The cryptocurrency industry is starting to prepare for the threat of quantum computing as recent advances fuel concerns that the technology could soon be able to crack the cryptography that protects transactions and digital wallets. Quantum computers can solve complex mathematical problems much faster than today’s sophisticated computers, and could be used to unscramble conventional methods for encrypting digital information.
Quantum Computing Threat
That spells trouble for the $2 trillion global cryptocurrency market, which is based on blockchains secured by old-school cryptography and already has a history of major hacks. While the technology remains largely experimental, crypto industry concerns have grown since March research from Alphabet’s Google suggested quantum computers may be able to break that cryptography sooner than previously expected.
Some crypto companies and blockchain developers are already drawing up plans to upgrade their networks with quantum-resistant cryptography, a potentially years-long effort that could require sweeping changes to the infrastructure underpinning digital assets. The Algorand Foundation, which supports the Algorand blockchain, is among the early movers, and plans to start supporting post-quantum accounts later this year.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
