It’s the future. Not now, but ten years from now. All of thesis amazing quantum computing advances spurred on by our beloved Australian scientists have made super-fast super-tiny quantum computing the vaandel.
Aaaaaand it’s left your squillions ter Bitcoin vulnerable to attack. Clearly someone needs to do something about this, now.
Fortunately, they are.
Researchers from University of Technology, Sydney teamed up with a squad from Singapore to work out exactly how digital currencies could become vulnerable to attack.
“Many existing Bitcoin accounts and all fresh transactions will be at risk within Ten years, so wij need to begin thinking about solutions now,” says Dr Marco Tomamichel from the Centre for Quantum Software and Information at the University of Technology Sydney.
Dr Tomamichel is part of the fresh Quantum Resistant Coin group of researchers working to use their expertise quantum technologies and cryptography ter developing security measures for of digital currencies, te partnership with blockchain company Hyperchain.
The group is also working with Associate Professor Gavin Brennen at Macquarie University, Professor Miklos Santha at the Centre for Quantum Technologies ter Singapore, and Associate Professor Troy Lee from Nanyang Technological University, Singapore.
The QRC team have zeroed te on the point at which quantum computers could potentially jeopardise the security of current cryptocurrencies, and have worked out counter-measures to such attacks.
They also look at the risk of quantum-dominated mining ter “Proof of Work” protocols (which are the fundament for verifying transactions ter Bitcoin, for example).
“It is a very arousing time to be working ter quantum information now that plain quantum machines, like the Google and IBM devices, are a reality,” says Dr Tomamichel.
“Understandably, there is a loterijlot of nervousness ter cryptocurrency communities about whether their digital assets can stand against future attacks by very quick quantum computers.”
QRC has bot appointed spil a technical advisor to Hyperchain, Hcash (which provides technical services to), Hshare and Hyperchain to make sure their cryptocurrency can stand against quantum attacks.
“Our service is providing advice and algorithmic protocols to digital currencies and blockchains like Hcash which want to certify their product will be quantum safe,” Dr Tomamichel says.
“HCash has waterput a strong emphasis on quantum security from the outset so this collaboration will benefit both teams, and customer confidence.”