Quantum Computing Threat Looms Over Cryptocurrency Market

The cryptocurrency industry is facing an existential threat from quantum computing, which could potentially crack the cryptography that protects transactions and digital wallets.

Crypto companies are drawing up plans to upgrade their networks with quantum-resistant cryptography, a process expected to take years. This is because most blockchains rely on decades-old elliptic-curve cryptography, which could be broken by a sufficiently powerful quantum computer.

The Google research from March revealed that quantum computers may be able to break this encryption sooner than previously expected, potentially as early as 2029. The industry has been warning about the risks for months, with some companies and executives expecting it will take two years or more to become fully quantum-resistant.