RE: The Future of Cryptocurrency - Let's Talk About It
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I haven't read into this much but apparently quantum computing is a big threat to bitcoin (and just about any PoW blockchain). Don't worry though, steem is safe :)
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I don't think it's that big of the threat. Old system would be more vulnerable than Bitcoin anyway
Steem is safe because?
Can't it just steal private keys?
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It'll be immune to 51% attacks by quantum computers though. Plus I believe we need to match the account name with the private key on steem in order to perform an op.
Yes, Steem is immune to 51% attack because it's not PoW but the account name matching doesn't matter as it will simply target big accounts and crack the private key using the account's public key.
That said, when an account get compromised only liquid currencies can get stolen and the chain also has account recovery mechanism so powered up stakes are basically safe.
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Indeed, powered up stake protects us even more. And to top it all off, crypto is probably still safer than traditional financial institutions in terms of quantum threats.
Yeah, on technical level blockchains are safer than traditional finance but you know how it will go.
The company(ies) who creates practical quantum computers will cartel with banks and not attack them first but attack blockchains first to undermine blockchains' security while in reality banks are even less safe.
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