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Author: Admin | 2025-04-28
Investors and users could prefer these “quantum-safe” cryptocurrencies, as they may see them as more secure long-term holdings. This shift could lead to an increase in demand for such cryptocurrencies, potentially enhancing their value and market share compared to those that are slower to adapt. Tommie van der Bosch told Cryptonews:“Let’s draw a parallel with the banking system. We’ve all seen the effects of a bank collapsing or even the rumor of one. Your money suddenly seems at risk. How quickly do people shift their assets? It can trigger a domino effect.”The development of quantum computing could also bring regulatory changes. Regulators could start enforcing stricter standards around trading and custody of cryptocurrencies that haven’t updated their cryptographic protocols. Such measures would aim to protect investors from sinking funds into potentially vulnerable assets.Itan Barmes remarked, “Not many people are aware that the cryptographic algorithm used in Bitcoin and essentially all cryptocurrencies is not part of the NIST recommendation (NIST SP800-186). The issue is already present if organizations require compliance to NIST standards. The issue becomes even more complex if algorithms need to be replaced; Who’s responsibility is it to replace them?”Could Quantum Computers Be Good for Cryptocurrency?Could quantum computing actually benefit the cryptocurrency industry? Gavin Brennen suggests it might. In an email exchange with Cryptonews, Brennen discussed the development of quantum-enabled blockchains.Quantum computers could accelerate mining, although Brennen notes that the improvement over traditional mining rigs would be limited and require quantum computers with hundreds of millions of qubits—far beyond current capabilities.“New computational problems have been suggested, like the boson sampling problem, that are slow for all types of classical computers but would be fast on a quantum device. Interestingly, the boson sampler is a small, specialized processor using photons of light, that is not as powerful as a full quantum computer, but much cheaper to build, and that solves a problem immune to ASIC speedups with an energy footprint that is orders of magnitude lower for reaching PoW consensus.”Currently, proof-of-work (PoW) requires vast amounts of electrical power for mining, raising concerns about sustainability and environmental impact. Boson sampling could become a greener alternative, significantly reducing the energy footprint of blockchain operations while maintaining security and efficiency.
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