Quantum Computing Threat Sparks Rush for Post-Quantum Crypto

The US government's increased investment in quantum computing technology has raised concerns about its potential threat to cryptocurrency security. The Commerce Department awarded up to $100 million each to companies Rigetti, D-Wave, and Quantinuum for scaling quantum hardware and manufacturing.

Ethereum developers have set a target of December 2029 to make the base layer of their network quantum-resistant across execution, consensus, and data systems. Bitcoin developers are working on BIP-360, which proposes a post-quantum output type, and BIP-361, which outlines a gradual transition away from ECDSA and Schnorr signatures.

Google Quantum AI estimates that compromising 256-bit elliptic-curve cryptography could require fewer than 1,200 error-corrected qubits. IBM's Starling fault-tolerant quantum computer is set to be introduced in 2029, targeting 200 logical qubits and 100 million quantum gates.