Bitcoin, Ethereum developers race to upgrade blockchains with US backing
Bitcoin and Ethereum developers are in a race to upgrade their blockchains before quantum computers get strong enough to break current cryptography.
The US government is backing this push with up to $100 million each for companies like Rigetti, D-Wave, and Quantinuum.
Ethereum hopes to be quantum-resistant by December 2029, while Bitcoin developers are working on proposals (BIP-360 and BIP-361) for a smooth switch.
Exposed public keys face quantum threat
If quantum computers crack today's encryption, millions (including coins linked to Satoshi Nakamoto) could be at risk.
For Bitcoin, protecting old coins with exposed public keys is a huge challenge.
For Ethereum, even with a set deadline, moving all wallets and apps could take longer than expected.
With IBM and Quantinuum aiming for powerful quantum machines by 2029, the pressure is definitely on.