The world of cryptocurrencies made a landfall on earth in 2007 with Satoshi Nakamoto’s treatise on Bitcoin. After an intriguing early-run by Bitcoin, other cryptocurrencies joined the party in no time. However, a greater majority of the ensuing altcoins followed suit with the POW algorithm, which had a train-load of inefficiencies and challenges.
With the immense headways made in digital technology, it was only a matter of time before classical and quantum computing provided some food of thought. Quantum computing has become a direct threat to blockchain as its immense capacity can be used to exploit loopholes in existing blockchains.
One of the recognized efficiency points for cryptos is to avoid dependence on centralized exchanges. Since cryptocurrencies now serve as transaction enablers globally, more safeguards have to be in place. This opening gives a leeway to innovate dependable cryptocurrencies that can serve as medium of exchange without loopholes.