Bruce Jung, CEO of EYL(Left), Jaden Lee, CEO of Monoverse(Right)
The biggest issue faced by blockchain is security. The mathematical encryption method used in blockchain may pose severe problems in the storage and management of the blockchain’s private key with the widespread use of quantum computers. With such concerns, there are different attempts being made globally to resolve security issues in key security.
Monoverse signed a business agreement with EYL – a holder of quantum random number source technology – to preemptively deal with this issue.
Monoverse is an NFT game development studio that simultaneously performs various technology development and game businesses based on blockchain. It is currently building its game platform and is in a strategic alliance with overseas NFT game publishing platform companies. The development of NFT games such as Frutti Dino, mainnet launch specialized in games, and a game operating system for collaboration with the game community are attracting a lot of attention both at home and abroad. The company plans to release an NFT game with its own developing sidechain in the first half of 2022.
EYL is the first company to chip quantum random number generators using radioactive isotopes successfully. EYL has won the championship after competing with 5,500 startups at Mass Challenge – an Olympic Games for startups and it has also conducted a crypto chip development project as its technology has been selected as a core technology for the US Air Force. Recently, the company has developed a high-performance encryption chip equipped with a quantum random number generator. Using this technology, the company has succeeded in developing, commercializing, and starting sales of a scrambler (an encryption phone).
Through this agreement, the two companies plan to use quantum random number generation technology to resolve vulnerabilities in private key storage, to develop a new consensus algorithm-based mainnet, and to cooperate in business fields such as node security and NFT business.
CEO Jae-Hyun Lee at Monoverse said, “There have been security issues with the multiple services made possible by blockchain-based technologies, and quantum technology has been considered as a possible solution to these problems” and added, “Through this agreement, the cooperation of the two companies with exclusive technologies in blockchain and quantum mechanics will create new values in the overall industry, providing an opportunity to take another leap in expanding businesses in different applied technologies.”
Monoverse and EYL plan to develop a wallet strengthening private key security within the year through technical and business cooperation. The two companies are also planning to make practical achievements in the fields of quantum mechanics-based consensus algorithm development and cold wallet production.