Advances in quantum technology could hurt BTC, is it time to upgrade the software?
2 min readBTC and cryptocurrencies have been growing recently – so much so that the $ 2 trillion barrier has been broken again. Not so long ago, BTC rose back to $ 50,000, and things seem to be continuing this bullish trend, although BTC has fallen slightly at the time of writing, by about $ 2,500.
BTC could find a new enemy in quantum technology
Many technologists now argue that BTC software needs to be updated. They warn that if this is not resolved in time, advances in quantum computing could lead to BTC encryption being undermined in some way and becoming obsolete.
David Williams – founder of the quantum encryption company Arqit – said:
“Quantum computers, which are expected to be operational by about 2026, will easily undermine all blockchain security systems because they are powerful.”
Quantum computers are nothing new. In fact, this koncept has been known for about 30 years. Google’s developers are building their own quantum computer, which many analysts warn that could ultimately harm BTC.
However, the primary problem is not this computer. Williams points to certain issues that Charles Hoskinson has also talked about in the past. Hoskinson is the co-creator of Ethereum, the second largest cryptocurrency in the world. He said post-quantum algorithms are set up to slow down blockchain, adding that quantum encryption keys need to be modified and updated if they are to be viable.
Hoskinson said:
“Blockchains are fundamentally wrong if they don’t address the approaching quantum age.”
Duncan Jones, head of quantum cyber security at Cambridge Quantum Computing, said:
“If this is not addressed before quantum computers become a threat, the impact will be huge. Attackers could create fraudulent transactions and steal currencies, as well as potentially disrupt blockchain operations.… Time is of the essence here. It is important that decentralized networks start this migration process early, as it requires careful planning and implementation. However, I hope that the main developers of these platforms understand the problem and will solve it. “
Is a new recession on the way?
Williams also said that China is ahead in the global quantum space. He says it could ultimately cause significant damage and lead to a similar financial crisis as in 2008 and 2009. He says:
“The first day of creating a quantum computer will not break everything. Initially, this is likely to happen in secret, and information that the encryption has been broken will slowly leak. Then there will be a complete loss of confidence, as in the case of the global financial crisis, when confidence in the system has disappeared. ”
