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Quantum computers are pretty much still useless toys. If they start factoring primes efficiently at some point, blockchain with be migrated to a different algorithm.
Ok, how long does it take to switch algos? Maybe five years if everyone is on board?
QC may have cracked SHA-265 already. You would have no way of knowing. Switching out the algo five years from now won't matter.
Why would it take five years to change the algorithm?
Last time I checked, there was no single task in which a QC came even near a conventional computer in terms of performance. I'm not saying the current blockchain algorithm won't be broken some day, but the danger is not imminent.
I image that if someone breaks RSA and wreak havoc on blockchain, the algorithm will be substituted within weeks and the blockchain database rolled back to a time before the hacked transactions started.
Why would it take five years to change the algorithm?
Because you can't just switch out the algo. The coin and everything about the coin is tied to the hash. Bitcoin is SHA-256. if you switch out SHA-256, you are rebuilding the whole coin. All the software for anything bitcoin would need to be updated at the exact same time. It takes years of planning, testing, and organizing.
I image that if someone breaks RSA and wreak havoc on blockchain, the algorithm will be substituted within weeks and the blockchain database rolled back to a time before the hacked transactions started.
No, the coin would be defunct. You would have no idea what transactions wouldn't be legit or when the coin was cracked. the whole ledger would be suspect. Boom, another dead shit coin.
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