Quantum Computing Threatens Cryptocurrency Security: What You Need to Know About Quantum-Resistant Solutions

Source: CryptoNewsNet Original Title: Quantum computing threatens the $2 trillion Bitcoin network. BTQ Technologies says it has a defense. Original Link: Media coverage of the threat posed by quantum computing usually identifies cryptocurrencies as a key area of classical cryptography that will be effortlessly broken when the technology hits the mainstream, which according to some estimates may be less than a decade from now.

Simply stated, computer chips based on quantum mechanics can perform some calculations exponentially faster than a traditional processor. That speed leaves much of existing cryptography, which is predicated on the time taken to solve complex equations, under threat.

Not surprisingly, there is a drive to identify approaches that can mitigate the risk, a point glossed over in much of mainstream reporting about the latest quantum chips. Among those efforts to develop quantum-resistant algorithms is to replace today’s public key encryption with an alternative known as lattice-based signing.