XX Network, Algorand and Messari Discuss Quantum Computing

In an hour-long broadcast on 20th January 2025 which garnered many hundreds of interested viewers at the time, representatives from the XX Network, Messari Research and the Algorand Blockchain gathered to discuss the advancement and threat of Quantum Computing, and what it may mean for the crypto space and wider world.

Watch the full broadcast below and read/download a transcript below that. The original X post for the broadcast can be found here.

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To sum up the discussion:

  • Quantum computing advancements are progressing faster than expected, with Google’s Willow demonstrating significant improvements in error rates when scaling.
  • Quantum computers pose a serious threat to current cryptographic standards used in cryptocurrencies and blockchains, as they can potentially break elliptic curve cryptography.
  • Blockchain networks need to start planning and implementing post-quantum cryptographic algorithms like lattice-based or hash-based schemes to secure their ledgers, accounts, and consensus mechanisms.
  • The timeline for when quantum computers could pose a real threat is estimated to be 5-7 years, with Rick suggesting an even shorter 2-3 year timeframe.
  • The XX Network and Algorand have implemented differing post-quantum methods to secure different parts of their systems with more work to be done in the near future.
  • Governments and nation-state actors are likely to be the first to develop and utilise quantum computers for targeted attacks, rather than individual hackers.
  • There are potential benefits of quantum computing for complex simulations and calculations, but scaling and communication challenges remain significant hurdles.
  • The crypto community needs to stay informed and proactive in researching and adopting post-quantum security measures to protect the integrity of decentralised systems.

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