Quantum computing is becoming increasingly relevant, with many experts pointing out its potential to undermine the cryptographic foundations that secure cryptocurrencies like Bitcoin.
Quantum Computing Threat to Cryptocurrencies
Research from Mysten Labs indicates that quantum computing could be a significant threat to Bitcoin (BTC) and other cryptocurrencies. Some blockchains may be more vulnerable to quantum attacks than others.
Comparing Blockchains and Their Resilience to Quantum Attacks
The study highlights that newer blockchains such as Sui (SUI), Solana (SOL), and Near (NEAR) appear to be more resilient against quantum threats. Meanwhile, older blockchains like Bitcoin and Ethereum (ETH) utilize outdated cryptographic protection algorithms.
Prospects for Security Algorithm Upgrades
Kostas Chalkias, co-founder of Mysten Labs, stated that governments are already aware of the risks posed by quantum computing. Many countries are setting plans to transition to new cryptographic standards, such as EdDSA, by 2030 or 2035.
Quantum computing presents a significant challenge to existing cryptocurrencies, and the need to transition to more secure algorithms is becoming increasingly crucial. The crypto industry must respond swiftly to these challenges to ensure long-term reliability.
