Quantum computer attacks are the next global cryptocurrency threat according to leading cryptographic technologists. Sabri Goldberg from IOTA Foundation said that the IOTA’s Tangle blockchain is safe from Quantum Computer attacks. Quantum computers are processing systems which work on the crux of quantum mechanics. This technology is still in its nascent form but leading cyber-companies believe it has a great potential for solving problems.
Lily Chen, a mathematician, and leader of the National Institute of Standards and Technology’s Cryptographic Technology Group said:
“For public key cryptography, the damage from the quantum computer will be catastrophic. We must look for quantum resistant counterparts for these cryptosystems.”
Sabri Goldberg, the Creative Graphics Director at IOTA Foundation said that the IOTA blockchain-Tangle cannot be hacked by Quantum Computers. According to his Twitter post, the Tangle blockchain uses post-quantum cryptography for transaction signing. This means that the blockchain is built to protect itself from hacks by quantum computers
Bradley, a crypto-analyst says:
“I am a security analyst. I help secure servers for leading MNCs’. I believe that quantum computing attacks are really dangerous and industries irrespective of the domain must not be skeptic about this looming threat. The cryptocurrency industry specifically needs to cater to the security demands of this upcoming threat.”
He further adds that the blockchain technology though secure due to its decentralized structure, its centralized control due to major players in various cryptocurrencies leaves it vulnerable to a quantum computer attack.
IOTA [MIOTA] is currently holding a market capitalization of $6.3 billion with a circulating supply volume worth $115 million. At the time of writing, the token is trading at a value of $2.28 after experiencing steady decline by 0.17% in the last one hour. In the past one week period, the price has fallen by 7.7%, as the value has dropped from $2.6. The market has ever since falling below the moving average. OKex, Binance, and Bitfinex are the top crypto-exchanges trading IOTA [MIOTA].
Pandey, a Twitterati says:
“IOTA is not a big coin. It is swaying away people with its IOT feature that it propagates most of the time.”
Derek commented on Reddit says:
“The question is not about security from quantum attacks, man. First the crypto-companies need to ensure security from the current hacks and then look at the future of hacking via Quantum Computers.”