Bulletproof Security for Cryptocurrency Wallets
Montreal, Quebec--(Newsfile Corp. - April 18, 2024) - Quantum eMotion Corp. (TSXV: QNC) (OTCQB: QNCCF) ("QeM" or the "Company") proudly announces the filing of a PCT patent application for an innovative method to operate Blockchain Wallet, leveraging the impenetrable security provided by the QeM Quantum Random Number Generator (QRNG2).
A hardware wallet serves as a physical fortress, safeguarding private keys crucial for accessing and managing cryptocurrencies like Bitcoin or Ethereum. By storing private keys offline, these devices fortify themselves against cyber threats and hacking attempts, a marked advantage over internet-connected software wallets.
Cryptocurrency (e.g., blockchain) wallets make heavy use of large series of numbers referred to as keys. There are different schemes to generate keys, such as ND and HD, and each scheme has its advantages and disadvantages. When providing a blockchain wallet to an unknown user, it is not possible to adapt the key generation scheme to the user's type of use, leading to mismatches between the types of key generation schemes and the users. Quantum eMotion's technology alleviates these inconveniences by providing a wallet that intelligently selects the key generation scheme, based on a comparison of cost values of the different key generation schemes. Moreover, by leveraging Quantum eMotion's QRNG technologies, a blockchain wallet combining the advantages of true random number generation with intelligent key generation scheme selection can now be made available to consumers, a product of an unparalleled level of functionality.
Quantum eMotion's technology, developed in partnership with Dr. Kaiwen Zhang at ETS (École de technologie supérieure, Montreal, Canada), is now patent pending worldwide. More specifically, the patent application has been filed under the Patent Cooperation Treaty, claiming March 30, 2023 as a priority date. The Patent Cooperation Treaty is an international treaty that provides a means of reserving international patent protection in more than 150 member states for 30 months from the priority date. Accordingly, Quantum eMotion's international pendency for this technology will last until September 30, 2025, at which point pendency will continue nationally in the countries and regions that will have been ultimately selected.
Francis Bellido, CEO of Quantum eMotion, remarked, "The recent resurgent interest for cryptocurrencies encourages us to deploy our patent-secured technology grounded in quantum electron tunneling across blockchain applications. However, as cryptocurrencies are regaining popularity, their security remains a paramount concern."
According to a recent Allied Market Research report, the global hardware wallet market which was valued at $442.6 million in 2021 is projected to reach $3.6 billion by 2031, growing at a CAGR of 23.7% from 2022 to 2031. Despite their enhanced security features, current hardware wallets remain vulnerable to sophisticated cybercriminal activities and the looming threat of quantum-computer attacks. In the previous year alone, hackers pilfered a staggering $3.8 billion worth of cryptocurrency globally, as reported by a blockchain analytics firm specializing in cybercrime tracking. With the advent of quantum computers capable of breaching current encryption algorithms safeguarding online communications, including financial transactions, governmental exchanges, and personal data storage, the future poses even graver risks.
About QeM
The Company's mission is to address the growing demand for affordable hardware and software security for connected devices. QeM has become a pioneering force in classical and quantum cybersecurity solutions thanks to its patented Quantum Random Number Generator, a security solution that exploits the built-in unpredictability of quantum mechanics and promises to provide enhanced protection for high-value assets and critical systems.
The Company intends to target highly valued Financial Services, Healthcare, Blockchain Applications, Cloud-Based IT Security Infrastructure, Classified Government Networks and Communication Systems, Secure Device Keying (IOT, Automotive, Consumer Electronics) and Quantum Cryptography.
For further information, please contact:
Francis Bellido, Chief Executive Officer
Tel: 514.956.2525
Email: info@quantumemotion.com
Website: www.quantumemotion.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Corporation's periodic reports including the annual report or in the filings made by Quantum from time to time with securities regulatory authorities.
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