Why quantum computing isn’t a threat to crypto… yet

Quantum computing has raised concerns about the future of cryptocurrency and blockchain technology in recent years. For example, it is commonly assumed that very sophisticated quantum computers will one day be able to crack present-day encryption, making security a serious concern for users in the blockchain space. The SHA-256 cryptographic protocol used for Bitcoin network security is currently unbreakable by today’s computers. However, experts anticipate that within a decade, quantum computing will be able to break existing encryption protocols. In regard to whether holders should be worried about quantum computers being a threat to cryptocurrency, Johann Polecsak, chief technology officer of QAN Platform, a layer-1 blockchain platform, told Cointelegraph: “Definitely. Elliptic curve signatures — which are powering all major blockchains today and which are proven to be vulnerable against QC attacks — will break, which is the ONLY authentication mechanism in the system. Once it breaks, it will be literally impossible to differentiate a legitimate wallet owner and a hacker who forged a signature of one.”

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