The cryptocurrency community has been quite vocal about potential attacks by quantum computers in the future. According to many theories, quantum computing will become so powerful that it might eventually break and decode modern-day encrypted algorithm. Even as Bitcoin programmer, Jimmy Song, dismissed claims that quantum computing could harm digital assets, Andrew Poelstra, when asked about Monero not being fully secure and vulnerable to different kinds of attacks, admitted,
“The only threat we are aware of to the elliptic curve discrete logarithm problem for the curves that we’re all using there are indeed quantum computers”
The question, according to him, is whether there will be a quantum computer that is large enough in terms of qubits to decode the logarithm. The researcher however, claimed that it is not an immediate cause of concern. He also admitted that things like these take time to develop and that there should be an effort to develop systems that are resilient to future attacks.
He further stated that for Bitcoin, the situation would not be any better. Poelstra revealed that in practice, around two-thirds of all public keys that control coins in the Bitcoin network are currently exposed and are known to people. So, a powerful quantum computer in the future would seamlessly “steal all those points.”
With the king coin however, the only simpler thing would be the transition plan if quantum computers actually happen to breach the network. The transition, in this case, would be simpler because all it requires is to replace the digital signature algorithm in order to be quantum-resistant. But in case of the privacy coin, Monero, the replacement process would be complex as it includes replacing the Ring CT [Confidential Transactions], which is a vital part of the network.
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