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Ripple’s CTO Says Quantum Computers Will be a Threat to Bitcoin and XRP

By IQT News posted 27 Jul 2020

(Crypto-News) Ripple’s CTO, David Schwartz, expressed concerns about the development of quantum computers in a recent podcast. Ripple’s Schwartz believes quantum computing is a threat to the security of Bitcoin, XRP, and cryptocurrencies. This is primarily because the consensus algorithms behind cryptocurrencies rely on conventional cryptography.
Schwartz said that Ripple is trying to prepare for the emergence of quantum computers. Therefore, they are determining when the algorithms mentioned will no longer be reliable. Ripple’s CTO estimates that in the next 8-10 years, quantum computers will begin to pose a threat, as Schwartz further stated: “I think we have at least eight years. I have very high confidence that it’s at least a decade before quantum computing presents a threat, but you never know when there could be a breakthrough. I’m a cautious and concerned observer, I would say.”
Despite the above, Ripple’s CTO made an optimistic conclusion and stated that even if there is a malicious actor with this technology, he will not use it against “the average person”. Therefore, Schwartz believes that most users have nothing to worry about.

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