Speaking to nestegg, Mr Kazacos suggested that quantum computing, if left unchecked, could be “apocalyptic” to the crypto world.
Mr Kazacos noted that the cryptography upon which many blockchain protocols are based rely on are ultimately deterministic, making it vulnerable to breakthroughs in quantum computing. “These algorithms, whilst complicated are prone to deconstruction by quantum computers, which will have the ability to determine patterns and operate in combinations and speeds not currently possible on conventional computing systems,” he explained.
Even in a world where functional quantum computers remain incredibly rare, the possibility of the technology being able to crack the previously-uncrackable algorithms protecting the most popular blockchains at all would have an enormously disruptive impact on cryptocurrency markets.
In preparation for the day when this possibility becomes a reality, Mr Kazacos advocates for combining today’s blockchain technologies with the emerging practice of quantum cryptography to create more secure and quantum-proof protocols. “Quantum cryptography cannot be hacked by any computer system, quantum or otherwise,” Mr Kazacos explained.
For example, KAZ’s own quantum tech uses the tunnelling of electrons to produce quantum cryptographic keys. Since these keys are truly random, rather than algorithmically random, they are unable to be reverse-engineered by regular and quantum computers. “This technology can change the very future of crypto security now and remove the threat posed by quantum computers,” he said.
For now though, quantum-protected blockchains remain scarce. Mr Kazacos said that the only cryptocurrency currently using quantum technology is Quantum Assets on the Binance Smart Chain. Read the full article to learn more.