Here's relevant part of the news
The difficulties in such a design are tremendous, yet C12 expects to have a working, final waferscale prototype by 2024.
But if there is a way to make Bitcoin stronger NOW, why not do it?
Because there's no one willing to spend their time to make such change. By change, i mean change on protocol, consensus and implementation level.
As in. Why continue using today's algorithm when there may be or already is a better one behind the curtains?
Few reasons,
1. It uses more computational resource.
2. It's likely to produce bigger transaction size.
3. Implementing cryptography isn't easy.