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Home»ETHEREUM NEWS»With quantum computing on the horizon, a new cryptocurrency coalition prepares for life on the other side.
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With quantum computing on the horizon, a new cryptocurrency coalition prepares for life on the other side.

By Crypto FlexsFebruary 9, 20243 Mins Read
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With quantum computing on the horizon, a new cryptocurrency coalition prepares for life on the other side.
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To stay ahead of unknown and unpredictable risks, the Linux Foundation believes that quantum computing technology can be used to improve IT infrastructure, finance, systems and national security.

Founding members include tech giants Amazon Web Services, Google, IBM, and NVIDIA, as well as cybersecurity companies and research institutes.

“As quantum computing advances rapidly, the need for strong cryptographic solutions that can withstand future cryptographic-related quantum computer attacks has become paramount,” Jim Zemlin, executive director of the Linux Foundation, said in a press release Tuesday. He said.

The coalition includes industry leaders, academic institutions, and developers who must prepare cryptographic systems for the emergence of quantum processors powerful enough to break current cryptographic standards.

Quantum computers leverage the strange properties of subatomic particles to perform calculations exponentially faster than classical computers. Although still in the early stages of development, quantum systems are expected to advance at a pace that outpaces the cryptographic upgrades needed to keep sensitive data locked away.

The goal of the alliance is to accelerate the transition to “post-quantum” cryptography. That means a new encryption method that is secure against code-cracking quantum algorithms. The alliance is committed to developing open source software implementations, starting with the recently standardized ML-KEM algorithm, to drive adoption across sectors and industries.

“IBM has already played a key role in driving the development and adoption of post-quantum cryptography, and industry collaboration will be key as quantum technologies advance rapidly,” IBM fellow Ray Harishankar said in the announcement.

Quantum Computing and Cryptocurrency

PQCA’s mission has become more urgent given the continued growth and institutional acceptance of cryptocurrencies, such as Bitcoin, which rely heavily on cryptographic security to authenticate transactions on decentralized networks.

Research suggests Bitcoin’s encryption will be largely impervious to quantum brute force attacks in the short term, and calculations from the University of Sussex show that cracking complex encryption keys would require quantum computers millions of times more advanced than classical systems .

However, experts believe that sufficiently powerful quantum computers could emerge within the next decade. The Linux Foundation initiative indicates that IT infrastructure as a whole is unprepared for this potential crypto cataclysm.

“The necessary transition to post-quantum encryption represents one of the largest and most complex technology migrations of the digital age,” said Jon Felten, senior director at Cisco, another alliance member.

The alliance builds on years of research into quantum-resistant cryptography, much of which originated at the University of Waterloo, home of the Institute for Quantum Computing and birthplace of Open Quantum Safe, PQCA’s first hosted project. .

“The important work of University of Waterloo researchers Michele Mosca and Douglas Stebila since launching the open source project 10 years ago will have a significant impact on post-quantum technologies and data security for industry and customers,” said Managing Director Norbert Lütkenhaus. of the Quantum Computing Lab.

editor: Ryan Ozawa.

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