Bankless co-founder David Hoffman has stated that Ethereum would continue to function normally even if Bitcoin were to fail due to the potential threat posed by quantum computing. His remarks come amid renewed discussions regarding the impact of this technology on the leading cryptocurrency.
Bitcoin's Collapse Would Not Necessarily End Crypto
In a recent post shared on X, Hoffman challenged the prevailing notion that all cryptocurrencies would inevitably collapse if Bitcoin were to fail. This discussion was initiated by entrepreneur Nic Carter, who wrote, “One of the dumbest fallacies is people thinking their coin is gonna win if only Bitcoin dies.” Carter suggested that a cryptographic failure in Bitcoin could lead to a widespread loss of trust in all forms of internet money.
Hoffman countered this by explaining that Ethereum's ecosystem would remain operational even in the event of a Bitcoin collapse. He emphasized that Ethereum operates independently, with no technical dependencies on the Bitcoin network. "If Bitcoin stopped producing blocks, quite literally nothing would happen on Ethereum," he stated.
While acknowledging that Bitcoin's failure could cause a temporary dip in confidence across the cryptocurrency market, Hoffman asserted that the fundamental functions and value proposition of Ethereum would remain unaffected.
He further suggested that Ethereum could potentially benefit from such a scenario. Hoffman reasoned that given the significant monetary value of both digital assets, the removal of Bitcoin could create a clear pathway for Ethereum to solidify its position as the dominant native digital money.
Ethereum Demonstrates Stronger Preparedness for Quantum Threats
Researcher Scott Aaronson has highlighted the reality of the quantum threat. In a recent blog post, he shared his concern that a quantum computer capable of executing Shor's algorithm could emerge before the next U.S. presidential election, given the rapid advancements in hardware.
Bitcoin has long been aware of the vulnerability of its early wallets' ECDSA signatures to quantum attacks, which could eventually compromise private keys. Carter has also speculated that recent price declines in Bitcoin might indicate that the market is beginning to price in these potential threats.
Conversely, Hoffman pointed out that Ethereum has been proactively preparing for such challenges for a considerable time. From its inception, the network has kept public keys hidden behind addresses until they are actively used, thereby reducing the likelihood of a successful attack. Following "The Merge," Ethereum also secured its validator withdrawal keys.
The Ethereum ecosystem's roadmap includes plans to transition from ECDSA to quantum-resistant signature systems through upcoming upgrades like Verkle trees and EOF-layer improvements. Hoffman concluded that Ethereum's strategic foresight positions it to continue operating and potentially even expand its influence, even if its main competitor encounters significant issues.