The advancements in quantum computing have raised concerns about their potential to compromise cryptographic encryption, particularly in the world of Bitcoin. However, industry insiders believe that quantum computing could actually lead to a stronger Bitcoin network in the long run. Adam Back, the CEO of Blockstream and a renowned cryptographer, suggests that a hash-based post-quantum scheme won’t be viable due to the limitations of current technology.
Instead, he suggests that Bitcoin should adopt more conservative and well-reviewed post-quantum signatures when they become available. These signatures would serve as an additional layer of security for Bitcoin transactions, ensuring their integrity even in the face of quantum computing threats. Meanwhile, Google’s recent development of a quantum computing chip called Willow has sparked renewed interest in the topic.
While some experts claim that it’s still far from being a threat to crypto, others argue that it’s important to start preparing for a post-quantum era. Ethereum co-founder Vitalik Buterin has already proposed a solution to mitigate this risk through a simple hard fork. Overall, the development of quantum computing presents both challenges and opportunities for the world of cryptocurrency, and it remains to be seen how this exciting field will evolve in the coming years.
Source
As per reported by cointelegraph.com
