The rapid development of quantum computing threatens not only the cryptocurrency market but the entire encryption system, including the banking system. However, according to experts, the cryptocurrency market could be the first sector to suffer from this transformation.
At this stage, as predictions about 'Q-Day' draw closer each day, experts warn that the slow governance processes of cryptocurrencies, rather than their cryptography, could become the biggest obstacle to defending against quantum attacks.
In an interview with CoinDesk, Quantum Xchange CEO Eddy Zervigon compared cryptocurrencies to 'canaries in the coal mine,' stating that the first successful cyberattack using quantum technology is likely to target decentralized blockchain networks.
In this context, the well-known CEO emphasizes that quantum attacks will be aimed at financial networks, and cryptocurrencies could become the first target in this process.
According to the CEO, a cryptographically relevant quantum computer capable of breaking the elliptic curve cryptography that underpins Bitcoin's blockchain signatures and the encryption securing its banking infrastructure does not yet exist.
However, the work of giants like Microsoft, IBM, and Google suggests that the quantum threat is closer than previously thought.
CEO Zervigon stated that there is a broad industry consensus that a cryptographically relevant quantum computer will be developed around 2029.
"Companies like Microsoft, IBM, and others, investing billions of dollars in quantum computing, generally believe that a commercially viable and cryptographically relevant quantum computer will emerge around 2029."
In this context, one report supporting this view is a recent study published by Google researchers. The Google-published study states that the number of physical qubits needed to break the cryptographic system protecting Bitcoin and Ethereum has been reduced by roughly 20 times compared to previous estimates. This ratio shows the scale of the danger and how much closer we are to breaking it compared to previous forecasts.
In conclusion, Zervigon argues that the greatest risk to Bitcoin lies not in its current cryptographic system but rather in the slow pace of implementing major network upgrades.
*This is not investment advice.
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