- Charles Hoskinson raises concerns about blockchain security standards.
- Potential 5–10x slowdown in blockchain performance.
- Implications for BTC, ETH, and Cardano networks.
Charles Hoskinson, Cardano's founder, highlighted potential blockchain performance issues following the 2024 standardization of post-quantum cryptography by the National Institute of Standards and Technology.
This move could slow blockchain operations without hardware acceleration, impacting cryptocurrencies like Bitcoin, Ethereum, and Cardano, which depend on elliptic-curve cryptography.
The 2024 post-quantum cryptography standardization by the National Institute of Standards and Technology could impact blockchain performance. Charles Hoskinson notes potential slowdowns without hardware acceleration. This shift requires careful planning to maintain efficiency in blockchain operations.
The primary figure involved, Charles Hoskinson, emphasizes the need for new standards in blockchain security. He warns that post-quantum cryptography may reduce performance, affecting BTC, ETH, and Cardano, if hardware acceleration is not implemented.
Immediate effects include potential performance slowdowns for major cryptocurrencies like Bitcoin and Ethereum. The absence of hardware upgrades could significantly hinder the efficiency of these blockchains, creating a pressing issue within the industry.
The implications of this development extend beyond technology, affecting financial and market dynamics. Without efficient solutions, the slowdown may influence investor confidence and strategic decisions in blockchain deployments and development efforts.
Charles Hoskinson stresses the importance of proactive planning for blockchain resilience. As the industry approaches NIST's 2024 deadline, the focus is on devising strategies that integrate new cryptographic standards without sacrificing performance. One critical point to consider is:
"NIST's post-quantum algorithms are projected to be 5–10x slower and will require larger signatures without dedicated hardware." - Charles Hoskinson, source
Analysis of the potential outcomes highlights the necessity for technological advancements and strategic industry responses. Historical precedents of algorithm adoption suggest that early adoption of hardware solutions will be critical to mitigate performance challenges.