With the rapid advancements in quantum computing, there’s no denying that it has the potential to revolutionize various industries, including finance and cryptography. However, it’s not all doom and gloom for Bitcoin, as Adam Back, co-founder and CEO of Blockstream, believes that quantum computing could actually lead to a stronger Bitcoin network in the long run.
Back, who is also considered one of the most notable cryptographers in the industry, argues that despite concerns about quantum computers breaking cryptographic encryption, a hash-based post-quantum (PQ) scheme won’t be viable due to its limitations. Instead, he suggests that research into more efficient and compact PQ signatures could be incorporated into Bitcoin’s existing security mechanisms.
Meanwhile, Google’s recent announcement about their new quantum computing chip called “Willow” has sparked renewed interest in the potential threat posed by quantum computing to cryptocurrencies like Bitcoin. While the chip shows impressive capabilities, experts like Kevin Rose argue that it’s still not powerful enough to pose an immediate threat to current encryption standards.
However, this doesn’t mean that the industry should ignore the looming presence of quantum computing. As Ethereum co-founder Vitalik Buterin points out, preparing for a post-quantum era is crucial to ensuring the long-term sustainability of cryptocurrencies. Buterin has already proposed a solution to mitigate this risk through a simple hard fork that could potentially subvert any issues arising from quantum computing advancements.
Overall, while the future of cryptocurrencies in light of quantum computing remains uncertain, it’s clear that industry leaders like Adam Back and Vitalik Buterin are actively working towards ensuring their resilience against potential threats.
Source
As per reported by cointelegraph.com
