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Social Security numbers are a privacy liability

Hundreds of millions of SSNs have been leaked online already, but a privacy-focused identity solution could help fix the problem.

Opinion by: Nanak Nihal, president of Holonym Foundation

Social Security started like any form of identity — not identity for its own sake but to solve a specific problem that needs an identity solution. Social Security numbers (SSNs) were created to distribute benefits. If those creating them knew they would be used for identity and security as they are today, they would have designed them very differently. While some may think Social Security numbers are good enough, we should actively strive for better. 

SSNs are terrible identifiers. They suffer from two problems: the entropy problem and the symmetry problem. The entropy problem is that they are not random, so they’re pretty easy to guess, which is undesirable for something you are supposed to keep secret. The symmetry problem is one where you need to prove you’re legitimate. When you give someone your Social Security Number to prove your legitimacy, you’re no longer keeping it a secret, when it should be. 

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Quantum computing will fortify Bitcoin signatures: Adam Back

The post-quantum era is still “several decades away,” but it could be a net positive for the Bitcoin network’s security.

Advancements in quantum computing have the potential to strengthen the Bitcoin network in the coming decades, even though there are widespread concerns about the technology’s ability to compromise cryptographic encryption.

Industry insiders have previously voiced concerns that quantum computing may break cryptographic algorithms in the future, thanks to its ability to perform computational processes at previously unimagined speed, thanks to advancements in quantum physics.

Yet despite these concerns, quantum computing could lead to a stronger Bitcoin (BTC) network, according to Adam Back, co-founder and CEO of Blockstream, the inventor of Hashcash and one of the most notable cryptographers in the industry.

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UAE expects digital dirham rollout in Q4 2025

China has not cracked encryption, at least not yet — Mental Outlaw

Quantum bits currently require temperatures between approximately -200 degrees Celsius to -270 degrees Celsius to operate properly.

Researchers at Shangai University recently made headlines for purportedly breaking the RSA encryption algorithms used in banking, military, and cryptocurrency applications. However, popular YouTuber Mental Outlaw says the recent breakthrough in China lacks the power to impact current encryption standards due to severe computation and physical limitations.

According to the research paper, the quantum computer used in the experiment factorized the integer 2,269,753. Mental Outlaw noted that this surpassed records set by other quantum computers but failed to surpass the record set by classical computers.

The YouTuber clarified that the quantum computer only broke a 22-bit key. For context, the record set by classical computers was cracking an 892-bit key, which required a whopping 2,700 physical core years to break.

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Blockchain fixes misuse of biometric data — Privado ID founder

Because biometric data cannot be replaced, storing the data requires the highest levels of security, Evin McMullen told Cointelegraph.

Biometric data collected by the tech industry introduces multiple risk vectors to end users and imposes massive costs on tech companies.

Evin McMullen, co-founder of Privado ID — a decentralized identity project that uses zero-knowledge cryptography — recently explained to Cointelegraph explain how decentralized blockchains mitigate these risks.

McMullen began by pointing out that biometric data isn't just processed or stored through traditional Big Tech companies like Google, Apple, or Microsoft. Instead, the data often passes through a complex supply chain of service providers that opine on the validity of certain pieces of data, which exposes user data to multiple third parties. The Privado ID co-founder stated:

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UAE expects digital dirham rollout in Q4 2025

Who is Satoshi Nakamoto? Does it even matter in 2024?

Who is Satoshi Nakamoto? Does it even matter in 2024?The cryptocurrency world is abuzz with HBO’s upcoming documentary about the mysterious creator of Bitcoin, Satoshi Nakamoto. For years, the enigma surrounding Nakamoto’s identity has fascinated both crypto enthusiasts and mainstream audiences. But the burning question is: Does it even matter who Satoshi is, especially in 2024? This is an opinion editorial published by a […]

UAE expects digital dirham rollout in Q4 2025

Szabo or NSA? New report revisits Bitcoin creator mystery

As HBO’s documentary sparks fresh debate, a new report from 10x Research revisits theories about Bitcoin’s enigmatic creator, Satoshi Nakamoto, involving Nick Szabo and the NSA.

The debate over the identity of Bitcoin creator Satoshi Nakamoto is back in the spotlight with the upcoming release of an HBO documentary.

As part of the renewed interest, 10x Research has published a report revisiting two leading theories: one pointing to cryptographer Nick Szabo and the other suggesting involvement by the United States National Security Agency (NSA).

Both theories are part of a larger debate that has attracted renewed interest with the upcoming HBO documentary investigating the origins of the world’s first cryptocurrency.

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Who was Len Sassaman, and why might HBO think he is Satoshi Nakamoto?

The late cryptographer and privacy advocate is in the spotlight because bettors on Polymarket think he may be identified as Satoshi Nakamoto. 

Deceased computer scientist and privacy advocate Len Sassaman is unexpectedly in the limelight as bettors speculate on the upcoming HBO documentary that advertises itself as revealing the identity of the inventor of Bitcoin.

Whether he was the real Satoshi Nakamoto or not, Sassaman was an interesting character.

Source: HBO Documentaries

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7 confusing crypto terms (almost) nobody understands

The crypto world is full of technical terms, some of which are so difficult that almost no one understands them.

Getting to grips with cryptocurrency isn’t easy. Even after you’ve got your head around Bitcoin and Ethereum and the difference between proof-of-work and proof-of-stake, there’s still a whole new world of terminology to learn and understand.

But even among fairly hardened cryptonians, there are still terms that are difficult to understand. Here are the seven terms that almost nobody in blockchain understands as fully or as deeply as they’d like.

In the 1958 movie starring Steve McQueen, and its 1988 remake, The Blob is an amoeba-like jello monster that terrorizes the inhabitants of a small town, growing larger and redder as it consumes them.

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Cryptography startup Fabric raises $33M for new data privacy chip

Blockchain Capital and 1kx co-led the Series A round that will back the development of a new computing chip focused on data privacy.

Fabric Cryptography, a Silicon Valley hardware startup, has closed a $33 million Series A funding round co-led by Blockchain Capital and 1kx to build new computing chips focusing on data privacy. 

The round also saw the participation of Offchain Labs, Polygon, and Matter Labs. The investment follows a $6 million seed round led by Metaplanet with participation from Inflection and Liquid2 Ventures, among other investors. 

According to an Aug. 19 announcement, the startup is developing a new cryptography processing unit called the Verifiable Processing Unit (VPU), a silicon chip that uses a cryptography-specific instruction set architecture. “This means that any cryptographic algorithm can be broken down into its mathematical building blocks that are natively accelerated and supported by the chip,” said the company. 

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UAE expects digital dirham rollout in Q4 2025

Remembering Hal Finney’s Vision: The 20th Anniversary of Reusable Proofs of Work 

Remembering Hal Finney’s Vision: The 20th Anniversary of Reusable Proofs of Work This week marks the 20th anniversary of Hal Finney’s introduction of Reusable Proofs of Work (RPOW), a groundbreaking concept that paved the way for today’s digital currencies. Finney’s visionary work continues to echo throughout the cryptocurrency community, underscoring his deep insight into the development of digital cash systems. From RPOW to Bitcoin Hal Finney was […]

UAE expects digital dirham rollout in Q4 2025