicationScenario One: The worst case scenario is that quantum computers will disseminate bitcoin blockchain making it vulnerable and useless in the presence of these quantum guzzlers by attacking the bitcoin blockchain’s proof of work and/or post-quantum signatures.

Scenario Two: Bitcoin network will be upgraded to a new layer infrastructure that is quantum resistant and much more powerful than all quantum computers available. All the existing bitcoin could be moved to these quantum proof infrastructure.  Bitcoins whose keys are lost could be attacked by quantum computers and then these could be dumped on to the market bringing prices down temporarily but bringing bitcoin that is otherwise lost into circulation.

Scenario Three: Bitcoin network emerges even stronger by adding the quantum computers to its existing network and making it infinitely harder for any single entity or pool or government to dismantle it even with the help of quantum computers.

Are quantum computers flawless?

Quantum computing is in its infancy and as with any new technology there is a long way to perfection.

The quantum computers today face some challenges of their own:

  • They are way too expensive
  • They consume a lot of energy
  • Their speed sometimes is thwarted by the errors that creep in
  • There is a lot of time before they become available, affordable and useful

However, that does not mean the cryptographers should take it easy…

Time to upgrade is now: Quantum Resistant Ledgers

The Quantum Resistant Ledger miningThe Quantum Computing progress is accelerating each year. Jack Matier, from Quantum Resistant Ledger that aims to be quantum resistant blockchain ledger technology, wrote this amazing piece on quantum computing. According to Jack:

  • “2⁵⁰ Average supercomputer: We have already passed this! Currently, the largest stable QC in the world is 2⁷²
  • 2⁸⁰ Quantum Supremacy: Quantum Computers are faster than the fastest supercomputer with a synthetic test. A milestone Microsoft is anticipating to pass this year.
  • 2³⁰⁰⁰ Quantum Computers can run Shor’s algorithm: Shor’s can break ECDSA 256 (what Bitcoin uses): We want to upgrade well before this point.”

Jack also emphasizes that based on the current progress of quantum computing, we may have about 2 to 5 years before the quantum computing threat becomes a reality.

We are using QRL as an example, there are other projects that claim to be quantum resistant and more are in the works.

In conclusion

Quantum computing does pose a threat to blockchain and mining aspects. However, work is underway to make blockchains quantum proof. We might even see a fork or upgrade that will move bitcoin and other blockchain networks onto a quantum proof layer.  

Unclaimed bitcoins that do not make it to the new layer might be prone to quantum attacks and then could be dumped in the market.

An actual commercially available quantum computer might be few years away, however, the need to make our existing protocols quantum proof is already upon us.

Thank you for reading and sharing our article.

Thank you for reading and sharing this article. Stay safe and healthy!

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Crypto Roundup: All Your YouTube Influencers in One Place

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Crypto Roundup

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: Bitcoin Will Be OVER $20,000 By Christmas 2020! BIGGEST WEALTH SHIFT OF OUR LIFETIME! Cryptocurrency

Date: 19-Nov-20

  • World’s biggest wealth shift of our lifetime is happening right now and no mainstream media is talking about it, except CNBC.

  • Preston Pysh predicted on August 26th that: “Bitcoin should be reaching its all time high by Christmas.”

  • If you are looking to buy a dip, there may not be one.
  • Ricardo Salinas Pliego, a mexican billionaire, has just revealed that 10% of his liquid assets are into bitcoin.

Lark Davis

Video Title: STOCKS HIT NEW HIGHS! WILL COVID VACCINES LEAD TO MEGA PUMP IN 2021? [Are You Ready?]

Date: 19-Nov-2020

  • Stock markets and bitcoin pumps higher on the news of the second successful covid vaccine.
  • There could be more chances for the new stimulus. Means more inflation, more debt and simultaneously pumps stocks, gold and bitcoin.

Crypto Zombie

Video Title: BITCOIN $18.5k TOP!!?! DON’T BE FOOLED!! HODL FOMO BEGINS!!! $TRILLIONS FLOOD!!

Date: 18-Nov-2020

  • Overall sentiment of Bitcoin has changed drastically from ICO craze in 2017 to a time where people are FOMOing to own more bitcoin.

Ivan on tech 

Video Title: BIG WARNING TO ALL HODLERS!!!!!!!!! DO NOT GET REKT!!! BITCOIN $18,500 REJECTED – NOW WHAT?

Date: 18-Nov-2020

  • Ivan expects bitcoin to shoot past $20K resistance before end of this year, giving it 85% probability

Chico Crypto

Video Title: World’s Most Powerful Turn BULLISH on BITCOIN

Date: 19-Nov-2020

  • All those who hold big bags of Bitcoin will come out of the shadows to talk up the Bitcoin rally, a $20K bitcoin could be on the cards before the end of this year
  • Ethereum mining could act as a big catalyst for Ethereum’s price
  • Big companies like google could play a bigger role in mass adoption of crypto

Let the FOMO begin…

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Lessons from the Veteran HODLERS to the Newbies!

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Lessons in Crypto

For all those who entered the crypto market after the 2017 bull run – here are few lessons from the HODLERS from the last bull run(s).

This is our attempt at making all you newbies aware of the mistakes veteran cryptoers did.

