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a16z Report: Suggests Blockchain Differentiation to Counter Quantum Computing Threats
Summary: Despite the hype, the actual risk posed by quantum computing to encryption technology is generally exaggerated, according to a report. The likelihood of 'quantum computers that can break modern encryption systems' appearing before 2030 is extremely low. a16z recommends immediate deployment of hybrid encryption schemes to counter 'collect now, decrypt later' (HNDL) attacks, but blockchain ...
Despite the hype, the actual risk posed by quantum computing to encryption technology is generally exaggerated, according to a report. The likelihood of 'quantum computers that can break modern encryption systems' appearing before 2030 is extremely low. a16z recommends immediate deployment of hybrid encryption schemes to counter 'collect now, decrypt later' (HNDL) attacks, but blockchain does not need to rush to adopt post-quantum signature technology, as digital signatures are not affected by HNDL attacks. Bitcoin faces unique challenges due to its slow governance mechanism and the large amount of quantum-vulnerable coins that may be abandoned, requiring an early migration path. Privacy chains, on the other hand, are more urgently in need of post-quantum protection due to encrypted transaction data. The report emphasizes that current security implementation and vulnerabilities are more pressing threats than long-term quantum computing risks, and proposes seven specific recommendations to help the industry address quantum challenges.
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Link: a16z Report: Suggests Blockchain Differentiation to Counter Quantum Computing Threats [Copy]
