As quantum computing becomes increasingly prevalent in our lives, it is reportedly a significant threat to Bitcoin (BTC). It is being argued that quantum computing could one day undermine the cryptographic foundations that secure trillions of dollars in crypto assets.
According to Decrypt, Mysten Labs has conducted new research on quantum computing and cryptocurrencies, saying that some blockchains are more unprepared and vulnerable than others.
Mysten Labs, the developer of the Sui blockchain, said that their new blockchain is better prepared to face quantum threats.
Mysten Labs said that new research shows that blockchains that use the Edwards Curve Digital Signature Algorithm (EdDSA) are in a better position to deal with future quantum threats.
At this point, new networks such as Sui (SUI), Solana (SOL) and Near (NEAR) are more reliable against the quantum threat, while older blockchains such as Bitcoin and Ethereum (ETH) are in a more vulnerable position.
This is because older blockchains like BTC and ETH use the Elliptic Curve Digital Signature Algorithm (ECDSA), which faces greater technical and operational hurdles in transitioning to quantum-resistant security.
Mysten Labs noted that chains using EdDSA, such as Solana and Sui, are easier to upgrade for quantum resistance.
Kostas Chalkias, co-founder of Mysten Labs, stated that governments are well aware of the risks posed by quantum computing, as Bitcoin and Ethereum treasury strategies have increased recently, saying:
Governments around the world have issued mandates phasing out classic algorithms like ECDSA and Rivest-Shamir-Adleman (RSA) by 2030 or 2035.
It also means that if your blockchain supports sovereign assets, national cryptocurrency treasuries, ETFs, or CBDCs, and if your community values long-term reliability and mass adoption, you will soon need to adopt post-quantum cryptographic standards.”
Finally, Chalkias added that Bitcoin and Etheruem will also eventually need to upgrade their algorithms to transaction-secure quantum-resistant algorithms.
*This is not investment advice.