Source: Fortune
Summary
Researchers are making progress towards developing quantum computers that could undermine the mathematical assumptions protecting cryptocurrency and other blockchain-based assets. The industry needs to replace its cryptographic infrastructure before quantum computers arrive, with over $2 trillion in digital assets at risk. Experts warn that a sufficiently powerful quantum computer could break current cryptography codes, and the threat is getting closer with AI being used to accelerate quantum research.
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Quantum computing could potentially break current cryptography codes, putting $2 trillion in digital assets at risk. Coinbase cautions that the real vulnerability is at the wallet level, while Google proposes a 2029 target for cryptocurrency systems to migrate away from vulnerable cryptography. The hard part isn’t the technology, but deciding how to implement the migration, with unanimous industry-wide coordination required.
Being “a year too early is much better than being a day too late” in preparing for quantum computing risks, as Christopher Smith, co-founder and CEO of Quantus, notes.
Author: Evan Null
