Zcash to Roll Out Quantum Recovery Wallet Within a Month, Complete Post-Quantum Shift by Next Year

JOON HYOUNG LEE

Summary

Zcash said it plans to launch a quantum recovery wallet within a month and shift to a post-quantum system by next year.
Swihart said Zcash will transition to a full post-quantum system within 12 to 18 months and pursue scaling work aimed at Visa- and Mastercard-level throughput.
Swihart said Bitcoin (BTC) can function as an exchange-traded fund and a store of value, but is fundamentally flawed as a private peer-to-peer payments system.

Forecast Trend Report by Period

Zcash plans to launch a quantum recovery wallet within the next month and complete its transition to a post-quantum system by next year.

Josh Swihart, founder and chief executive officer of Zcash Open Development Lab, made the remarks on May 7 at the Consensus Miami event in the US, CoinDesk reported. He said Zcash would move to a fully post-quantum system within 12 to 18 months.

A quantum recovery wallet is designed to help users restore access to their assets if quantum computers eventually threaten existing cryptographic systems. Zcash also plans to pursue scaling efforts aimed at achieving transaction throughput on par with Visa and Mastercard.

Swihart also argued that Bitcoin can no longer serve as cypherpunk money. Bitcoin can work as an exchange-traded fund and a store of value, he said, but is fundamentally ill-suited to function as a private peer-to-peer payments system.

ZEC