**Title: BTQ Prepares Today to Defend Against Tomorrow’s Quantum-Computing Threat**
Blockchains are facing a looming threat from the rise of super-fast quantum computers that have the potential to break encryption protocols on which cryptocurrencies rely. While quantum computers have not yet become mainstream, it is crucial for developers to start devising defenses against this future threat in order to safeguard the integrity of blockchain networks. CoinDesk has recognized BTQ as one of the Projects to Watch in 2023 for its efforts in addressing this challenge.
At present, nations are actively engaged in a technological arms race to develop quantum computing technology. Chinese researchers, holding the majority of quantum technology patents globally, claim that their technology can already break the RSA encryption algorithm used for securing the majority of web traffic. As encryption forms the backbone of a connected world, the vulnerability posed by quantum computing is a significant concern.
The Elliptic Curve Digital Signature Algorithm (ECDSA), widely implemented by blockchains today, is particularly susceptible to quantum attacks. Designed for pre-quantum computers, it risks exploitation by malicious actors ranging from market manipulators to anti-crypto states. Recognizing this threat, Vitalik Buterin, co-founder of Ethereum, has prioritized post-quantum computing (PQC) security upgrades for the platform.
BTQ, the pioneering quantum computing startup, sets itself apart by focusing specifically on blockchain technology. Despite large-scale quantum computers not being available for several years, BTQ acknowledges the urgency of taking action. The risk of attackers forging signatures for old keys, such as those used in blockchains, is real. Implementing new post-quantum cryptography on a wide scale can take up to a decade.
Based in Taiwan, BTQ leverages the expertise of a workforce experienced in marrying hardware and software, making use of Taiwan’s leading industry of chip manufacturing. While not yet at the same scale as China’s quantum research capabilities, Taiwan’s proximity to Chinese quantum developments positions it at the forefront. BTQ’s leadership, including Chief Cryptographer Chanmu Chang, boasts a strong academic background with numerous citations in computer science and technical journals.
While China’s quantum research appears to have a military focus, potentially disrupting classified communications, it also raises concerns for the crypto and digital asset industry. As the transition to quantum-proof standards accelerates, all digital assets within the web 3 ecosystem, worth over $1.27 trillion, will need to adapt.
Stay informed about the latest developments in blockchain, quantum computing, and the implications for the crypto industry. Read the full profiles of all the Projects to Watch in 2023: [CoinDesk’s Projects to Watch 2023](https://www.coindesk.com/consensus-magazine/2023/04/17/btq/).
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!***
*Sourced from: [CoinDesk](https://www.coindesk.com/consensus-magazine/2023/04/17/btq/)*
Blockchains face existential peril from super-fast computers that can break the encryption protocols on which crypto depends. Quantum computers aren’t here yet, but if developers wait to devise defenses the fight will be over before it’s begun. That’s why BTQ is one of CoinDesk’s Projects to Watch 2023.
Right now, nations are engaging in a technological arms race to develop quantum computing technology. Chinese researchers, who hold over half of the world’s quantum technology patents and have allocated $15 billion towards quantum technology to be spent before 2025, claim their technology can break the RSA algorithm that is used to encrypt the majority of the web’s traffic.
Encryption is the backbone of a modern connected world. It ensures that banking is done securely, sensitive emails are not read by a third party and blockchain networks remain secure, trustworthy and free of double-spent transactions.
Quantum computing poses a threat to current encryption methods because it has the potential to break many of the most widely used encryption protocols. This is because quantum computers are capable of performing certain types of calculations much faster than traditional computers, which makes it possible for them to quickly factor large numbers that are used in many encryption algorithms.
For blockchain, encryption is essential and therefore its vulnerability is an Achilles’ heel. The entire idea of on-chain scarcity is anchored in encryption. Data can be stored, but never edited, which is why the same bitcoin or non-fungible token (NFT) can’t exist twice.
The Elliptic Curve Digital Signature Algorithm (ECDSA) is the most widely used cryptographic algorithm implemented by blockchains today. It has a severe weakness to a quantum attack because it was designed to be used in pre-quantum computers, which could be exploited by hostile actors ranging from market manipulators to states that are anti-crypto.
Vitalik Buterin, the co-founder of Ethereum, has made post-quantum computing (PQC) security upgrades a primary focus of the platform. In order for blockchains to remain secure and viable in the next era of computing, when traditional encryption mechanisms are vulnerable to quantum attacks, they will need to upgrade their security.
Read profiles of all of the Projects to Watch 2023: Reclaiming Purpose in Crypto
The idea: BTQ.
BTQ isn’t the first quantum computing startup on the market. Dozens of quantum startups have been around for the better part of a decade, backed by recognizable names in computing and technology. But BTQ is the first quantum computing startup with a specific focus on blockchain technology.
“Large-scale quantum computers won’t exist for many years. However, that doesn’t mean we should sit idle,” says Nicolas Roussy Newton, BTQ’s co-founder and chief operating officer. “There’s a real risk attackers will be able to forge signatures for old keys such as blockchains. And deploying new post-quantum cryptography at scale could take 10 years.”
Roussy Newton, a Canadian with prior experience in venture capital, says this from Taiwan, a frontier state at the doorstep of China – one of the world’s leaders in quantum computing research. Taiwan doesn’t have the same scale of quantum computing research, yet, but it does have a workforce with plenty of experience in marrying hardware and software, given the island’s leading industry of…
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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
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