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In this paper we present the stream cipher QUAD and the provable security arguments supporting its conjectured strength for suitable parameter values. QUAD was first proposed at Eurocrypt 2006 by Berbain and co-workers [Berbain, C., Gilbert, H., Patarin, J., 2006b. QUAD: A practical stream cipher with provable security. In: Vaudenay, S. (Ed.), Advances in Cryptology - EUROCRYPT 2006. In: Lecture Notes in Computer Science, Springer-Verlag]. It relies on the iteration of a set of multivariate quadratic polynomials over a finite field, typically GF(2) or a small extension. We show that in the binary case, the security of the keystream generation can be related, in the concrete security model, to the conjectured intractability of the MQ problem of solving a random system of m equations in n unknowns. We show furthermore that this security reduction can be extended to incorporate the key and IV setup and provide a security argument related to the whole stream cipher. We also briefly address software and hardware performance issues and show that if one is willing to pseudo-randomly generate the sets of quadratic polynomials underlying the cipher, this leads to surprisingly inexpensive hardware implementations of QUAD.