Ethereum’s Quantum Strategy with Justin Drake
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One interesting shift of mindset for me in in the last few months is that I've I've stopped thinking about post quantum as, you know, a hurdle that we have to overcome, and I think of it more as an opportunity. Right? It's an opportunity for Ethereum to stand out as the very first global financial system that is post quantum secure, not just relative to its competitors, you know, like like Bitcoin and whatnot, but also relative to, you know, Fiat and and and and and and TradFi. And I think it would, you know, send a very strong message and and and kind of be a very natural security shutting po
Bankless nation, we are once again joined with Justin Drake. We're gonna talk about quantum computing as it relates to crypto, Bitcoin, and also Ethereum. Justin, welcome back to the podcast.
Hi, guys. Thanks for having me again.
So, quantum has become kind of a big, looming threat to our industry. We've always kind of known this. We we have known this. We have known that this is a thing, that quantum is a thing. It's been largely theoretical. Over the last, I'll say six months or so, quantum has firmly moved from theoretical to something materially impacting our industry. Starting with I'll say just like Bitcoin price just because fund managers, even BlackRock has put out pieces about the threat of Quantum to the security and therefore the value of Bitcoin. And so
we have
anecdotally seen people de weighting their portfolio of Bitcoin. Perhaps that has also suppressing the price of all the other assets in the industry and not to just talk about price, but as we understand it, quantum really just impacts the way blockchains function. So this seems to be a fundamental problem of our industry as a whole, a hurdle that our industry has to get over that when crypto blockchain was created in the first place, we were not we are not equipped to become post quantum of an industry. So maybe to start off that with context, what is the timeline here that our industry needs
Yeah. So I just wanna back up a little bit and kind of emphasize what you said, which is that in the last six to twelve months, we've had major breakthroughs. One of them is this notion of error correction. So we're able to go from so called physical qubits, which are very noisy and error prone to, like, these perfectly logical qubits. Right now, we can basically manufacture one logical qubit, but it's still a very important zero to one moment. And now it's about scaling it to multiple logical qubits. Another big breakthrough is on the algorithmic side of things. Previously, we thought it woul
That's impressive continuity.
And, basically, you just need to extrapolate the exponentials, and and and and that's where you end up. And so what we're trying to do with Ethereum is, you know, to make sure that we have everything wrapped up well before 2032. And, you know, my completion date for Ethereum being fully post quantum secure is 2029.
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