Summary
- Changpeng Zhao (CZ) said there is no need to be overly afraid of quantum computing's impact on cryptocurrencies, noting that the solution is to upgrade to quantum-resistant algorithms.
- CZ pointed out that in a decentralized world it is difficult to organize upgrades, debates may erupt over which algorithm to use, and projects that have effectively stalled may not be able to upgrade at all.
- CZ said new code could, in the short term, introduce bugs or security issues, and self-custody users would need to move coins to new wallets, but cryptocurrencies will continue to survive even in a 'post-quantum' era.
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Changpeng Zhao (CZ), founder of Binance, said there is "no need to be overly afraid of quantum computing's impact on cryptocurrencies."
On the 31st (local time), Zhao wrote on X that "in the big picture, what crypto ultimately needs to do is upgrade to quantum-resistant algorithms," making the point.
Zhao noted, however, that "there are a few practical execution considerations." He said, "In a decentralized world, organizing an upgrade isn't easy," adding that "there is a high likelihood of heated debate over which algorithm to use, and projects that have effectively stalled may not be able to upgrade at all."
He continued, "New code could also introduce other bugs or security issues in the short term," adding that "self-custody users will need to move their coins to new wallets."
He emphasized that "encryption is always easier than decryption," and said, "More computing power is always a good thing," adding that "cryptocurrencies will continue to survive even in a 'post-quantum' era."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
