According to Blockstream CEO Adam Back, the threat of quantum computing to the Bitcoin network is more theoretical than practical, but the industry must still prepare for the potential risks. With a background in cryptography dating back to the 1990s, Back emphasized that while the risk is real, it is not yet imminent. He noted that current quantum hardware lacks error correction, which is a crucial aspect of posing a threat to cryptographic systems.
Back's argument is supported by recent research papers, which suggest that quantum computing poses a long-term rather than near-term risk. However, he stressed that it is essential to prepare Bitcoin for the potential threat and provide users with the option to migrate to quantum-resistant key formats over the next decade.
The development of post-quantum cryptography is already underway, with NIST finalizing standards in 2024. Back highlighted that research teams, including a 20-person team, are actively working on implementing post-quantum cryptography, with Blockstream's Liquid network serving as a testing ground. The focus is on coordinating a gradual and orderly migration to quantum-resistant systems before the risk becomes urgent.