One of the main threats for cryptocurrencies currently is considered to be Quantum Computing which is a logical evolution of technology world which eventually allows performing faster calculations and having unparalleled processing power. Meanwhile Quantum Computing can cause major concerns for public key cryptography and as most of the cryptocurrencies rely on this cryptography the threats directly concern the cryptocurrency industry as well. So it becomes important to study the potential threats and address those as early as possible.
According to Cardano, they aim on creating a quantum computing resistant solution which is currently the number one priority for the company. This approach proves how much Cardano concentrates on the security of the solution.
Cardano is famous for its intriguing design and the soft fork approach which means adding a major security layers can be easily performed without disrupting the network.
Cardano foundation has recently published the main findings on the research on Quantum Computing which was conducted with Z/YN. According to the research results even with the security layers which can be inserted in the systems it is only a matter of time before large-scale quantum computing can break those for key cryptography. This will not only majorly affect the cryptocurrency world but also many other communication solutions that are based on this cryptography. While there are currently some solutions that aim on solving this issue there still is a need of industry-wide response to this question according to the research.
It is now more than obvious that cryptocurrencies will keep growing their significance in the online world and will become even more popular. The more these currencies are used the more common public key cryptography will become, so major threats like Quantum Computing cannot be ignored and should be addressed far in advance as it is currently being done by Cardano.