This article traces how blockchain didn't emerge from nowhere but instead synthesized decades of work across distributed systems, cryptography, and economics. a16z crypto assembled interviews with Turing Award winners and Nobel laureates—including Leslie Lamport, Barbara Liskov, Ron Rivest, and others—who explain how their foundational research on Byzantine fault tolerance, consensus algorithms, cryptography, and market design eventually became core components of blockchain systems.

Bitcoin implements a global, distributed ledger that solves the Byzantine Generals Problem, letting users transfer digital assets peer-to-peer without intermediaries or high fees. It secures transactions as a digital bearer instrument, cuts fraud, and lays the groundwork for digital contracts, ownership, and cross-border payments.

Google’s recent paper reveals that Shor’s algorithm can potentially break the cryptography used by Bitcoin and Ethereum with fewer than 500,000 qubits. The paper discloses significant architectural details, suggesting that reproducing similar circuits is feasible for well-resourced quantum research teams. However, the actual hardware needed for an attack remains a substantial barrier.

Recent research indicates that building a quantum computer capable of breaking elliptic-curve cryptography (ECC) is becoming easier and faster than previously thought. One study shows it could crack ECC in just 10 days, while another demonstrates breaking ECC-secured blockchains in under nine minutes. Both papers highlight significant progress in quantum computing capabilities, though neither has been peer-reviewed.