2022-08-15 | TSXV:QNC | Press release
Montreal, Quebec–(Newsfile Corp. – August 15, 2022) – Quantum eMotion Corp. (TSXV: QNC) (OTCQB: QNCCF) (FSE: 34Q) (“QeM” or the “Company”) Quantum eMotion is pleased to announce significant progress toward the development of the first Blockchain application of our QRNG2 technology.
Blockchain and distributed ledger technologies are quickly becoming a popular use of cryptography for a wide range of domains, such as cryptocurrencies, digital art, and supply chain management. A source of truly random numbers is often desirable to enable application logic, strengthen security, or improve the efficiency of the system. In early 2022, Quantum eMotion secured Mitacs funding in collaboration with Dr. Kaiwen Zhang at ETS (École de technologie supérieure, Montreal, Canada) for Blockchain applications of the QRNG technology in three projects:
- Evaluate and develop the use of the QRNG2 device to harden the cryptographic mechanisms of hardware cryptocurrency wallets;
- Evaluate and develop the use of QRNG as a verifiable randomness beacon for blockchain oracles;
- Evaluate and develop the use of QRNG as an alternative leader election protocol for blockchain consensus.
“We are very excited to announce the decisive progress made in our three Blockchain programs and more specifically the design completion of the hardware cryptocurrency wallets integrated with our QRNG2. This will be the first Hardware Crypto wallet that can store private keys for cryptocurrency offline in a quantum encrypted device, which will make these new wallets invulnerable to the hackers. We expect to have our first physical prototype in early 2023,” said Francis Bellido, CEO of QeM.
Hardware wallets are the physical devices that store cryptocurrency private keys offline in an encrypted device. Private keys in these wallets are required when using cryptocurrencies, and the wallets allow traders to store the keys safely while protecting their information.
One of the biggest heists occurred last December, when crypto trading platform Bitmart said hackers stole nearly $200 million after breaking into a company account. As cryptocurrencies continue to gain popularity, the need to strengthen the security of the Hardware Crypto Wallet with built-in cryptographic QRNG-enhanced solutions and authentication features becomes a must to prevent catastrophic losses.
The global hardware wallet market was valued at USD 202.40 million in 2020. It is expected to be valued at USD 877.69 million by 2026, registering a CAGR of approximately 29.24%.
About QeM
The company’s mission is to meet the growing demand for affordable hardware security for connected devices. The patented solution for a Quantum Random Number Generator exploits the inherent unpredictability of quantum mechanics and promises to provide increased security to protect valuable assets and critical systems.
The company intends to target high-value financial services, blockchain applications, cloud-based IT security infrastructure, classified public networks and communication systems, secure device key (IOT, automotive, consumer electronics) and quantum encryption.
For further information, please contact:
Francis Bellido, Managing Director
Phone: 514.956.2525
Email: [email protected]
Website: www.quantummotion.com
Neither the TSX Venture Exchange nor the regulatory 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 uncertainty factors that may cause actual results to deviate significantly from targeted results. Such risks and uncertainties include those described in the company’s periodic reports, including the annual report, or in the filings of QeM from time to time with securities regulatory authorities.
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