Quantum risk resurfaces with new study on Bitcoin's cryptography

Researchers from Google have published a paper that suggests breaking the Bitcoin blockchain's cryptography using quantum computers could be easier than previously thought.

The study estimates that it may only require around 500,000 qubits to break the encryption standard used by Bitcoin and Ethereum, which is significantly lower than previous estimates of millions of qubits.

This has raised concerns about the security of Bitcoin and other cryptocurrencies, with some experts warning that the network may need to upgrade to quantum-safe technology by 2029. However, one token is gaining value as a result: QRL, the native cryptocurrency of the Quantum Resistant Ledger.

QRL uses a quantum-safe signature scheme called XMSS, which is recognized by standards bodies such as NIST for its resistance to quantum attacks. This makes QRL theoretically 'future-proof' against quantum threats.