Quantum Risks and Blockchain Developments: Industry Perspectives
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Blockstream CEO Adam Back has criticized Castle Island Ventures founding partner Nic Carter for amplifying concerns about quantum computing threats to Bitcoin. Back stated, "You make uninformed noise and try to move the market or something.
Youre not helping," following Carter's explanation on social media regarding Castle Island Ventures' investment in Project Eleven, a startup focused on protecting Bitcoin and other crypto assets from quantum computing threats.
Back emphasized that the Bitcoin community is not in denial about the need for research and development against potential quantum threats, but is instead conducting that work quietly. Carter rebutted Back's comments, asserting that many Bitcoin developers remain unaware of the risks posed by quantum computing to Bitcoin.
He noted that he initially disclosed the investment in a Substack post on October 20. Carter admitted to being "quantum pilled" after discussions with Project Eleven CEO Alex Pruden, leading to his investment driven by concerns over quantum threats.
He highlighted several risks, including governmental preparations for a post-quantum world, Bitcoin acting as a bug bounty for quantum supremacy, and increasing investments in quantum technology. Capriole Investments founder Charles Edwards warned that quantum computing could genuinely threaten Bitcoin within two to nine years unless the network upgrades to quantum-resistant cryptography.
In contrast, multimillionaire entrepreneur Kevin OLeary argued that utilizing quantum computing for breaking Bitcoin's security wouldn't be the most effective application of the technology, suggesting it would be better suited for AI-driven medical research.
Back reiterated that while it's beneficial for Bitcoin to be quantum ready, he believes the threat will not materialize for several decades due to the infancy of quantum technology and its ongoing research and development challenges.
According to the report, this storyline highlights ongoing discussions about quantum risks in cryptocurrency and advancements in blockchain technology.