CZ Demands Crypto Industry Overhaul Amid Quantum Computing Threat
A recent Google whitepaper has highlighted the growing threat of quantum computing attacks on Bitcoin and Ethereum. According to the research, cracking the cryptography behind both assets could require fewer than 500,000 physical qubits, a significantly lower estimate than previously thought.
Binance's former CEO Changpeng Zhao responded to the news by urging the crypto industry to adopt quantum-resistant algorithms. He downplayed the panic surrounding the situation, but emphasized that executing such a migration across decentralized networks would be difficult due to coordination problems and disagreements over which algorithms to adopt.
Zhao also warned of short-term risks tied to any large-scale cryptographic overhaul, including new code introducing vulnerabilities and users needing to move funds to upgraded wallets. He proposed that Satoshi's coins, if left dormant long enough, should be locked or effectively burned to keep them out of reach of future attackers.