“Given the recent advancements which have happened in chip technology, in compute tech, and in the power of doing compute in a decentralized way, it [quantum computing] is definitely a problem. If not imminent […] in the very near future.”
Quantum computing harnesses the principles of quantum physics to process information at speeds far beyond today’s machines. While the technology is still emerging, it could eventually break the encryption protecting cryptocurrencies and other sensitive data, pushing developers to create new, post-quantum security standards.
Charles Edwards, founder of quantitative Bitcoin and digital asset fund Carpriole, said the situation is far more urgent and argues that the industry must employ solutions as soon as possible before it is too late.
On Oct. 15, he posted on X, “If Bitcoin doesn’t solve Quantum in the next year, Gold will keep outperforming it forever.”
“It is an emergency and we need to choose a solution next year,” he wrote.
Source: Charles Edwards
Related: Google announces quantum advantage, 13,000 times faster than supercomputers
Preparing for the quantum threat
Mehra and Edwards aren’t the only ones concerned about quantum computing.
In July, $SUI Research unveiled a new cryptographic framework designed to safeguard blockchains from quantum computing threats — without the need for hard forks, new addresses or key resets.
But while the new solution works for $SUI, Near, Solana, Cosmos and other blockchain networks, it does not solve the problem for Bitcoin or Ethereum.
Sources: KostasCrypto
Meanwhile, the US government is reportedly considering investing in quantum computing to protect national security interests.
An October report from Bloomberg said that the US Department of Commerce may allocate funds to the nascent tech to stay competitive with China.
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