Let’s get started…

Don’t FOMO in to all the hype

FomoIt’s hard not to FOMO in crypto.  The trick is to make sure you don’t lose your shirt in crazy bets.  Always limit your bets to what you are comfortable losing.

The common ways you can become victim of FOMO are:

  • Following your favorite YouTuber without actually doing your own research on the project.
  • Investing into projects at the top.
  • Believing in promises of 100x or 1000x without any substance behind those claims.

HODLing far too long

Remember why you are into crypto – to make the money.

Never fall in love with your crypto, and HODL the tokens even when they are 10x and more.

Have a strategy to take your capital out before you become a HODLer.  

If you believe the project really has what it takes to go beyond 100x and more, just sell in instalments so as to not miss the ride.

One of the best ways to HODL is to take your capital in full and profit in tranches.

This rekt story will give you a right perspective of what it looks like, it’s one of many:

Don’t put all your eggs in one basket

Never go all in on one project. No matter how strong the project may look, even the projects with strong fundamentals don’t do well sometimes. 

And, you will be kicking yourself watching other projects go up and your portfolio just doesn’t seem to make a move.

And don’t over do it and have a portfolio with over 100 projects either. It is very difficult not to have invested in more than 15 projects but anything less than 20 is a good way to go, in our opinion. 

Put aside the share of Profits for Taxes.

One way you can get a good night’s sleep is by paying taxes. 

Always keep a habit of putting aside a % of your profits in USDT or other stable coins, as a reserve to take advantage of market volatility and also to meet your tax obligations. 

Exchanges are more evil during bull run

Foreign ExchangesDon’t trust exchanges. Yes we already know that, but they play more games during bullrun, some intentional and some technical. 

Many exchanges tend to go under maintenance when the prices shoot up too high too soon (Coinbase?), and you can’t sell. 

And the shady exchanges scam out before you know.

Regulators seem interested when the market cap of these projects goes through the roof, which then adds FUD around the project crashing the prices.  

Exchange may freeze funds pending investigations when such issues arise.

Take for example OKEx. Users are unable to withdraw their assets from the exchange for almost a month now, not certain if they ever will, and all that started with the legal dispute.

Never fall for Arbitrage gains

Arbitrage is when you buy in one exchange at a lower rate and sell on the other for a higher rate to take some profits. 

Some shady exchanges show a lot higher prices than the other genuine exchanges and when you deposit your assets to sell at those prices there won’t be actual volume to execute the trade. You may be stuck with either a high fee for withdrawal or other funky rules to take your own money out. 

Remember, there is no free Giveaway

Free CryptoScammers rise with the rising market.  

When the crypto market buzzes with all time highs – scammers cash in big time on newbies.

The most lucrative scam in crypto is ‘Free Giveaway’. Whether it be through YouYube ads or discussion groups and wherever they can get your attention.  Read this article on various sophisticated scams that are being deployed.

We hope these lessons help you through your trades and crypto life.  Stay safe and always DYOR.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

Continue Reading

CryptoSpace

Crypto Roundup: All Your YouTube Influencers in One Place

Published

on

crypto news

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: The United States Just Brought Bitcoin into the National Conversation!! | Cryptocurrency in 2021

Date: 16-Nov-20

  • Former National Treasurer and the new US Senator Elected, Cynthia Lummis, said Bitcoin fits the bill as a good store of value as it is finite and limited, unlike the inflationary fiat currency.

  • Grayscale adds over 7000 more bitcoin in just the last 24 hours.
  • Just over 16% ETH staked for ETH 2.0 launch on Dec 2 2020.
  • Bitcoin Cash hard fork takes place tomorrow.

Crypto Zombie

Video Title: WARNING!!! BITCOIN 2017 BEAR FRACTAL RETURNS!!! BTC WORST CASE SCENARIO…

Date: 14-Nov-2020

  • Institutional money starts flowing into bitcoin.

  • Paypal goes live with its crypto trading platform for eligible customers. They have also raised the buying limits from the initially set $10,000 to $20,000 per week.
  • DIA, an DeFI Oracle provider, integrates with Polkadot.

Ivan on tech 

Video Title: BITCOIN WILL DO SOMETHING INSANE THIS WEEK!!!! -30% DUMP AHEAD vs $20,000 PARTY – Programmer

Date: 16-Nov-2020

  • Bitcoin could make a big move this week, either hit 20K or we may see a 20% to 30% drop
  • Chainlink partners with Etherisc to deliver agricultural insurance in Kenya.

Ellio Trades

Video Title: UNLOCKING $100 TRILLION? This low cap gem seeks to bridge CeFi and DeFi

Date: 15-Nov-2020

  • DeFI could be similar to the ICO craze in 2017
  • Low cap gem: AllianceBlock
  • AllianceBlock is bridging the gap between DeFi and CeFi
  • AllianceBlock Partnership with Orion Protocol and Chainlink.

Chico Crypto

Video Title: WARNING! An “EVIL” Entity Wants Control of BITCOIN…

Date: 15-Nov-2020

https://www.youtube.com/watch?v=45Ac-5y2ofg

  • 90% of Bitcoin’s mining pools are controlled by China based mining pools
  • As the value of bitcoin goes up – there is a threat of push to ‘control’ the network from China
  • Binance is looking to push through the 50% mining share and Chico believes this could be dangerous

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place. 

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

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