Empowering the Internet of Things to ensure a flourishing society while protecting citizens' trust, privacy and confidence

 

Quantum-Grade Solutions

Quantum-Ventures

Interview of the month:

on the hot topic related to cryptocurrencies

following more central banks that are toying with notion of national #cryptocurrency as their response to Facebook #Libra  

August 2019

Amnon Samid, CEO and co-Founder, BitMint
Leading the deployment of high-quality randomness for connected devices, the sharing economy,

                                            data protection and legacy-friendly digital cash, Carving Cyber Space for the Common Good

Q: lately you posted a warning to all central banks and global financial organizations. What is the current state of play of fraud threats and risks related to Cryptocurrencies?

A: Cryptocurrencies, under the current concepts, including bitcoin, Ether, Libra etc., pose the following threats:
- A risk of a global financial catastrophe due to the potential of vanishing of the entire traded value.
- risks related to cyber resilience and recovery from cyber incidents.
- risks related to consumers (privacy – on one hand, and on the other hand - losing their money – not only through pyramid games, ponzis, shitcoins, triangular constellations and other fraud models, but also and mainly because of the meltdown scenario).
- risks related to central banks and governments, that should monitor risks and deal with anti-money laundering (AML) and countering the financing of terrorism (CFT).

Q: What does all this mean? Should global governments ban the entire revolution of the digital currencies, crypto assets, decentralized financial technologies and trading platforms?

A: NOT at all! MONEY GOES DIGITAL – that is clear!

If well-constructed from more solid ingredients than all known cryptocurrencies, and designed on durable foundation, it can deliver significant benefits to the financial system and the broader economy.

Q: How should digital money evolve to defend against evolving fraud techniques?

A: Digital money should be based on the unassailable notion of pure randomness; totally immunized against the risk of a super smart mind cracking it, and equally protected against assault by super-fast quantum computers.

Digital money could be transacted and stored using 'crypto' -- but its essence (the method of "creating" and structuring it) should NOT be crypto-based, but rather randomness-based.

And on top: it should solve the tension between the need for privacy and central banks demands for KYC and for tracing transactions (if required by law), and to combat money laundering, fraud and misuse of money, via Tethered Money.

Q: Who should take responsibility?

A: It's the responsibility of ALL central banks as well the G20 and the relevant international organizations, including the FSB, the FATF and the IOSCO, to prevent crises from occurring!

The smartest central banks will lead the way by adopting existing solutions that provide cyber-coins based on the unassailable notion of pure randomness; totally immunized against the risk of a super smart mind cracking it and equally protected against assault by super-fast quantum computers!

 Brief about BitMint:
BitMint is promoting advanced cyber security products based on quantum-mechanical grade randomness. BitMint developed the money of the future, centralized minted and decentralized distributed, without risky aspects of cryptocurrencies and without being controversial and volatile. It brings the next level in convenience and security, providing reliable platform that works online and offline, not dependent on Internet availability. It could easily be regulated and essentially become the ultimate local and global peer-to-peer uninterrupted payment system, which will realistically disrupt Venmo, Square’s Cash App, Zelle, Apple Pay, PayPal, Stripe, TransferWise and the current champions - Alipay and TenPay (WeChat).

Brief about Quantum-Ventures (under establishment): Cultivating entrepreneurs with super-technological innovations and scientific orientation innovations from a wide range of technological verticals and markets.  

Quote of the day:
The clock is ticking down and the attack, although expected, will be lethal,

unless a solution can be adopted against an impending quantum computer attack. [Amnon Samid]