According to Blockstream CEO Adam Back, the threat of quantum computing to the Bitcoin network is more of a long-term concern than an immediate danger. However, he emphasizes the importance of preparing for this eventuality. As a pioneer in the field of cryptography, dating back to the 1990s, Back asserts that while the theoretical risk of quantum computing is real, it is not yet a practical threat.
In a recent interview with Bloomberg, Back pointed out that current quantum hardware lacks error correction, a notion supported by two recent papers that approach the issue from different perspectives. These papers suggest that quantum computing poses a long-term rather than a near-term risk to cryptographic systems. Back's primary concern is not to dismiss the threat but to ensure a timely response.
He advocates for preparing Bitcoin and providing users with the option to migrate their keys to a quantum-resistant format, allowing for a decade-long transition period. This timeline aligns with the progression of post-quantum cryptography from theoretical concept to practical implementation, particularly following the standardization of guidelines by the National Institute of Standards and Technology in late 2024. Back highlights that preparation is already underway across the ecosystem, with ongoing research and deployment efforts. For instance, a team of 20 researchers has been working on this initiative, publishing papers and implementing solutions, such as the Liquid network developed by Blockstream.
The main challenge for the industry is to coordinate a gradual and orderly migration before the quantum threat becomes urgent.