Seeing some people panic or ask about the impact of quantum computing on crypto.
In general, all cryptocurrencies only need to upgrade to Quantum-Resistant Algorithms (Post-Quantum). So, there's no need to panic. 😂
In practice, there are some implementation considerations. Organizing upgrades in a decentralized world is challenging. There will likely be many debates about which algorithms to use, leading to some forks.
And some projects that fail may not implement any upgrades at all. It might be good to clean up those projects.
New code could introduce bugs or other security issues in the short term.
Individuals holding coins themselves need to migrate their coins to new wallets.
This brings us to the question of Satoshi's bitcoin. If those coins move, it means he still exists, which is interesting to know. If they do not move (within a certain period), it might be better to lock (or effectively burn) those addresses so they don't fall into the hands of the first hacker to successfully breach them. There are also difficulties in identifying all of the addresses, and avoiding confusion with some old holders. Anyway, that's a different topic for later.
Fundamentally:
It's always easier to encrypt than decrypt.
More computational power is always better.
Crypto will remain post-quantum.
In general, all cryptocurrencies only need to upgrade to Quantum-Resistant Algorithms (Post-Quantum). So, there's no need to panic. 😂
In practice, there are some implementation considerations. Organizing upgrades in a decentralized world is challenging. There will likely be many debates about which algorithms to use, leading to some forks.
And some projects that fail may not implement any upgrades at all. It might be good to clean up those projects.
New code could introduce bugs or other security issues in the short term.
Individuals holding coins themselves need to migrate their coins to new wallets.
This brings us to the question of Satoshi's bitcoin. If those coins move, it means he still exists, which is interesting to know. If they do not move (within a certain period), it might be better to lock (or effectively burn) those addresses so they don't fall into the hands of the first hacker to successfully breach them. There are also difficulties in identifying all of the addresses, and avoiding confusion with some old holders. Anyway, that's a different topic for later.
Fundamentally:
It's always easier to encrypt than decrypt.
More computational power is always better.
Crypto will remain post-quantum.
