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The Good News:

Only about 25% of Bitcoins are currently vulnerable to Quantum attack, as long as none of the other Bitcoins move, ever.

The Bad News:

That number grows every time a new address and public key are used, and it's enough to undermine faith in cryptocurrencies as a whole. 25% of the world's Bitcoin being hacked and stolen may lead to a mass panic and sell-off, causing the value to plummet to near zero. We're not talking about another crypto-winter here, we're talking about crypto-extinction.

What is Quantum Computing?

Quantum Computing is the future of computing. Instead of using 0s and 1s to define bits as in Classical Computing, Quantum Computing harnesses quantum mechanics to define qubits. Qubits are made of atoms or artificial atoms produced through nanoengineering.

As in Classical Computing, qubits can be represented by a 0 or a 1, but they can also be represented in a supreme of 0 *and* 1 simultaneously. Even cooler, many different qubits in many different states can become entangled, meaning they are quantum mechanically linked. This diversity of potential states is what makes Quantum Computing so powerful.

Why are cryptocurrencies so vulnerable?

Cryptocurrencies are a highly visible target. They're like the guy wearing the gold Rolex in a downtrodden neighborhood. The truth of the matter is, *anything* secured via cryptography - anything encrypted - using today's cryptographic algorithms is vulnerable to attack, whether during transmission or at rest.

Are my NFTs safe?

The short answer is no. The longer answer is maybe - there will probably be a community wide movement in 5-10 years to help users secure their NFTs prior to quantum supremacy, but you will need to be vigilant, or sign up for our guidance program as mentioned at the bottom of this article. There is such a thing as quantum NFTs and quantum-proof NFTs, you just probably haven't bought any...yet.

Just exactly how much time do we have?

To successfully execute a quantum attack against stored cryptocurrencies, computing resources in the range of 9-15 million qubits (remember these are the atomic foundation of quantum computing - like bits in classical computing) will be required. Quantum computers are currently less than 1,000 qubits, and are not expected to reach the ten million mark for at least a decade. Attacking cryptocurrencies in-transit must be accomplished very quickly, before the transactions are confirmed by the blockchain. This may require billions of qubits... so not something to worry about tonight.

Is there any hope?

Yes, even without Obi-Wan Kenobi. Researchers, including some of our team at Nine, are currently experimenting with lattice-based and multivariate public-key cryptographies, both good candidates for quantum-safe encryption. It will be up to the web3 community and businesses/organizations/governments to implement these new forms of encryption prior to quantum supremacy being achieved.

Am *I* vulnerable to Quantum Attack?

Yes. Well, no. Well, yes and no. Your physical self is not vulnerable to attacks from the Quantum Realm à la Antman, but *all* your data - everything saved on the device you're using right now, and everything you have saved anywhere else is in danger.

Please bear in mind the security of any data or personal information stored by institutions or third parties will rely on how much they prioritize post-quantum encryption, and how soon they enact such policies.

Are there any quantum cryptocurrencies?

Not yet ;) We will be launching a consulting and mentorship program to help guide those with vulnerable cryptocurrencies and NFTs through the process of securing them for the post-quantum world.

Those interested can email to preregister for our Quantum9™ program.

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