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.
1/ A new QRL related tweetstorm. The main thesis behind the #QRL $QRL @QRLedger is that, even though #bitcoin, #ethereum [insert top 50 coin here] will implement #quantumresistant signature schemes in the future (and they will),
— Noclone3 (@Noclone3) April 27, 2019
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.
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.