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Recently, Bitcoin (BTC) and altcoins have been warned that the quantum computing threat poses a significant risk and that urgent action is needed.
While many altcoins have taken significant steps in this regard, the latest move comes from Zcash ($ZEC), a popular altcoin in recent days.
Accordingly, Zcash aims to launch a wallet with quantum recovery capabilities next month.
Zcash ($ZEC) plans to launch a wallet with quantum recovery capabilities within a month and to transition its network to a fully post-quantum system within the next 12 to 18 months.
Speaking at the Consensus event in Miami, Josh Swihart, CEO of Zcash Open Development Lab, said the company has created a framework that allows users to securely transfer and recover assets in preparation for future threats that may arise from quantum computing.
“The Quantum Recovery Wallet is designed to allow users to regain access to their assets in the future, should existing encryption systems be threatened by quantum computers.”
We will also transition to a fully post-quantum system within 12 to 18 months.”
He stated that Bitcoin functions as a store of value but has limitations as a privacy-based peer-to-peer payment system.
“Bitcoin can function as an ETF and a store of value (SoV), but it has fundamental problems as a private peer-to-peer payment system.”
*This is not investment advice.