Despite these setbacks, the formalization of CRYSTALS-Dilithium, CRYSTALS-KYBER, and SPHINCS+ as cryptographic standards by NIST in 2024 signifies progress in the field of post-quantum cryptography. Additionally, NIST is developing a FIPS that incorporates a digital signature algorithm derived from FALCON, offering an alternative to the existing standards (NIST Announcement). The transition towards quantum-safe cryptography, however, presents significant challenges in terms of ecosystem update, testing, implementation, and user migration. This process is estimated to take anywhere from 1.5 to 3 years, with Bitcoin's code requiring several months to years to fully migrate to quantum-resistant protocols, depending on the approach taken towards transaction handling and wallet updates.

Recent developments in quantum computing highlight the urgent need for such migration. Alice and Bob's announcement of a new algorithm capable of breaking ECC-256 encryption in just 9 hours using 127,000 qubits underscores the rapid advancements in this field (Alice and Bob's Research). These advancements not only pertain to hardware improvements but also to more efficient algorithms and computational methods, such as the shift from supercomputers to network nodes for quantum calculations, and the development of fault-tolerant algorithms.

The pace at which quantum computing technology is advancing brings into question our readiness and the adequacy of current cryptographic standards against future quantum threats. Many experts in quantum computing admit to a lack of visibility into their peers' progress, leading to a situation where developers, particularly those not actively following the latest research, may underestimate the advancements in quantum algorithms. This gap in knowledge and preparedness emphasizes the need for ongoing vigilance and adaptation in cryptographic practices to ensure security against emerging quantum capabilities.