Major Cryptos Could Be Worth 'Close to Zero' if Quantum Resistant Features Don't Work Properly: Analyst

Twitter user Noclone3, who has “a passion for quantum physics, cryptocurrencies, and programming,” recently argued that the world’s largest cryptocurrency platforms may not be adequately prepared for a time when quantum computers become powerful enough to pose a legitimate threat to the binary blockchains of today.

According to Noclone3, the “main thesis behind” the Quantum Resistant Ledger (QRL) project is that, “even though Bitcoin (BTC), Ethereum (ETH),” and some of the world’s other leading cryptocurrency networks intend to “implement quantum resistant signature schemes in the future (and they will),” they might still not be able to successfully transition to platforms that are resistant to quantum computing threats.

“Issue Of Lost Addresses Or Lost Keys” When Quantum Computers Arrive

Noclone3 further noted that “either it will be too late (widespread suspect of #quantumcomputer acting) or it will be too early (and people will not move funds, leaving partially exposed coins).”

The programmer added that “in either [of the scenarios], there will be the issue of lost addresses, whose owner died or lost the keys (eg Satoshi?).” Noclone3 believes that if this actually happens, then users will begin using what he considers the “most prominent” quantum resistant (QR) blockchains.

Users Will Turn To “Most Prominent” Quantum Resistant Blockchains?

These include IOTA, which uses Tangle (based on Directed Acyclic Graphs, not a blockchain) and the QRL platform, an “externally audited enterprise-grade blockchain platform” which is designed to be “secure against an attack from quantum computers.”

Noclone3 added that “if the above thesis is correct, [then] the value” of the world’s largest crypto networks “will go close to zero at some point in the future.” He also mentioned that “we can debate here, [however] the point is no one really knows ... I personally guess before 2030.”

Quantum Resistant Chains Could Also Be Valued At “Close To Zero” In The Future

Because it’s possible that “the above thesis is not correct,” Noclone3 stated that the developers of the Bitcoin protocol could “devise a method that allows for an early decentralized migration of funds.”

Noclone3 further noted that “there’s [also] the possibility that the QRL goes to zero, unless other features become more relevant (QR messaging anyone?).”

Per the programmer and crypto enthusiast: “The most probable solution ... is that at some point BTC ETH etcetera will introduce optional PQ schemes. Later, they will have to hard fork and burn unsafe addresses. At that point, their communities will split again (think of Bitcoin Cash (BCH) / Ethereum Classic (ETC).”

QRL Team Looking For “Organic Growth”

Noclone also noted:

The QRL will have to compete against those bashed but battle hardened coins. It will have to demonstrate [that it can properly] substitute BTC/ETH [in terms] of usability and features. We can't currently claim this, because of the small community, but things are constantly moving.

He continued:

Specifically, we would like organic growth in a very decentralized fashion. We would especially like to attract developers. Of course, a spike in price would help, but it's already happening that, for people who are interested, the QRL is a reference.

Hacker Attempts to Sell Data Allegedly Stolen From Ledger, Trezor, and KeepKey

Michael LaVere
  • Online data monitoring service Under the Breach says a hacker is attempting to sell databases belonging to Ledger and Trezor.
  • The hacker allegedly used a Shopify exploit to obtain client information, while the company claims to have found "no evidence" of a breach in security.

Online data monitoring and prevention service Under the Breach says a hacker is attempting to sell client information belonging to cryptocurrency hardware wallet manufacturers Trezor, KeepKey, and Ledger. 

According to a tweet published May 24, Under the Breach said an the alleged hacker of the Ethereum.org forum was attempting to sell databases belonging to Trezor, KeepKey and Ledger. The stolen data was reportedly obtained via an exploit involving the e-commerce platform Shopify, with the tweet implying more leaks could have occurred that have gone unnoticed. 

The hacker also claimed to have the full SQL database belonging to the online crypto and fintech investment bank, BnkToTheFuture. 

In a subsequent tweet, the data monitoring service claims to have warned BnkToTheFuture about the leaked information.

The documents posted by Under the Breach reveal the hacker allegedly has information belonging to three large databases encompassing 80,000 clients.  

Ledger responded to the proposed Shopify data breach the same day, calling the hack a “rumor.” The crypto wallet manufacturer claimed to have analyzed screenshots from the leaked database and found it did not match their records. 

A Shopify representative told News.Bitcoin that the company had investigated the security breach and found “no evidence” of any compromise. 

Featured Image Credit: Photo via Pixabay.com