Promise Software Inc. today announces the publication and launch of its Blockchain Protocol called Promise, a new Post Quantum, Non-Interactive Zero Knowledge Proofs and Proxy Re-signature payments network for on-chain and decentralized credit reputation building. Promise benefits include globally accessible, private business transactions secured against quantum computing attacks. Promise customers may also use the Promise blockchain for automated payment processing, without the need to risk their private keys.
In response to advances in quantum computing financial transaction data once secured by elliptic curve cryptography are at the greatest risk of exposure. Companies that conduct transactions on the blockchain may have their private keys exposed as quantum computers target logarithm computing functions. Secondly, the manual nature of blockchain transaction signature creation requires that business sign each transaction with their private key, increasing the risk that funds may be stolen or privacy lost.
Promise delivers a new standard in privacy and security with quantum resistant signatures built to withstand quantum computation attacks. Promise also enables advanced automation with proxy re-signature functionality that allows for 3rd party payment processing, without the need to place business private keys at risk. These innovative protocol features were developed with leading cryptographers Alan Szepieniec and Professor Giuseppe Ateniese.
“I was drawn to the Promise team’s focus on making the blockchain useful for the millions of people around the world who desperately need a way to establish and build business credit,” says Giuseppe Ateniese, Chair in Computer Science at Stevens Institute of Technology. “I look forward to seeing more useful payments innovation using proxy re-signing cryptography.”
With over 125 million small businesses worldwide, Promise offers a globally secure business and credit platform so businesses may now conduct private, secure global payments with decentralized credit reputations, unavailable anywhere else.
According to Taariq Lewis, “Most of the world’s important business transactions are private transactions. Quantum computers are here and improving daily. On the 10th anniversary of the publishing of the bitcoin whitepaper, today is the perfect time for a quantum resistant, public blockchain that delivers the privacy, security and low cost of capital access that any business, around the world, may use to grow and succeed.”