Odaily Planet Daily News: A study from the University of Kent's School of Computing indicates that if Bitcoin wants to effectively guard against the threats posed by quantum computing, it will need to undergo protocol updates, which would result in this cryptocurrency being offline for 76 days. Additionally, Bitcoin could allocate 25% of its servers for protocol updates while allowing users to continue mining and trading at a slower pace. However, in that case, the downtime could extend to 305 days. According to data from the Ponemon Institute, the cost of enterprise downtime can reach up to $500,000 per hour. If Bitcoin were to be offline for 76 days (which the study considers the best-case scenario), the update costs could reach $912 million. Experts point out that given the emerging and 'forthcoming' quantum technologies could easily crack the encryption codes protecting vast amounts of online data, such a slow and expensive action is necessary. (Fortune)
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Bitcoin May Face Expensive Downtime Costs to Guard Against Quantum Computing Threats
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