NEAR Prepares for Quantum Era with Safety Roadmap
NEAR has unveiled a roadmap to ensure its blockchain is quantum-safe as the industry prepares for the post-quantum era. This comes amid warnings from experts about the potential threats posed by quantum computing to cryptocurrency security.
John Reed Stark, a former official at the U.S. Securities and Exchange Commission (SEC), warned that the rapid advancement of quantum computing poses a critical challenge to crypto's security foundations. Stark emphasized the need for the industry to address this issue proactively.
D-Wave CEO Alan Baratz also sounded an alarm about Bitcoin's potential vulnerability to advanced quantum machines, which could eventually challenge its proof-of-work security. In response, Project Eleven developed a cryptographic technique based on a wallet's key derivation path, designed to mitigate these risks.