Quantum Computing: The Elephant in the Room

Quantum computing has become a buzzword in the tech world, rising from the periodic pages of science fiction to discussions at major blockchain conferences. Elixxir President Jim Dolbear has taken a bold stance on the subject, asserting that speculating about when quantum computing will ‘go live’ is a misguided pursuit. Rather, the real question might be who will master it first and how they might use it—think of it as the tech equivalent of the space race.

Lessons from the Past

Dolbear referenced historical decisions made during World War II, when the U.S. cracked German codes but kept that info under wraps. He explains, “If you crack people’s code, you don’t tell them.” This analogy suggests that any advancements in quantum computing may not be shared widely; instead, we may find that governments are using these developments behind closed doors to secure their advantages.

What Happens if Quantum Computing Becomes a Threat?

When Google recently proclaimed its achievement of “quantum supremacy,” many in the crypto community gasped at the implications. If real quantum computers could reverse-engineer secret private keys from public ones, we’d be living in a dystopian digital future. However, experts warn that this is still a distant worry. As Dolbear calmly reassures, we may not have to panic just yet.

The Role of Elixxir and Praxxis

In response to these advancements, Elixxir is launching xx network, a blockchain that incorporates Praxxis—a quantum-resistant currency designed to navigate the challenges posed by quantum computing. Dolbear insists, “A useful coin has to be quantum-secure, that’s it.” This highlights the necessity for cryptocurrencies to adapt, evolve, and emerge stronger in a rapidly changing technological landscape.

A Global Race: Who Will Lead in Quantum Computing?

It’s not just Silicon Valley piling into the quantum frenzy. With China budgeting a staggering $10 billion for its National Laboratory for Quantum Information Sciences slated to open soon, the U.S. is lagging with about $200 million per year in allocations. Dolbear comments that if one major player develops quantum technology, you can bet others will not be far behind. So, it’s a high-stakes race; the prize? Dominance in the future of secure digital transactions.

Conclusion: The Future of Security in Crypto

As we hurtle towards an uncertain future shaped by quantum advancements, the onus will be on developers and industries to ensure that their practices are not left in the crosshairs of quantum threats. Cryptocurrencies that embrace quantum resistance technologies today may be tomorrow’s safe havens in digital finance.