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Google recently released new research on quantum risk in blockchains, sparking reactions across the crypto community.
In a tweet, Binance founder Changpeng "CZ" Zhao weighs in on the impact of quantum computing on crypto, assuaging fears in the crypto community following the report.
"At a high level, all crypto has to do is to upgrade to Quantum-Resistant (Post-Quantum) Algorithms. So, no need to panic," the Binance founder said.
What happens to Satoshi's Bitcoins?
CZ raises the question of what might happen to Satoshi's Bitcoin stash given the recent discovery in quantum computing.
Bitcoin's pseudonymous creator is estimated to hold above one million BTC that have remained untouched, with the last transfer out occurring in the last 16 years (since 2010).
"This brings to the question of Satoshi's bitcoins," CZ said. The Binance founder hints at two potential scenarios: either the coins move or, if they do not move, they are locked or burned.
If Satoshi's coins move, this might suggest that the Bitcoin creator might still be around. On the other hand, if Satoshi's coins do not move in a certain period of time, CZ suggests that it might be better to lock or burn them so they do not go to any hacker who cracks the code first.
There is also the difficulty of identifying all of his addresses, and not confusing them with some old hodlers. "Anyway," CZ added, "it's a different topic for later."
Crypto here to stay
CZ expresses belief in crypto remaining with us post-quantum, adding that more computing power is beneficial: "Fundamentally: It's always easier to encrypt than decrypt. More computing power is always good. Crypto will stay, post quantum."
Going forward, CZ said there will likely be many debates on which quantum-resistant algorithms to use, resulting in some forks. Some dead projects might not upgrade, effectively clearing them out.
New code may also introduce other bugs or security issues in the short term, while people who self custody may have to migrate their coins to new wallets.
Dan Burgin
U.Today Editorial Team
Vladislav Sopov
