Changpeng Zhao is the billionaire founder of the world's largest crypto trading exchange, Binance. Well-known for his bold views on digital assets, he recently talked at length about securing
Changpeng Zhao is the billionaire founder of the world's largest crypto trading exchange, Binance.
Well-known for his bold views on digital assets, he recently talked at length about securing Bitcoin (BTC) from potential quantum attacks.
Related: World's largest Bitcoin holder has never sold a single coin
On June 18, Zhao appeared on the Galaxy Brains podcast hosted by Galaxy Research president Alex Thorn, in which he said quantum-resistant cryptographic systems already exist, so quantum computers don't pose an insurmountable threat to Bitcoin.
Cryptocurrencies like Bitcoin deploy cryptographic functions to encrypt all the financial details to ensure the integrity and security of funds. This way, nobody other than the individuals sending and receiving crypto assets can gain access to any sensitive financial data.
It is estimated that even the latest supercomputers will take thousands of years to decrypt crypto proofs. But the industry fears quantum computers will be able to violate crypto security within seconds.
Changpeng Zhao delivers a speech at the opening event of Europe's largest tech conference According to Zhao, the Bitcoin network should transition to quantum-resistant cryptography within a migration period of 6-12 months. Every holder should be allowed to move their coins to new and secure addresses within the deadline; otherwise coins held in retired addresses will get lost.
If any holder fails to move their Bitcoin by the deadline, these coins should be frozen—including those belonging to the Bitcoin's anonymous founder Satoshi Nakamoto—under the new protocol, the billionaire argued.
If vulnerable addresses are allowed to remain active, quantum attackers could gain access to Bitcoin belonging to dormant wallets, he added.
Zhao said the Bitcoin network should build a consensus to take necessary steps to contain potential quantum attacks.
Satoshi Nakamoto is the person or group who developed Bitcoin and authored the Bitcoin white paper. As per Arkham Intelligence, they control approximately 1.096 million Bitcoin, worth more than $70 billion.
Since Satoshi is an unknown figure, it has led to wild speculations about their pseudonymous identity.
BTC/USD, Source: DecibelBitcoin was exchanging hands at $64,150 at the time of writing, as per Decibel.
