Vitalik #Buterin #Warns Quantum #Computing Could Break Cryptography by 2040: Is Crypto Ready?

Vitalik Buterin Sounds Alarm on #Quantum Computing’s Threat to Cryptography

Vitalik Buterin, the co-founder of Ethereum, has issued a stark warning about the potential impact of quantum computing on the security of cryptographic systems that underpin the digital economy, including blockchains and cryptocurrencies. In a recent discussion, Buterin highlighted forecasts suggesting that quantum computers could break current cryptographic algorithms by 2040, with a 20% chance of this occurring before 2030. This looming threat, combined with concerns raised by cryptography expert Ian Miers about the soundness of blockchain systems, underscores the urgent need for the crypto industry to prepare for a post-quantum future. Here’s an in-depth exploration of the issue, its implications, and the steps being taken to safeguard the digital economy.

Why Quantum Computing Threatens Cryptography

Cryptography is the backbone of the modern digital world, securing everything from online banking and cryptocurrency wallets to smart contracts and personal data. These systems rely on algorithms, such as RSA and elliptic curve cryptography (ECC), designed to be unbreakable by classical computers. However, quantum computers, with their ability to perform complex calculations at unprecedented speeds, could crack these defenses in a fraction of the time required by traditional machines.

A sufficiently powerful quantum computer could, for instance, solve the mathematical problems that secure Bitcoin private keys or #Ethereum smart contracts, potentially compromising billions of dollars in digital assets. Beyond cryptocurrencies, the fallout would affect financial institutions, cloud storage, and even government systems, exposing sensitive data to malicious actors. Buterin’s warning, based on predictions from the forecasting platform Metaculus ...

read more 24crypto .news