As quantum computing becomes more and more common in our lives, it is reportedly a major threat to Bitcoin (BTC). It is argued that quantum computing could one day undermine the cryptocurrency foundations that secure trillions of dollars in cryptocurrency.
According to Decrypt, Mysten Labs is conducting new research into quantum computing and cryptocurrency, saying that some blockchains are less prepared and vulnerable than others.
Mysten Labs, developer of SUI blockchain, said their new blockchain would be better faced with quantum threats.
Mysten Labs says that blockchains using Edwards Curve Digital Signature Algorithm (EDDSA) are in a better position to address future quantum threats.
At this point, newer networks such as SUI (SUI), Solana (SOL) and nearby (near) are more reliable against quantum threats, while older blockchains such as Bitcoin and Ethereum (ETH) are in a more vulnerable position.
This is because older blockchains such as BTC and ETH use elliptic curve digital signature algorithms (ECDSA).
Mysten Labs pointed out that chains using EDDSAs such as Solana and Sui are easier to upgrade due to quantum resistance.
Kostas Chalkias, co-founder of Mysten Labs, said that with the recent rise in Bitcoin and Ethereum Treasury Strategies, the government is fully aware of the risks posed by quantum computing.
Governments around the world have issued classic algorithms, such as ECDSA and Rivest-Shamir-Adleman (RSA), by 2030 or 2035, in stages.
It also means that if the blockchain supports sovereign assets, national cryptocurrency finance, ETFs or CBDCs, and if the community values long-term reliability and mass adoption, it will need to immediately adopt post-Quantum crypto standards. ”
Finally, Chalkias added that Bitcoin and Etheruem will eventually need to upgrade their algorithm to transaction-secured quantum tolerance algorithms.
*This is not investment advice.
