The rapid advancements in quantum computing threaten not only the cryptocurrency market but also the entire encrypted system, including the banking system. However, according to experts, the cryptocurrency market may be the first sector to be affected by this transformation.
At this point, as predictions for “Q-Day” draw closer day by day, experts warn that the slow governance of cryptocurrencies, rather than their cryptography, may be the biggest obstacle to protection against quantum attacks.
Speaking to CoinDesk, Quantum Xchange CEO Eddy Zervigon likened cryptocurrencies to “canaries in a mine,” claiming that the first successful quantum-powered cyberattack will most likely be seen on decentralized blockchain networks.
In this context, the renowned CEO emphasizes that quantum-based attacks will target financial networks, and cryptocurrencies could be the first target in this process.
According to the CEO, a cryptographically meaningful quantum computer capable of breaking the elliptic curve cryptography that underpins Bitcoin blockchain signatures and the encryption securing its banking infrastructure does not yet exist.
However, the work of giants like Microsoft, IBM, and Google suggests that the quantum threat is closer than previously thought.
CEO Zervigon stated that the general expectation in the industry is that a cryptographically meaningful quantum computer will be developed around 2029.
“Companies like Microsoft, IBM, and others investing billions of dollars in quantum computing generally believe that a commercially viable and cryptographically significant quantum computer will exist around 2029.”
In this context, one report supporting this view is the recent study published by Google researchers. The research shared by Google states that the number of physical qubits required to break the cryptographic system protecting Bitcoin and Ethereum has decreased to approximately 20 times lower than previous estimates. This ratio reveals the magnitude of the danger and how close we are to breaking it compared to previous predictions.
In conclusion, Zervigon argues that Bitcoin’s biggest risk isn’t its current cryptographic system, but rather the network’s slow pace of implementing major updates.
