Crypto Firms Prepare Defenses Against Quantum Threat

The cryptocurrency industry is bracing for the threat of quantum computing, which could potentially break the cryptography that protects transactions and digital wallets. Recent advances in the technology have raised concerns about its ability to unscramble conventional encryption methods.

Google's research has suggested that quantum computers capable of breaking encryption may arrive by 2029, sooner than previously expected. This has led crypto companies and blockchain developers to draw up plans to upgrade their networks with quantum-resistant cryptography, a potentially years-long effort.

The problem is particularly acute for public crypto networks like Bitcoin, which relies on decades-old elliptic-curve cryptography. With a large number of visible public keys generated over its 17-year history, Bitcoin is considered vulnerable to a quantum computing attack, with estimates suggesting that up to 50% of the token's circulating supply could be exposed.