Simply and Frankly Answered: How Serious is the Threat of Quantum to Crypto?
How Serious Is the Threat of Quantum Computing to Crypto?
Selected notes ~
+ As such, any data that’s encrypted using mathematical equations — including banking data, intelligence data protected by the government, and encrypted messages on cell phones — is vulnerable to being exposed by quantum computing. Most notably, in this case, encrypted cryptocurrency data — such as private wallet keys–are also vulnerable to quantum computing technology.
[However]… it is quite likely that blockchain networks will be secure from the threat that quantum computing poses. “Platforms will ‘change their locks’ once quantum computers start to move out of the lab,” said Matthew Hine, Business Strategist at Radix., to Finance Magnates.
+ In other words, quantum computing could potentially be used to uncover every private key on a blockchain network, thus rendering that network’s users vulnerable to hacking and theft.
+ Therefore, the point in time at which quantum computers can solve problems that ordinary computers cannot — also known as the “quantum supremacy” — is considered to be a serious threat to the security of blockchain networks.
Source: FINANCE MAGNATES. Rachel McIntosh, How Serious Is the Threat of Quantum Computing to Crypto?
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