Quantum Competition Begins: Challenges for Traditional Finance and Blockchain

Pantera Capital's General Partner Franklin Bi recently commented on the X platform that the race against quantum computing has commenced. According to PANews, Bi highlighted a significant misjudgment in the market regarding the adaptability of traditional finance and blockchain to quantum-resistant technologies. Bi pointed out that the market overestimates Wall Street's ability to swiftly adapt to quantum technology upgrades. The transition of traditional financial infrastructure is expected to be slow, chaotic, and fraught with risks such as single points of failure. The overall security of the traditional financial system depends on its weakest link. Conversely, the market underestimates blockchain technology's unique capability to upgrade. If blockchains can successfully complete upgrades within critical timeframes, they could evolve into 'safe havens' for data and assets in the quantum era. Ethereum, for instance, has already demonstrated its ability to execute complex system upgrades globally, as evidenced by the successful 'The Merge' upgrade. The security challenges posed by quantum computing might, in fact, enhance the 'gravitational pull' of a few core blockchain networks.