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Binance founder CZ confirmed that there is no need to worry about the threat of quantum computing to digital currencies, explaining that the solution principle is simple, which is to update the system to a quantum-resistant algorithm.
His comments came after Google published a study suggesting that quantum computers may require far less energy to crack the encryption systems used by Bitcoin and Ethereum than previously thought.
The challenges are not only technical but also organizationalone:
“CZ” explains that the real problem is not finding a solution but implementing it in a decentralized system, since it requires the unanimous consent of a large number of participants.
This may result in:
- Disagreement over the best new algorithm.
- fork.
- Some items still haven’t been updated or may disappear.
He noted that the disappearance of some weak projects could be a positive thing for purifying the market.
He also emphasized that encryption always develops faster than it can be cracked, and that improvements in computing power are in line with the long-term survival interests of digital currencies.
CZ also raised sensitive questions about the Satoshi currency, which is estimated to be around 1 million Bitcoins.
- If these coins move, it means their owners are still active
- If it sits idle for a long time, it’s best to disable or digitally burn it to avoid being caught by hackers in the future.
Why are some currencies more vulnerable to shocks?
Google said some older wallets relied on a system called P2PK, which is less secure against quantum attacks because the public keys are exposed directly on the network.
This means that if powerful quantum computers were available, hackers could try to hack these wallets without waiting for any transactions.
The threat remains technicalone:
On the other hand, some researchers believe that the risk is still limited for now because the power of current quantum computers is about 100,000 times lower than what is needed to penetrate the encryption systems in use today.
Bitcoin developers are already working on future solutions such as:
- Quantum-resistant digital signatures.
- Protocol updates are being tested.
However, some experts believe that preparations are still not enough because there is no clear plan or general consensus on how to move to quantum-resistant systems.
Research shows that moving to a more secure system is possible, but only if users themselves update their wallets and move funds to new, more secure addresses.
Herein lies the main problem: this update cannot be implemented automatically, but requires individual participation by each user.
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