A Bigger Attack from an Altcoin: First Step Taken Against the Quantum Threat, Founder Criticizes Other Altcoins!

Recently, Bitcoin (BTC) and altcoins have been warned that the quantum computing threat poses a significant risk and that urgent action is needed.

While many altcoins have taken significant steps in this regard, the latest move comes from Tezos (XTZ).

Tezos has launched TzEL, a post-quantum privacy system for blockchain payments, on its testnet.

Speaking to Decrypt, Tezos co-founder Arthur Breitman emphasized the importance of prioritizing the treatment of quantum risk, while also criticizing some groups.

At this point, Breitman stated that some segments of the crypto industry are treating quantum computing like a conspiracy theory, ignoring a legitimate threat to blockchain privacy, and underestimating the real threats it poses.

Breitman stated that Tezos acted “urgently,” while some parts of the industry, in his opinion, remained indifferent to quantum threats.

According to Breitman, the quantum threat should be a very serious concern. This is because blockchain data is persistent. By its very nature, transactions and other data are stored publicly on the chain indefinitely. This creates the potential for what attackers call a “collect now, decrypt later” attack. In such a scenario, attackers collect blockchain data in the form of public keys and store them until quantum computers become powerful enough to break the encryption protecting them.

Breitman concluded by stating that the project is still in the experimental phase and that several more steps need to be taken before it can be deployed on a wider scale. He also added that Tezos has begun offering post-quantum signature support for user accounts as part of its efforts to prepare the network for future threats.

“Work to fully transform Tezos into a post-quantum state is active and ongoing.”

*This is not investment advice.