Quantum computing poses a potential threat to cryptocurrency security by targeting the cryptographic algorithms they rely on. According to analysis, XRP appears relatively safer than Bitcoin and Ethereum due to its different architecture and usage model. While all networks are pushing for protective upgrades, older, dormant Bitcoin addresses, like those possibly held by Satoshi Nakamoto, are considered particularly vulnerable.
Quantum computing could threaten cryptocurrencies by using algorithms like Shor’s to break the public-key cryptography securing them. This could allow attackers to steal funds by reverse-engineering private keys.
Bitcoin is seen as most susceptible as it uses ECDSA, which is directly breakable by Shor’s algorithm. Dormant Bitcoin is at greater risk, including an estimated one million units possibly stored by Satoshi Nakamoto.
Former Binance CEO Changpeng Zhao said crypto must upgrade to quantum-resistant algorithms. He added, “If those coins move, then it means he/she is still around, which is interesting to know.”
A recent report indicated quantum computers could crack the top 1,000 largest Ethereum wallets in just days. ChatGPT noted Ethereum has a larger attack surface due to smart contracts, DeFi protocols, validators, and layer-2s.
XRP was assessed as the least exposed due to its usage model and architecture. Its faster transaction finality results in a smaller attack window, and it relies less on smart contracts.
The XRP Ledger allows flexible key structures, and the consensus is that coordinated upgrades are easier to implement than on Bitcoin. This assessment aligns with recent commentary from crypto researcher Vet.
