CZ: Excessive fear over quantum computing threat is unnecessary

Binance founder Changpeng Zhao has stated that there is no need for excessive fear regarding the impact of quantum computing on cryptocurrencies. Writing on Binance Square, he explained that from a macro perspective, cryptocurrencies can be upgraded to quantum-resistant algorithms. However, Zhao acknowledged several practical challenges with implementation. He noted that reaching consensus for network upgrades is difficult in a decentralized environment, and projects with discontinued development may not be upgraded at all. Additionally, the introduction of new code could create short-term security vulnerabilities, while individual wallet users would face the burden of migrating their assets to new systems. Zhao concluded that cryptographic technology evolves faster than decryption methods, and that rising computing power actually accelerates cryptographic development, ensuring its persistence even in a post-quantum era.