Blockstream CEO Adam Back is a pioneer in the crypto world. He said Bitcoiners need to start building quantum resistant solutions even though the threat may be decades away.
“Quantum computing still has a lot to prove. Current systems are essentially lab experiments. I’ve followed the field for over 25 years, and progress has been incremental,” Back to the Future, said Tuesday at Paris Blockchain Week
“That said, Bitcoin should prepare,” Back added, adding that “safest approach” Build optional upgrades to allow for migration to quantum-resistant encryption if necessary.
There are many concerns that concern you. quantum computers The fear that blockchain cryptography could be broken by bad actors, who could then use the technology to hack into cryptocurrency wallets and plunge the market into chaos has fueled fears across industries.
Back stated in November that quantum threats are still between 20 and 40 years off. explaining Bloomberg reported earlier in the month that quantum computers today are faster than calculators.
Blockstream, the Bitcoin company he founded, is still devoted to researching possible threats against the Bitcoin network.
Back told the Paris Blockchain Week that some of his work included implementing signatures based on hash values in Blockstream’s Bitcoin layer-2 Liquid Network.
“Preparation is key. Making changes in a controlled way is far safer than reacting in a crisis.”
He said that Taproot could support other signature schemes in the Bitcoin network, without impacting current users.
The quantum computing threat is closer than you think
Last month, Google was still a major player in the search engine market. California Institute of Technology Scientists said quantum computers might be available sooner than predicted and it would take less computing power than thought to decrypt cryptography.
Google even went so far to claim that quantum computer could potentially transform the world. break Bitcoin’s cryptography As quickly as nine minutes allowing hackers to perform You can find out more about this by clicking here. “on-spend” attack.
Back responded that Bitcoin developers will be affected if quantum threats arrive sooner than expected. “act quickly.”
“We’ve seen that before — bugs have been identified and fixed within hours. When something becomes urgent, it focuses attention and drives consensus.”
The proposal by Quantum to freeze Bitcoins older than 1 year has been met with opposition
The proposal was presented by Jameson Lopp, a Bitcoin developer and other researchers in crypto-security on Tuesday. freeze quantum-vulnerable Bitcoin — including Satoshi Nakamoto’s $81.9 billion stash — to prevent them from being stolen once quantum computers become functional.
Related: Bitcoiners propose freezing quantum-vulnerable coins in BIP-361
Mark Erhardt – a researcher and developer in the Bitcoin community – described this proposal as “ridiculous”. “authoritarian and confiscatory.”
Phil Geiger is the head of Metaplanet’s business development. “We have to steal people’s money to prevent their money from being stolen.”
Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt
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Source: cointelegraph.com
