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U.Today - Lately, the chatter about quantum computing and its possible impact on cryptocurrencies has picked up again. At the center of it is a question: if Bitcoin is not quantum-proof, why would the U.S. government even consider it a strategic reserve asset? And beyond that — could Bitcoin or XRP actually become quantum-proof in the future?
David Schwartz, CTO of Ripple and a key figure behind XRP, took on the topic. His take? Bitcoin is not quantum-proof, but the urgency around the issue is often overstated.
He compared quantum computing to cold fusion — always just a few years away, but never quite arriving. For over a decade, experts have said practical quantum computing is eight years away. And yet, here we are, still waiting.
At some point, cryptocurrencies like Bitcoin, Ethereum and the XRP Ledger (XRPL) will need to address quantum resistance, says the developer. But not yet. The problem is that current quantum-safe cryptographic methods are not well-suited to blockchain applications. They are inefficient, difficult to implement and simply not worth the tradeoffs right now.
Strategy? Wait
Schwartz urges readers to hold out until truly effective quantum-resistant algorithms emerge. If someone wanted to make a single account or UTXO quantum-safe today, it is possible — but tedious. It would mean locking it to the hash of a public key without revealing the key itself - not exactly practical at scale.So, does that mean quantum computers are just hype? Not quite. Schwartz acknowledged that quantum computing is real. But breaking encryption? Weakening cryptographic security? Not happening anytime soon. The commonly used standards - SHA-256, SHA-512, RIPEMD-160, SECp256k1, Ed25519 - are safe, at least for now.
Tomorrow’s problem?
The conversation reignited recently because of new quantum innovations coming out, like Google’s Willow. This chip reportedly solved in minutes what would take the most powerful supercomputer unfathomable amounts of time. Naturally, that got people thinking: if a quantum computer can do that, what’s stopping it from cracking crypto wallets?For now, the answer seems to be: a lot. The technology just is not there yet. But the industry will need to stay ahead of the curve, watching, waiting and, when the time is right, adapting.