Good read from Arthur Herman out of Forbes concerning quantum computers and potential Bitcoin apocalypse. Well worth the time to read directly from the source, below. Because Quantum Computing is Coming. Qubit
Will Quantum Computers Burst The Bitcoin Boom?
+ Our most recent study conducted here at the Quantum Alliance Initiative done in conjunction with the econometric firm Oxford Economics indicates that a quantum attack on crypto precipitating a 99.2% collapse of value, would inflict $1.865 Trillion in immediate losses to owners, with nearly $1.5 trillion in indirect losses to the whole economy due to that collapse.
The National Institute for Standards and Technology (NIST) is working on standards for post-quantum cryptography for rollout starting in 2024, but there is no reason to wait. Companies in the USA and Canada can offer solutions now, including hybrid solutions that offer the best of both post-quantum and quantum-based technologies—while others are creating versions of DLT that incorporates quantum solutions from the start.
+ That’s a calculation based on crypto’s current value. By the time a large-scale quantum computer emerges, by 2030 or so, cryptocurrencies will be even more imbedded in the global financial system—and the losses even greater.
+ Fortunately, there’s a solution. The most immediate is post-quantum cryptography, i.e., deploying algorithm-based encryption that is impenetrable to future quantum attack but also to classical attack right now. Crypto exchanges have already drawn highly damaging attacks, like the one in 2018 on Bithumb, the South Korean crypto-currency exchange, which cost $30 million, or the assault on Poly Network this past August in which cyber thieves stole more than $600 million.
Source: Forbes. Arthur Herman, Will Quantum Computers Burst The Bitcoin Boom?
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