(Blokonomi)According to the chief executive of Huawei, Ren Zhengfei, quantum computers will kill cryptocurrencies. In a video recently published, shared by Chinese crypto venture capitalist Dovey Wan, Ren said that blockchain and cryptocurrencies are unlikely to have a future, specifically due to the computing power that quantum devices have. According to Wan, Ren even stated that this technological class is “worthless” in the face of quantum computing.
Does Quantum Post Threat to Cryptocurrencies?
Do quantum devices really pose a serious threat to Bitcoin, Ethereum, and its ilk? Apparently not, according to an array of industry technologists and analysts. Fortune, for instance, wrote after the leaking of the seminal Google paper:“For the moment, the public-private key encryption techniques on which bitcoin and other cryptocurrencies are based cannot be broken by a quantum computer.”
Ethereum’s Vitalik Buterin, too, has pushed back against the idea that quantum computing will mark the death of cryptography. The blockchain pioneer told Forkast News that quantum computing isn’t going to break the world, going as far as to say that making quantum computing usable will take at least a decade.