CZ: No Need to Panic About Quantum Threat, Cryptocurrency Just Needs to Upgrade to Quantum-resistant Algorithm

BlockBeats News, March 31st, CZ posted on Binance Square, stating that he has seen some people panic or express doubts about the impact of quantum computing on cryptocurrency. From a macro perspective, cryptocurrency just needs to upgrade to a post-quantum algorithm, so there is no need to panic.

In fact, there are some implementation considerations. In a decentralized world, organization upgrades are not easy. There may be much debate about which algorithm to use, potentially leading to some forks. Some projects that have already stopped development may not upgrade at all, and perhaps cleaning up these projects is a good thing.

New code may introduce other vulnerabilities or security issues in the short term, and users who self-custody Bitcoin need to move their Bitcoin to a new wallet. This raises a question about Satoshi's Bitcoin. If these Bitcoins are moved, it means he/she is still around, which is interesting. If these addresses are not moved (within a certain timeframe), it is best to lock (or effectively destroy) them to prevent them from falling into the hands of the first hacker. Additionally, identifying all addresses is difficult and easily confused with some old hodler addresses. However, this is another topic to be discussed later.

Fundamentally: encryption is always easier than decryption. More computing power is always good. Cryptographic technology will continue to exist after the quantum computing era.

Earlier today, according to 1M AI News monitoring, Cracking Bitcoin Takes Only 9 Minutes? Google Warns Elliptic Encryption Doomsday Sooner Than Expected, Lowering the Attack Threshold by 20 Times.