In recent years, the rise of blockchain technology has transformed various sectors of the digital economy, offering unprecedented levels of security and decentralization. At the core of this technological advancement lies asymmetric encryption, a fundamental mechanism that secures communications and financial transactions essential for the functioning of the modern internet.
However, the advent of quantum computing poses an existential threat to asymmetric encryption. Quantum computers have the capability to break asymmetric encryption by swiftly evaluating all potential solutions to specific mathematical problems, jeopardizing the security of online transactions and communications. This looming "Quantumpocalypse" (or Q-Day) threatens not only the financial and communication sphere but also critical physical systems like nuclear power plants and drones, which rely on encryption.
Attempts to delay Q-Day by increasing private key lengths, will eventually fail. Quantum computer experts claim a 1M qubit quantum computer may be as little as two years away! As key lengths increase, the processing time required rises dramatically. It will soon be difficult to run a credit card online. Once a quantum computer has more qubits than a private key bit length - it will be able to take a public key and deduce the private key almost instantly. All cryptos based on asymmetric encryption will plummet to a zero valuation! This can be averted with Symmetric technology.