Keep Your Crypto Safe Around Quantum Computers with Guest Pierre-Luc Dallaire-Demers of Pauli Group

Pierre-Luc Dallaire-Demers Twitter: Pauli Group Twitter: Pauli Group: DISCLAIMER: The information provided in this video is for educational and informational purposes only. It should not be considered financial or investment advice. Always do your own research. Pierre-Luc Dallaire-Demers and I had a great chat a while ago, and I thought it would be a good idea to re-create the discussion here on my channel! Our guest is an expert in both quantum technology and blockchain and the conversation was a lot of fun. Here are some questions we discuss: Let’s break down the vulnerabilities of how quantum computers can break down encryption. You say “Elliptic curve cryptography is the Achille’s heel of web3”. RSA and ECC are vulnerable to quantum computers using Shor’s algorithm, and AES is weakened. These encryption systems protect a lot of the internet, and ECC is used in Bitcoin. We briefly summarize the importance of this, especially for cryptocurrencies, and how we interact with these algorithms on the blockchain. Pierre-Luc Dallaire-Demers mentions a timeline ranging from 2029 to 2033 for significant quantum advantages. How does he arrive at this timeline? How does the exposure of the public key during a transaction make it vulnerable to quantum attacks? Even re-using wallet addresses can be a problem. This is huge for the long-term security of cryptocurrencies. Why is that, and is this common nowadays? What role do transaction confirmation times play in the vulnerability of Bitcoin transactions to quantum computing? What are the unique implementation challenges for cryptocurrencies in transitioning to new encryption algorithms? What do we do? What other coins are vulnerable? Are there cryptocurrencies that aren’t vulnerable? Even with NIST doing the standardization, we don’t know if some of these algorithms will eventually be broken and need upgrades. How do you plan to address the question of crypto agility? How can existing blockchains transition to quantum-resistant cryptography? Is there anything an individual user can look out for to protect themselves against a quantum computing threat, even if the blockchain itself is not quantum resistant? #cryptocurrency #postquantumcryptography #encryption