may have an even bigger problem. According to experts, quantum technology threatens Bitcoin more than anything else, and the sector urgently needs to solve this problem. Sponsored
, investing billions of dollars in it. The technology is becoming more mature every year. This new type of computing is replacing traditional bits with “qubits” that can process information at tremendous speeds. According to researchers, quantum computers will be fully functional within a decade, and once on the market, will be able to crack everything from cell phone encryption to email addresses and even, more worryingly, BTC addresses.
David Williams, founder of quantum encryption company Arqit, is calling on the cryptocurrency industry to urgently address this issue. He argues that if the cryptocurrency sector doesn’t take the right steps now, it could expose itself to an even bigger problem. David’s company is set to list on the New York Stock Exchange in the coming month through the acquisition of SPAC. William told Forbes
Quantum computers, expected to be operational by around 2026, will easily undermine any blockchain security systems due to their power. We need to be rather more careful.
Is quantum computing that harmful?
From Williams’ words, quantum computing is a pandora’s box of sorts. It cannot be ignored, especially given the advances in the field. For example, as reported by the Washington Post
, Google recently announced that its scientists have created “microscale time crystals that have been powering ultra-powerful computers for years.” This, according to Narman Yao of UC Berkley, is “a stop on the road to building a quantum computer.”
lank” rel=”noopener”>Cardano issued a warning earlier this year. He claimed that while developers could upgrade their projects to “post-quantum” algorithms, such a move would dramatically slow down blockchains. It is worth noting here that Bitcoin is not fast even in its current state. This is why it is not suitable as a global currency for making payments. Hoskinson warned:
Blockchains are effectively fundamentally flawed if they do not take into account the coming quantum age. The adults in this room know what’s coming.
Other experts issued a similar warning. Duncan Jones, head of quantum cyber security at Cambridge Quantum Computing stated:
‘If we don’t address this problem before quantum computers become a threat, the impact will be huge. Attackers could create fraudulent transactions and steal currency, and potentially disrupt blockchain operations.
And if you think that’s just scare-mongering, Thorsten Groetker assures you that it’s not. Groetker is one of the leading experts in the quantum technology industry. He is the former CTO of Utimaco.It is one of the largest companies in the matter and has worked extensively with Google and Microsoft. Groetker said for CNBC:
If I were in the business of scaring … I would tell you that among the first types of digital signatures that quantum computers will crack are elliptic curves, as we use them today, for Bitcoin wallets. But that will happen if we do nothing.
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