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Are cryptocurrencies threatened? – TREND CRYPT

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Quantum computing is one of the issues of greatest concern to advocates of the new form of digital money. So much so, that important characters consider them as an element that could threaten cryptocurrencies.

This is the case of David Schwartz, CTO of Ripple, for whom this advanced form of computing is a risk. According to his words, the very security of the Bitcoin network and of other cryptocurrencies, could be threatened.

It should be borne in mind that speculation in this area is often accompanied by fear-mongering. It is important to keep in mind that, in the near future, cryptocurrencies are not threatened.

Does quantum computing threaten cryptocurrencies?

According to Schwartz’s views on Modern CTO Podcast, quantum computers will bring trouble. It is not a threat against cryptocurrencies, but also against the Internet itself.

“From the point of view of system designers based on conventional cryptography, quantum computing is a risk. The work that computers do is not so complex ”, reasoned.

In this sense, he assured that algorithms like SHA-2 and ECDSA are not extremely complex. However, if they fell, with them the entire system and the future of cryptocurrencies would collapse.

According to his point of view, quantum computers would have the ability to affect digital currencies, making them a serious threat.

IBM is one of the first firms to present a prototype quantum computer. These could jeopardize the future of cryptocurrencies according to Ripple's CTO.
IBM is one of the first firms to present a prototype quantum computer. These could jeopardize the future of cryptocurrencies according to Ripple’s CTO.

A dangerous weapon against digital currencies

One of the most important characteristics of cryptocurrencies in general, and Bitcoin in particular, is that they are decentralized. This has allowed them to gain great popularity.

Decentralization is the foundation of the entire structure of digital currencies. Until now, it can be ensured that the Blockchain network is inviolable. But, for analysts like Schwartz, this could change with the threat that quantum computers pose to cryptocurrencies.

Therefore, it highlights that these new and powerful tools could determine who owns Bitcoins and interfere in the success of transactions. That is why, alert to not doing an in-depth evaluation, the existence of cryptocurrencies could be compromised.

On the other hand, it considers that the developers of the main cryptos, as of now, have a period of about 8 years to counter this threat.

Confidence in spite of everything

At the same time, Schwartz also claims that he is confident in Blockchain’s potential to overcome.

Cryptocurrencies are currently one of the few tools for people to circumvent governments’ privacy breaches. Therefore, it is not surprising that states seek different ways to keep them under control.

What are quantum computers?

Those supercomputers that according to Schwartz threaten the future of cryptocurrencies, are powerful teams that are still in development.

According to the BBC Mundo agency, there is strong competition to define the winner of this quantum computer race. These teams, on the other hand, have a great capacity for the development of new forms of medicine and education.

There is no consensus on what the best model of quantum computers will be like. However, experts affirm that there are four fundamental varieties. The best of them will be known in the near future.

Data to consider

  • According to the views of David Schwartz, CTO of Ripple, quantum computers threaten not only the future of cryptocurrencies, but also that of the Internet.
  • Four types of quantum computers are currently being valued: those based on light particles, ion traps, superconducting cubes, and nitrogen-vacant centers in diamonds.
  • The high capacities of these teams could compromise the security of transactions and even the privacy of cryptocurrency owners.
  • In the hands of controlling governments, quantum computers could threaten to topple all the trust built around cryptocurrencies.

Reliable sources

The information in this content has been extracted from reliable sources detailed below:

1- Professional handling of content by the authors of CriptoTendencia.
2- External sources: Moderncto.io, Daylihodl.com, Colaborativo.net and BBC.com.



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