Is Crypto Ready for Q-Day?

Key Points

1. Q-Day refers to the moment when quantum computers can break current encryption, and malicious actors are already harvesting encrypted data to decrypt later.

2. BlackRock has warned that quantum computing could compromise Bitcoin ETFs, with up to 25% of usable BTC at risk.

3. Ethereum and most blockchains rely on Elliptic Curve Cryptography, which quantum computers will break, prompting proposals for quantum-resistant upgrades.

4. Experts predict Q-Day could occur within 5-7 years, with some estimates as early as 2025, given advancements like Google Quantum AI reducing the qubits needed to break RSA-2048 encryption.

5. Upgrading to post-quantum cryptographic systems could require significant downtime (e.g., 75 days for Bitcoin at full capacity, 300 days at 75% capacity).

6. The article stresses that 2025 may be the last chance to start migrating to post-quantum cryptography before widespread cryptographic compromise occurs.