Life Clips, Inc. announced it has signed an agreement with Software Research Labs LLC providing an exclusive license for the XOTIC (XOR Transient Intelligent Cipher) cryptographic system to enhance the security of the Belfrics blockchain. The license gives Belfrics the exclusive right to use XOTIC relating to blockchain applications.
XOTIC combines a XOR cipher and One-Time-Pad (OTP) cipher with a Discrete Sequence Generator (a random number generator) to create a quantum-resistant cipher that encrypts and decrypts data in real-time. Compared to standard AES-256 encryption, XOTIC creates a cipher equal in length to the data being encrypted. Additionally, ciphers are subject to brute-force attacks because invalid key attempts immediately report unsuccessful decryption. With XOTIC, any key will report successful decryption – a “false positive” — but only the correct key will return the correct result thereby greatly reducing the attack surface and making XOTIC quantum computing resistant. Because of the randomness of the XOTIC cipher and the fact that using the wrong key will provide a “false positive” result, it is less likely that a brute force attack would be successful.
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XOTIC is covered by US patent number 10,892,889. By exclusively licensing Software Research Labs’ XOTIC patent for Blockchains, Belfrics seeks to be in the forefront of securing blockchain transaction data, protecting and securing their customers’ blockchain information and global transmission of their pertinent data.
The XOTIC cipher was developed and patented by Robert Coleridge. Mr. Coleridge has over 46 years of software engineering and cryptography experience, and has worked for major corporations in over 40 locations on 3 continents, including almost 15 years at Microsoft as a Senior Software Engineer. While at Microsoft part of his research led to the development of the first version of the renowned SOAP toolkit, which jumpstarted web services for Microsoft in 1999.
Regarding the licensing of the XOTIC process by BelfricsBT, Robert Coleridge of Software Research Labs said, “The XOTIC patent, which defines a unique and highly secure process, not only applies to securing user data, such as blockchain transactions, but also other data, which would be transmitted between endpoints. The process used by the XOTIC patent provides for quantum resistant encryption, as well as future proofing as quantum computers evolve.” Mr. Coleridge continued, “Software Research Labs looks forward to working with Belfrics and their highly talented software development team to implement XOTIC into their blockchain technology and client base.”
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Belfrics CEO and Founder, Praveen Kumar, said, “As a cryptocurrency exchange and blockchain provider, protecting our clients’ assets and data is paramount to our success. Our users expect that we have the most advanced security protecting their data, and with XOTIC we are providing security unavailable on other exchanges and blockchains.”
Robert Grinberg, CEO of Life Clips, said, “In today’s digital world, we have to rethink our concept of strong cyber security and develop a proactive approach to managing cyber risks and threats. As companies across the globe look for ways to reduce the number of cyber intrusions, we hope to provide a more effective approach to the problem.”
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