Hear It From Alex Thorn: Quantum Computing Poses a Serious Threat to Cryptocurrencies
Quantum Computing Pose Potential Risk to Bitcoin, Expert Alerts
In a candid chat, Alex Thorn, head of research at Galaxy Digital, dropped a bombshell. Quantum computing isn't just a buzzword; it's a real threat to cryptocurrencies ( Bitcoin, XRP, Stellar, you name it) that people tend to overlook. And the available solutions might be more problematic than we think.
While discussing cryptocurrencies with us, Thorn pointed out that the potential quantum attack on Bitcoin isn't an isolated issue but affects all public key cryptography, including elliptic curve cryptography (ECC) and hash functions like SHA-256. This vulnerability is due to quantum computers' ability to run algorithms such as Shor's algorithm, which can quickly solve problems that traditional computers find tough, like factoring large numbers and computing discrete logarithms.
Thorn went on to warn that Bitcoiners will remain clueless about the first quantum attack. If and when it happens, it would be a significant national security concern - a wake-up call for cryptocurrency enthusiasts worldwide.
These warnings resurfaced after the release of Majorana 1, Microsoft's groundbreaking chip, potentially marking a breakthrough in the field of quantum computing.
Recent remarks by well-known cypherpunk Jameson Lopp further highlight the gravity of the situation. Lopp advocated burning quantum-vulnerable cryptocurrencies to prevent future threats.
So, what can be done to safeguard cryptocurrencies from quantum attacks? According to experts, researchers are working on Post-Quantum Cryptography (PQC) solutions that can withstand quantum attacks. However, these solutions are still in the development phase and have yet to be fully implemented.
Another proposed solution is a hard fork to transition cryptocurrencies to a post-quantum cryptographic system. But gaining consensus for a change of this magnitude can be challenging.
In conclusion, while quantum computing poses a significant risk to cryptocurrencies, researchers and developers are actively working on solutions like PQC and potential hard forks to ensure the future-proofing of these systems. The seriousness of the threat underscores the need for proactive measures to protect cryptocurrency networks. Stay tuned for more updates!
- Quantum computing could potentially pose a serious threat to various cryptocurrencies like Bitcoin, XRP, and Stellar.
- The potential quantum attack on Bitcoin isn't an isolated issue, as it affects all public key cryptography, including elliptic curve cryptography (ECC) and hash functions like SHA-256.
- The gravity of the quantum threat to cryptocurrencies is highlighted by well-known cypherpunk Jameson Lopp, who suggested burning quantum-vulnerable cryptocurrencies to prevent future threats.
- Analyzing the current situation, researchers are working on Post-Quantum Cryptography (PQC) solutions that can withstand quantum attacks, although these solutions are still in the development phase.
- Apart from PQC solutions, a hard fork could be proposed to transition cryptocurrencies to a post-quantum cryptographic system, but gaining consensus for such a change could be challenging in data-and-cloud-computing technology, cybersecurity, and the broader technology landscape.
