The Chief Technology Officer (CTO) at the company Ripple David Schwartz says that quantum computing is a serious threat to cryptocurrency and may put the future of cryptocurrency in danger.
Quantum Computing is a risk
While speaking at the Modern CTO Podcast, David Schwartz said that the leading digital asset Bitcoin (BTC), Ripple (XRP), as well as the other entire cryptocurrency market will face a threat in the future by the quantum computing. He is of the view that quantum computing is expected to break the cryptographic algorithms that are used to keep BTC, XRP, and other cryptocurrencies safe and secure.
“Algorithms like SHA-2 and ECDSA (elliptic curve cryptography) are sort of esoteric things deep in the plumbing but if they were to fail, the whole system would collapse. The system’s ability to say who owns Bitcoin or who owns XRP or whether or not a particular transaction is authorized would be compromised…”
Stating furthermore, Ripple CTO said that quantum computing is a serious risk if we look at it from the point of view of those who make use of conventional cryptography for building systems. He added:
“We are not solving problems that need powerful computing like payments and liquidity – the work that the computers do is not that incredibly complicated, but because it relies on conventional cryptography, very fast computers present a risk to the security model that we use inside the ledger.”
“At least a decade before QC poses a threat”
Moving on ahead, David Schwartz predicted how much time the developers have before quantum computing starts threatening cryptocurrency. According to him, at least there is a decade before all this happen but there are only eight years for developers. He stated:
“I think we have at least eight years. I have very high confidence that it’s at least a decade before quantum computing presents a threat, but you never know when there could be a breakthrough. I’m a cautious and concerned observer, I would say.”
Ripple CTO seems to be concerned with saving the future of cryptocurrency from the danger of quantum computing that it may pose therefore he is cautioning developers now.