On Wednesday, financial regulators in the European Union cautioned that progress in quantum computing might endanger the cryptographic frameworks protecting blockchain networks.
In a shared risk bulletin, the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority stated that quantum computing has the potential to compromise the mechanisms protecting data networks, messaging, and financial transfers.
This advisory comes on the heels of a more in-depth evaluation issued by Google Quantum AI. Back in March, scientists at the company calculated that cracking the encryption relied upon by numerous digital assets might demand roughly 20 times fewer physical qubits than previous projections suggested. A qubit represents the fundamental building block of quantum processing.
At present, no machine exists that possesses the capability to execute this kind of assault.
Regarding owners of digital currencies, the primary worry is that a future quantum device might calculate a secret private key from a known public key, subsequently leveraging it to validate unauthorized transfers.
In February, Bitcoin contributor Jameson Lopp alongside five fellow developers put forward a plan to gradually phase out existing network signature schemes and limit spending capabilities for unmigrated balances starting five years subsequent to the scheme taking effect. That suggestion has not yet been implemented.
Meanwhile, the Ethereum Foundation plans to achieve quantum resistance for Ethereum across its consensus, execution, and data tiers by December 2029.
Related: StarkWare tests quantum-resistant Bitcoin transaction on mainnet
Originally published at https://cointelegraph.com/news/eu-watchdogs-quantum-computers-crypto-locks?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
