Sui's Kostas Chalkias: I Told Them to Freeze the $163 Million

In my opinion, there is some progress.

And at the same time, there are a few VCs like venture capitals who are putting money into the game.

When money starts flowing into an industry, you might expect that there will be some new breakthrough in this particular system.

over 200 million in a hack, and then validators froze 163 million of it.

Doesn't that challenge the idea that it's a decentralized network?

There is two flavors of decentralization.

One is apathy.

You do nothing.

Then why do you even need decentralization? Why do you even need to take decisions?

So you've said that every chain, Bitcoin, Ethereum, needs to start its quantum migration now, now until 2030.

Are you ringing a real alarm bell or is this Sui's marketing wedge?

Okay, great question.

By the way, I'm one of the believers that quantum is not here yet.

in the sense that whatever Google published in the last few months, it's actually mostly not a hype, but some theoretical work in case there is some hardware that can actually break crypto, then we have to expect this amount of gates, quantum bits, and so on.

As a cryptographer, I think it's more than a decade away, at least.

Now, what is the problem and why we should start now? Historically, the blockchain industry in the last 15 years, I would say after the Bitcoin revolution, is the first one who is making the changes for a better world.

If we want our systems to sustain something that might happen even in 20 years from now, We have to start because typically crypto migration takes years, maybe decades.

So even if we say we should start 2027, 2029, whatever every chain picks, it has to happen now because we're going to learn from this migration process.

So if it happens afterwards, you are getting in some danger zone where you might not be ready by that time.

And this is the first factor.

The second one is regulation.

You know that there are at least a couple of agencies, including the National Institute of Standard and Technology in the United States, that they say, look, if you want to be compatible with American entities, and being able to transact with the government, you need to be quantum safe.

We have stable coins.

We have all of these bridges with the Web2 world.

Now RWA is coming, stock market, everything.