With companies like Google announcing advanced quantum chips like the Willow chip..
Concern is starting to seep into traders: Can these supercomputers break the passwords of wallets?
1. What is Q-Day?
It is the day when quantum computers become powerful enough to break current encryption such as ECDSA used in Bitcoin and Ethereum.
Experts say we have not yet reached the quantum day.. but we have entered the gathering phase now and will decrypt later. Attackers are gathering encrypted data today, awaiting the day when technology can decrypt it.
2. The risk of reusing addresses
The most important advice has become: do not use the same address twice.. addresses that have had their public keys exposed, which make up about 25% of the supply $BTC are the most vulnerable to future quantum attacks.
3. Quantum Resistant currencies
Some projects have already begun updating their protocols to be resistant to these attacks:
$SOL : Serious steps have begun to integrate quantum-resistant signature algorithms into its network.
$ETH : Vitalik Buterin proposed plans to transition to post-quantum encryption through massive technical upgrades.
4. Why you shouldn't worry too much?
Developers are always one step ahead of attackers. Once the threat approaches, a Soft Fork will be performed on major networks to move assets to addresses using new, more complex encryption that quantum computers cannot break.
