Bitcoin and Ethereum are not ready for quantum computers, says researcher

In one day, Quantum Computing could break the cryptographic basis that protect trillions of dollars in Crypto -Activa – and according to a new report from Mysten Labs, some blockchains are more unparte than others.

The report, released on Wednesday, argues that networks that use the EDDSA signature scheme – such as Solana, Sui and Near – are structurally positioned to withstand quantum threats.

Older chains such as Bitcoin and Ethereum, which depend on the ECDSA system, are confronted with steeper cryptographic and logistical obstacles to implement defenses after the quantum.

As more companies and governments establish Bitcoin treasure boxes, Kostas Chalkias, co-founder and main cryptograph at Mysten Labs, said the pressure to meet the security standards after Quantum grows.

“Governments are well aware of the risks of Quantum Computing. Agencies worldwide have issued mandates that classic algorithms such as ECDSA and RSA should be abolished in 2030 or 2035,” said Chalkias Decodeer.

“That means that if your blockchain supports sovereign assets, national treasury in crypto, ETFs or CBDCs, this will soon be obliged to adopt cryptographic standards after quantum, if your community ensures long -term credibility and mass acceptance,” he added.

Edwards-Curve Digital Signature Algorithm (Eddsa) is a newer, faster and easier digital signature scheme that common elliptical curve digital signature algorithm (ECDSA) falls, as compromised security of weak random number generation, non-channel generation.

Both Bitcoin and Ethereum currently rely on ECDSA for transaction security and will eventually have to upgrade to quantum -resistant algorithms.

Chalkias warned that Quantum Computing is an existential threat to cryptography and warned that as soon as the quantum computers scale scale, they could break the cryptographic assumptions behind the most existing block chains.

The threat stems from the ability of Quantum machines to solve complex problems with the help of Shor’s algorithm. The method can quickly invoice large numbers of large numbers, so it is able to break the coding behind frequently used cryptographic systems such as RSA and ECDSA.

In combination with Shor’s algorithm, that possibilities could enable attackers to use quantum computers to reverse private tests from Reverse Engineer from public blockchain data. Even holding the private keys, Chalkias said, may not matter in a world after the quantum.

“Even if someone still owns his private key of Bitcoin or Ethereum, they may not be able to generate secure proof of ownership after Quantum, and this amounts to how that key was originally generated and how much of the corresponding data was exposed over time,” he said.

Although quantum computers are not yet powerful enough to do this, according to San Jose State University Computer Science Professor Ahmed Banafa, the time to prepare now is now.

“To adopt this new method, Bitcoin has to implement a hard fork,” Banafa said Decodeer. “This means that your wallet addresses must change, migrate money and all the complications that are accompanied by it must be treated.”

Banafa acknowledged that the chance that this hardfork will take place is small, pointing to the dispute in the Ethereum community about whether or not to return the blockchain after a hack that led to the creation of Ethereum Classic in 2015.

“It is similar to when Ethereum splits into Ethereum and Ethereum Classic,” he said. “We could see a similar split in Bitcoin, whereby some people insist on another approach and refuse to follow proposed upgrades.”

Another problem that Banafa noticed was the huge number of Bitcoin and Ethereum portfolios that have arisen since the launch of those block chains.

“The real challenge will be implementation – If users do not upgrade or secure their accounts, they can pose a risk for the network,” he said. “And if they lose money as a result, they can try to blame the network.”

According to Mysten Labs, if Bitcoin Eddsa had used from the start, even portfolios of Satoshi Nakamoto could be made quantum -safe.

Banafa, however, noted that afterwards plays a role in this debate. In 2009, when Bitcoin was launched, Quantum Computing was not on the radar.

“In 2019, people assumed that SA-256 was strong enough was it for years to crack,” he said. “Nobody expected Quantum Computing to be as powerful as now.”