As quantum computing continues to advance, there’s growing concern about its potential to threaten the security of cryptocurrencies like Bitcoin. However, industry experts like Adam Back, co-founder and CEO of Blockstream, believe that post-quantum cryptography could actually make the Bitcoin network stronger in the long run.
Back argues that a hash-based post-quantum signature scheme is not viable due to its complexity. Instead, he suggests that Bitcoin should adopt more compact post-quantum signature schemes once they become available. These signatures would allow the network to maintain its security even in the face of advancements in quantum computing.
While Google’s recent development of a new quantum computing chip called “Willow” has raised some eyebrows, tech entrepreneur Kevin Rose suggests that it’s still far from being a threat to crypto encryption. According to his calculations, a quantum computer capable of breaking Bitcoin’s encryption would need around 13 million qubits, whereas Google’s Willow chip only has 105 qubits.
Ethereum co-founder Vitalik Buterin has also proposed a solution to mitigate the risks associated with quantum computing. His proposal involves implementing a simple hard fork that could potentially circumvent any issues caused by advancements in quantum physics. As Bitcoin continues to gain mainstream adoption and reach new heights, it’s clear that discussions around its long-term sustainability and security remain top of mind for both investors and industry experts alike.
Source
As per reported by cointelegraph.com
