New quantum threat could weaken cryptocurrency encryption systems
Experts emphasise the need for coordinated action across the crypto industry to prepare for potential vulnerabilities introduced by quantum computing.
A new warning from Google says advances in quantum computing could weaken widely used cryptographic systems protecting cryptocurrencies and digital infrastructure. A new whitepaper suggests future quantum machines may need fewer resources than previously estimated to break elliptic curve cryptography.
The research focuses on the elliptic curve discrete logarithm problem, which underpins much of today’s blockchain security. Findings suggest quantum algorithms like Shor’s could run with fewer qubits and gates, increasing concerns about cryptographic resilience.
To address the risk, the paper recommends a transition to post-quantum cryptography, which is designed to resist quantum attacks. It also outlines short-term blockchain measures, including avoiding reuse of vulnerable wallet addresses and preparing digital asset migration strategies.
Google also introduced a responsible disclosure approach using zero-knowledge proofs to communicate vulnerabilities without exposing exploitable details.
The company says this balances transparency and security, supporting coordinated efforts across crypto and research communities to prepare for quantum threats.
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