Ripple’s Chief Technical Officer, David Schwartz, has said quantum computing will hinder the growth and security of XRP, Bitcoin and other cryptocurrencies owing to the fact that the consensus algorithm depended upon by cryptocurrencies is cryptography.
Speaking on ModernCTO podcast which had featured numerous Fortune 500 CTOs, the Ripple’s Trillion dollar man mentioned that for anyone innovating using conventional cryptography, quantum computing will be a great threat.
Since expanded computing is not required for the problems that the cryptography is solving, a very fast computing power threatens the security models employed, Schwartz surmised.
He observed that already, Ripple is preparing for a time that quantum computers will flood the space, and begin to threaten the crypto industry.
Schwartz foresees that quantum computers will be available in the next 10 years and by then, the fast computing power would have been a threat to the cryptocurrency industry.
The threat, he said with confidence, will show up at least in a decade’s time, however, there may be a breakthrough to the problem before then.
The Ripple CTO also highlighted that the threat by quantum computing may be nothing to worry about depending on people’s personal threat models.
No Threat to the Common Man
For those who feel threatened by the bad guys or government secretly having quantum computing, the influx of the innovation may be a threat. With that, David Schwartz still showed optimism that he won’t make use of the technology if it threatens the common man.
He pointed out that the technology won’t affect average company or individual except they become a target for a particular reason.
David said even if the government has access to quantum computing, they won’t waylay a common man except there is a big reason.
Ripple’s Trillion Dollar Man
David Schwartz is one major cryptographer working with Ripple. He is that strong entity behind the XRP Ledger and has done a lot to bring improvement to the industry.
The Ripple’s Trillion Dollar Man is always on the lookout for ideas that will better the XRP Ledger. Recently, David denied that Ripple will launch its stablecoins on the XRPL. However, he did not rule out the possibility of anyone creating a stablecoin on the XRPL.
He maintained that the XRPL is be opened to anyone wanting to create a stablecoin on the XRP Ledger. The denial came after the widespread rumor that Ripple is planning to create its stablecoin.
He also showed interest in the creation of collateralized XRP on the ledger, however, some Ripple associates are on the verge of launching stabelcoin on the XRP Ledger.