Are Cryptocurrencies te Danger with Quantum Computers

Are Cryptocurrencies in Danger with Quantum Computers

Some experts believe that blockchain technology and quantum computing could form the future. Blockchain technology provides decentralized transactions, but quantum computers could be potentially harmful for it.

Lots of people are interested te Bitcoin and several investors are kicking off to pay attention to it. At the uur, Bitcoin arrived at fresh all time highs with a price vanaf coin of $8200 dollars. During this year the price enhanced from $960 up to the price wij have today. During the next year, Bitcoin is expected to pauze all the possible records and to keep expanding.

But at the same time, quantum computing experts are thinking that this technology could hack Bitcoin and blockchain technology. Quantum computers can lightly waterput te danger the Bitcoin network security.

“Bitcoin have two significant security features that prevent them from being stolen or copied. Both are based on cryptographic protocols that are hard to crack. Te other words, they exploit mathematical functions, like factorization, that are effortless te one direction but hard ter the other, at least for an ordinary laptop,” explains the MIT Technology Review.

Te this way, it is difficult for today’s computers to crack blockchain technology. But Quantum computers could do it ter the future.

Cryptography ter Danger with Quantum Computers

Is Bitcoin secure from quantum attacks? According to Divesh Aggarwal, from the National University of Singapore, the threat to Bitcoin is real and imminent.

“If a group of miners controls more than 50 procent of the computational power on the network, it can always mine blocks quicker than whoever has the other 49 procent. Ter that case, it effectively controls the ledger,” says Mr. Aggarwal. “That creates an chance for a malicious holder of a quantum laptop waterput to work spil a Bitcoin miner. If this computational power violates the 50 procent threshold, it can do what it likes.”

But the problem is not arising now or te the next year. At the uur, Bitcoin mining is done by application-specific integrated circuits (ASICs). This kleintje of hardware is expected to maintain a speed advantage overheen quantum computers overheen the next ten years.

“We find that the proof-of-work used by Bitcoin is relatively resistant to substantial speedup by quantum computers te the next Ten years, mainly because specialized ASIC miners are enormously swift compared to the estimated clock speed of near-term quantum computers,” says Aggarwal reported by MIT Technology Review.

But there is another threat much more dangerous. Bitcoin has a special cryptographic security that permits only the proprietor to spend it. This is based on the same mathematics used for the public keys encryption schemes. The receiver can verify that the holder possesses the private key. With conventional computers it is difficult to hack this system, but quantum computers are able to do it lightly. Thesis powerful computers are able to calculate the private key just using the public key.

Other systems that use encryption schemes are vulnerable to quantum computers. Many are beginning to get worried about this situation but ten years could be enough to be ready for it.

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