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Amid much fanfare and anticipation CloudTech Group has finally come out with a release date for their highly touted CloudTechX Wallet.It is set to officially launch sometime in mid-September; the date will be confirmed as soon as all final tests are successfully run.

This entity was brought to life due to a lack of a real solution in the present Australian market for a secure storage of cryptocurrency funds which also enables swift withdrawals of holdings into AUD. At launch, CloudTechX wallet will offer multi-asset support for funds in the form of Bitcoin, Ethereum, Tether and Australian dollars- with more crypto currencies being onboarded later on.

Setting up a wallet is as streamlined as its user interface; download the app from the operating system of choice; available on both theApple App store and Google play store, create an account on it and add a government issued ID for KYC (know your customer) verification. Once verified, transfer over any crypto holdings, link a bank account and withdraw any of the holdings into AUD. Users engaging in the withdrawal service will receive realtime exchange rates of the specific crypto along with a flat 0.1% transaction fee. Another security feature is the enabling of a third-party coin tracking service which traces the transfer of funds from one account to the other and helps reduce the prevalence of illicit sources of funds.

CloudTechX wallet are officially licensed custodians of funds and the fact that the wallet exists off-chain ensures complete security for user data and especially user funds. Additionally,CloudTechX is a registered Digital Currency Exchange (DCE) with AUSTRAC which allows for the primary function of exchanging crypto to fiat and fiat to crypto.

A preview of the interface and supported cryptocurrencies.

Quantum Computing: The Exciting Breakthrough Technology That Poses a Major Threat 

Quantum computing is an emerging breakthrough in computing technology, with immense computational power meaning they can solve problems that have never been solvable on classical computers. While this is a great advancement in computing, it also poses major concerns for security in encrypted systems.

Quantum computing is based on quantum theory, a branch of physics that’s counter-intuitive to classical physics where objects can be in two states at once and connected to each other through no physical means. 

“I think I can safely say that nobody understands quantum mechanics” - Richard Feynman

An object being in two states at once is called superposition, and this is a characteristic of qubits in quantum computers that allows problems to be solved exponentially faster than classical computers. Due to superposition, there are 2n possible states in a quantum computer, and this is the computational power of a quantum computer, much higher than the equivalent value n in classical (binary) computers.

Entanglement is the phenomenon where two particles, or in the case of computing qubits, share intrinsic properties and are dependent on each other, in the absence of any physical, classical explanation for the behaviour. For example, if the total spin of a system is 0, the summation of spins of each particle in the system must also be zero, and the spin of one particle can thus be derived from the rest in its system. The measurement of a single entangled qubit provides additional information about the states and behaviours of other qubits in the system!

Using entanglement and superposition, quantum computing is likely to be the most powerful technological advancement currently in development; its inherent parallelism means it can run millions of computations simultaneously and currently achieves up to 10 teraflops, 1000 times more than classical computers. As powerful as quantum computers are now, they’ll only continue to improve as the number of qubits in superconducting chips is doubling every 6 months in an exponential increase.

This rapid development is fuelled by a Space Race-esque competition between organisations to build the first universal quantum computer, a device with all the capabilities of quantum computing and binary computing combined. 

There is a focus on scaling qubits amongst frontrunners Google, IBM, Intel and Rigetti, however they will also need to integrate a Turing Machine to achieve universal quantum computer status. 

The Turing Machine is an abstract model that manipulates a string of numbers based on a set of rules. The Turing machine can implement any computer algorithm. Classical computers don’t use this method, but instead use random-access memory, however any computer that can do everything a Turing Machine can do is termed “Turing Complete”. 

One of the challenges in quantum computing is making the technology scalable and fault tolerant; since qubits are sensitive to environmental and computational factors, information is lost easily.. Error-correction mechanisms are a must and companies will need to develop technology for this, especially as the scale increases. 

The rapid development in quantum computing poses a risk to previously secure systems, especially those which use private key encryption. Unlike binary computers, quantum machines can calculate the keys or hashes needed to gain access to secure data. 

The threat is imminent but not immediate, and post-quantum safety mechanisms need to be used by governments and blockchain providers to safeguard against the threat before the technology catches up.

Security measures in this vein are necessary for future blockchain services and cryptocurrencies, as without asset protection the investment risk rises, as the possibility of losing assets to quantum hackers increases. 

All transactions and trading that take place on a cryptocurrency exchange happen on the blockchain. CobWeb Pay is like the rest- our point of difference being our Aussie first approach with a seamless on/off for all AUD transactions. We offer the cheapest rates for USDT, Tether- download today to find out for yourself. 

Disclaimer: Approach cryptocurrency investments with prudence, recognising their speculative nature and inherent risks. Exercise caution during the initial stages of investment and take time to familiarise yourself with the market dynamics. Seek guidance from financial experts and employ a diversified investment strategy to mitigate potential losses.