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Is Quantum Supremacy A Threat To The Cryptocurrency Ecosystem?

By IQT News posted 25 Jun 2021

(Entrepreneur) Crypto and cybersecurity enthusiasts fear the judgment of their protocols against the power of quantum computers.
Google’s Sycamore quantum chip was successful in speeding through complex equations typically unsolvable by conventional supercomputers, hence marking a significant leap in computing power that can bring major breakthroughs.
Modern-day security protocols may not be able to handle the supremacy of these complex machines. Even blockchain-based cryptocurrencies could soon be victims of malicious manipulation through quantum computers.
While it’s uncertain how quantum computers could disarm blockchain security; It is this uncertainty that instills fear in the cryptocurrency community about quantum computing and its potential to break the system. Now, you might be wondering if your private keys are at risk; the short answer is no.
Yet the reality of Quantum Computers’ existence has a history of exceeding people’s expectations, which is why we see an active set of hands on this persistent threat. While Sycamore doesn’t pose any threat to cryptocurrencies, it doesn’t mean the Quantum threat doesn’t exist.
The Cryptocurrency community has to fear the existence of Quantum Computers nearing in on them.
Projects such as the QAN Network are building a quantum-resistant hybrid blockchain platform where developers can build their DApps and DeFi contracts on the QAN Network platform. The QAN Network was able to create a solid quantum-resistant solution. Moreover, QAN Network isn’t the only platform that focuses on quantum-resistant solutions.
Praxxis is another blockchain that utilizes quantum-resistant signatures while protecting users from any compromised metadata. The platform’s native xx coin aims to be analogous to Satoshi’s vision for a pure peer-to-peer version of digital cash. Consequently, Quube is one of the many leading movements envisioning a quantum-safe ecosystem with the help of their Quube Quantum resistant blockchain protocol.
There’s no surefire way of knowing how close we are to developing quantum computers that could break all encryption, Google attaining quantum supremacy was a warning sign that they may be closer than we think. The cryptocurrency community is relatively proactive, which is why crypto developers are actively preparing for the worst by preparing their crypto protocols for the post-quantum future.

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