Potential attacks by quantum computers in the future could one day break blockchain’s so-far secure cryptography, but many theories abound of quantum computers one day becoming powerful enough to decode today’s encryption algorithms. Bitcoin core developer Jimmy Song and experts like Gavin Brennen have dismissed this claims in the past but others, like Blockstream researcher Andrew Poelstra, aren’t so sure.
According to Poelstra, he admitted that even privacy coin Monero was not fully secure:
“The only threat we are aware of to the elliptic curve discrete logarithm problem for the curves that we’re all using there are indeed quantum computers.”
He believed that it was not an immediate cause for concern but the possibility of a quantum computer large enough in terms of qubits to decode the logarithm was not too distant. Meanwhile, he felt that there should efforts to develop systems resilient to these future attacks.
This should actually be easier for a coin like Bitcoin, he claimed. as a transition plan would only require replacing the digital signature algorithm in order to be quantum-resistant. Others like Monero, however, would be more complex to replace.
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