Security is one of the foundational pillars of the blockchain and crypto space. Blockchain security today cannot be over-emphasized. Especially with the danger of thefts and hacks that seem to happen all too often in the cryptocurrency and blockchain sphere.
This article covers in detail what security on a blockchain entails, digital signatures, and the Komodo security detail. One major attraction point of the decentralized tech space is security. This tech has also been touted as secure, reliable, and immutable. The blockchain makes use of a digital signature amongst several other features to ensure it is secured at all times.
What Is a Digital Signature?
According to an official blog post, a digital signature is a mathematical protocol that makes the verification of the authenticity of digital messages, transactions, or even documents possible. For every new message, document, email, etc. sent, a new signature is made. Every digital signature is unique and manipulation-proof; hence, the reason for digital signatures having almost 100% certainty. Digital signatures are also one of the most widely used methods of authenticating the communication process. It is used today for a wide variety of processes from the blockchain and crypto space to PDF signing, etc.
Digital Signature Modus Operandi
To accurately analyze how digital signature works, we will need to break down the process of this technology.
- The First Step Is Data Hashing
Data hashing involves creating a cryptographic hash of the document, transaction, message, email, etc. All things being equal, the same input is expected to produce the same output. All outputs are also usually random yet always of the same length. It is also impossible to determine the output simply from the input and also impossible to find the exact output from two inputs. Interestingly, the average computer can also easily perform data hashing functions.
Once a document has undergone data hashing, the output of the hashing process serves as an identification (fingerprint) of that document.
- Next Is Creating a Digital Signature
Following the hashing process, the sender will also need to further authenticate the document, message, etc. with a digital signature. Every digital signature is different and unique to the transaction being signed. Once assigned, it can never be reused. From the user’s point of view, this whole process takes place in a very short time.
Elliptic Curve Digital Signature Algorithm (ECDSA)
Digital signatures can be created via several means, one of which is the Elliptic Curve Digital Signature Algorithm (ECDSA). Every digital signature consists of a random part and a signature part.
For the random part – a random number is created and multiplied with a point known as the generator point. Elliptic Curve Cryptography (ECC) requires different processes for different curves. In ECC, important parameters like the generator point are known beforehand. Bitcoin protocol employs ECC and makes use of the curve known as secp2561k.
Following the multiplication, a new point is acquired. This point has x and y-coordinates and is most times referred to as component “r.”
The second part (signature) – component “r” is multiplied by the sender’s private key. The product is added to the hash of the message and finally divided by component “r.” The result gotten is known as the component “s.”
Combining components “r” and “s” produces the digital signature.
There are three main processes of verifying the authenticity of a digital signature.
- The first is to divide the hash of the transaction by “s,” then multiply the result with the generator point.
- Verification can also be carried out by dividing “r” by “s” and then multiplying the outcome by the sender’s private keys.
- Lastly, verification is carried out by employing elliptic curve addition to add points 1 and 2. This should produce a result that is also on the secp256k1 elliptic curve. If the result doesn’t lie in the curve, the data has most likely been tampered with or was sent from a different private key.
Importance of a Digital Signature
To find out the importance of digital signatures, let’s first find out why we need this innovation.
- Digital signatures are a sure way to boost security on a blockchain. They help ensure data online is safe at all times.
- They also save time and costs as they trump the need for handwritten signatures.
- Lastly, it facilitates open standards, providing users with a seamless experience despite the signature provider used.
However, there are a few disadvantages, which include:
- Its reliance on private keys.
- Several vulnerabilities in its algorithm.
- Application vulnerabilities.
Details of Komodo Quantum Security Module
In line with blockchain security, Komodo released details of its Quantum security module. Last year, James “jl777” Lee, Komodo’s lead dev, created a quantum-secure digital signature algorithm. The module was launched in Komodo’s Antara Framework, simply known as Dilithium. The entire module was also built on the Dilithium-Crystals quantum secure digital signature technique. This technique was first modeled by a team of developers at IBM Zurich. With this module, any user can create “a quantum-secured blockchain within the Komodo ecosystem.” The module also “enables users to create unique, human-readable handles in place of traditional blockchain addresses.”
Previously, Altcoin Buzz covered also Band Protocol’s strategic partnership with Komodo.
Komodo (KMD) Price
At the time of writing, KMD was trading at $0.604942, the token also has a market cap of $74,344,376 and a 24-hour trading volume of $36,700,544.
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