EP. 01 Quantum resistant Blockchains with Michael Strike from QRL Ledger

SwapSpace Huddle

In this episode of the SwapSpace Huddle, we dive into the fascinating world of quantum-resistant blockchains with Michael Strike, Director of Outreach at QRL (Quantum Resistant Ledger). Michael shares his journey from being a gold bug to embracing cryptocurrency, his insights on quantum computing’s potential threat to blockchain security, and the future of Bitcoin and Ethereum in a quantum world. If you're curious about what quantum computing means for cryptocurrency, how cryptographic security evolves, and the difference between proof-of-work and proof-of-stake, this episode is packed with rich insights and analogies, including why Bitcoin once felt like “video game gold.”

Join us as we break down complex topics like the Byzantine Generals Problem, quantum cryptography, and more, all with Michael’s approachable and engaging storytelling.

00:01:34 - Michael Strike discusses how his passion for monetary history and dissatisfaction with fiat currencies led him to crypto.

00:04:21 - A comparison of Bitcoin to "video game gold" from the days of playing Diablo, highlighting its early appeal.

00:06:00 - Michael shares how playing blackjack professionally helped him understand risk and reward, which translated into his approach to Bitcoin investments.

00:09:09 - The resilience of Bitcoin: Discussing how many times it’s been declared "dead" by the media and why it keeps coming back.

00:12:32 - "Selling dollars" instead of buying Bitcoin: A fresh perspective on cryptocurrency investment that turns traditional thinking on its head.

00:14:20 - How quantum computers work and what they mean for blockchain security, explained in simple terms.

00:24:26 - Michael explains how quantum computers could reverse-engineer Bitcoin's public keys to steal funds, offering a deep dive into how cryptography works.

00:26:33 - Debunking common myths: Why quantum computers won't break Bitcoin’s mining process.

00:39:00 - What would you do if your Bitcoin transaction never gets confirmed? A rhetorical question that challenges the audience to think about the vulnerabilities of blockchain systems.

00:41:02 - "Rogue node theory" and how a quantum computer could secretly rewrite Bitcoin transactions.

00:43:19 - The innovation of Bitcoin’s UTXO model vs. Ethereum’s account-based system: Why it matters for blockchain security.

00:52:23 - Why QRL is unique: The importance of hash-based cryptography in securing blockchains against quantum threats.

00:56:46 - Proof-of-stake vs. proof-of-work: A breakdown of the energy implications and community-driven benefits of QRL’s upcoming transition to proof-of-stake.

01:00:54 - Discussion about Ethereum staking becoming less accessible and the implications of high entry barriers.

01:03:08 - Insight on the future inaccessibility of staking ETH if prices keep rising, and the possible effects on the ecosystem.

01:07:03 - AMA contest: Michael answers community questions on Twitter about quantum-resistant blockchains and consensus mechanisms.

01:09:07 - Why quantum computers will affect digital signature algorithms (DSAs) more than consensus mechanisms, including detailed technical explanations.

01:18:44 - Explanation of nBits difficulty rating and its effects on mining Bitcoin, scaling up as the price rises.

01:20:24 - How migrating to a post-quantum secure wallet would saturate the Bitcoin network due to transaction bottlenecks.

01:24:03 - Michael talks about the future of QRL and where the project and blockchain security might be in five years.

01:27:11 - Discussion about blockchain secrecy, comparing quantum computing developments to the Manhattan Project.

Tags: #crypto #bitcoin #blockchain #ethereum #defi #nft #cryptocurrency #podcastlife #podcastcommunity #podcastinterviews #quantum #assets #security