As quantum computing becomes increasingly prevalent in our lives, it is reportedly a significant threat to Bitcoin (BTC) and altcoins. It is being argued that quantum computing could one day undermine the cryptographic foundations that secure trillions of dollars in crypto assets.
The latest statement on this issue came from Ethereum (ETH) founder Vitalik Buterin.
Speaking at the Devconnect event, Vitalik Buterin said that quantum computing could break cryptographic encryption by 2028.
At this point, Buterin warned that Quantum computing could break Elliptic Curve Cryptography (ECC), the foundation of Ethereum’s security, before the 2028 US presidential election.
Buterin said Ethereum should transition to quantum-resistant cryptography within the next four years.
Most blockchains, including Bitcoin and Ethereum, currently use ECC to generate private and public keys and verify transactions.
Mysten Labs, the developer of the Sui blockchain, said in a recent report that new blockchains are better prepared to counter quantum threats.
Mysten Labs said that new research shows that blockchains using the Edwards Curve Digital Signature Algorithm (EdDSA) are in a better position to deal with future quantum threats. According to Mysten Labs, new networks like Sui (SUI), Solana (SOL), and Near (NEAR) are more reliable against quantum threats.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/ethereum-founder-vitalik-buterin-warns-of-the-great-danger-awaiting-eth-and-cryptocurrencies/
