The threat quantum computing poses to cryptocurrency is likely overstated for the present but demands attention for the future. A report by Chinese researchers using a D-Wave quantum computer has suggested potential risks to encryption algorithms, such as RSA, commonly used in banking and security systems. However, this device is a quantum annealer rather than a universal quantum computer, meaning its computational abilities remain limited to specialized tasks rather than posing an immediate risk to major cryptographic systems.
Quantum computing advancements could, in theory, enable attacks on the prime factorization that secures private keys for Bitcoin and other cryptographic applications. Yet, current limitations mean this is not a near-term threat. Elliptic curve cryptography (ECC), which underpins Bitcoin’s security, remains resilient.
Experts, however, urge the industry to prepare by developing “post-quantum cryptography.” As quantum computing progresses, this preparation would prevent abrupt shifts, safeguarding blockchain systems from potential breaches once true universal quantum computers become a reality. Ethereum co-founder Vitalik Buterin even proposed a “hard fork” for Ethereum in case of a quantum threat, though experts caution that such a transition would be challenging. Preparing for a quantum-resistant future is vital to sustaining blockchain and crypto systems in the face of rapid technological advances.
https://cointelegraph.com/news/quantum-computing-bitcoin-encryption-keys
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