Quantum Computers Potentially Capable of Breaking Bitcoin's Encryption, According to Yakovenko
In a recent statement, Anatoly Yakovenko, co-founder of Solana, has urged the Bitcoin community to transition to quantum-resistant cryptography. This call to action comes as progress in quantum computing is happening faster than many anticipate.
Yakovenko predicts a 50% chance of a significant quantum breakthrough by 2030, which could exploit the crypto's dependence on the Elliptic Curve Digital Signature Algorithm (ECDSA). The biggest risk lies in the ECDSA vulnerability, which could be exposed by quantum computers solving discrete logarithm problems. If quantum computers advance and start solving these problems, ECDSA's security will significantly weaken.
Transitioning to a quantum-resistant infrastructure is crucial for protecting customer trust and safeguarding valuable assets. The industry should transition to quantum-resistant signature systems based on hash or lattice-based cryptography. Adopting post-quantum signature protocols, fostering consensus among stakeholders, and having a proactive upgrade plan are now essential.
Other experts emphasize the need for comprehensive education, transparent oversight processes, and powerful open-source development applications to support technical updates. Taking swift and decisive action now can turn a serious threat into a competitive advantage.
Yakovenko has also called on large tech companies like Google and Apple to integrate quantum-resistant protocols into their infrastructure. Developers and stakeholders in the Bitcoin ecosystem are evaluating potential changes due to quantum breakthroughs, including discussions about forks, wallet standards, and the removal of ECDSA from cryptographic algorithms. Changes may require revised wallet designs to comply with updated protocols.
Bitcoin's open and decentralized structure makes it resistant to disruption but also suitable for collaborative solutions. If the crypto industry lags in transitioning to quantum-resistant infrastructure, those with quantum technology could potentially compromise past bitcoin price transactions. CANCOM Austria has already successfully implemented quantum-resistant Kryptografie (Quantum Key Distribution) in a Use Case between two data centres, with support from the Austrian Institute of Technology and the Austrian defence ministry. Other large companies are expected to follow suit as the technology becomes more mainstream and gains significance as a protection against future quantum computer attacks.
Yakovenko warns that if action is not taken, a breach in crypto markets' security could become a real risk. It is essential for the Bitcoin community to act now to ensure the continued security and trust in the world's leading cryptocurrency.
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