Recent developments in both quantum computing and the crypto ecosystem indicate that neither are going anywhere. As both continue to grow, it is crucial for the crypto community to understand that quantum computing poses both an existential threat and lucrative opportunity towards crafting the future of the ecosystem. As we have expressed in previous segments, quantum computers will soon be fully capable of cracking into crypto wallets only through knowledge of wallet addresses, as they are able to use these addresses as the foundation to further derive the public and then the private keys. As this quantum functionality arises, the future of crypto depends on quantum-resistant encryption solutions.
The bottom line is that crypto and quantum computing must coexist. At Sarson Funds, we believe that an upside to quantum computing risk is that it will push blockchain to become truly unbreakable, pushing cryptocurrencies to be the indisputable medium for future commerce. Thus, quantum computing should not be viewed as an existential risk, but rather a tool to drive crypto towards a future of quantum-resistance and assured value protection. The future-proof security that will emerge from the next wave of crypto advancements will provide a pathway of irrefutability for crypto as a means of consensus for our future financial system.
The next wave of crypto advancements will likely see an emergence of two key avenues towards quantum-resistance: quantum-proof blockchains and digital assets wrapped with quantum resistant encryption algorithms. While we are only beginning to understand what the future of crypto will look like with the recent release of the Crown Sterling token, we know that the crypto community will respect the pace of innovation and understand that even the most underlying mechanisms that we’ve trusted for so long are at risk.
By Liam McDonald