Google has reportedly built a quantum computer that can process certain calculations faster than any other computer on Earth. The breakthrough caused concerns about a hypothetical device that is powerful enough to crack modern forms of coding.
This could cause problems for bitcoin and all those other thousands of cryptocurrency’s based on blockchain. Andreas Antonopoulos does not participate in FUD, fear uncertainty and doubt, witness his latest video.
No effect at all on cryptocurrency
“What is the effect on mining and the crytocurrency world in general? Zip, bupkis, nada, nothing really happens. Quantum supremacy demonstrates the practical applicability of quantum computers for certain problems. This is very different from using a quantum computer to break cryptography. “
“And that is really a good thing because bitcoin is not the problem. If we get quantum computers that can run thousands of qubits without correction and with consistent results, we have a much bigger problem, and the bigger problem we have is all encrypted communications around the world, confidential communications, financial systems, etc., all dependent of classical cryptography today. “
“And then we have to upgrade all those communication systems to make them quantum proof. All these systems are harder to upgrade than an open blockchain protocol such as bitcoin. “
Bitcoin adapts
Antonopoulos has faith in the developers of bitcoin. He expects them to adjust the digital signature algorithm of BTC to quantum computers.
The author of Mastering Bitcoin also notes that in the future hashes will be even less sensitive to hacks than digital signatures. And bitcoin traders themselves can do a lot to minimize potential risks.
“It doesn’t matter what the weakness is, as long as you follow best practice to use a bitcoin receiving address only once. To then spend all the bitcoins at that address and leave nothing behind, you will never have to use that address again. This ensures a much higher level of protection. The public key is visible on the blockchain, but otherwise the address is completely empty. “
Other priorities
Earlier we wrote that Google may not have a quantum computer at all and Antonopoulos recognizes that possibility.
“There is a small possibility that some intelligence services are ten years ahead in terms of quantum computing. If that is the case, we can of course never know, then perhaps bitcoin’s digital signature algorithm may break in the next ten years.
But yes, secret services prefer to use such a computer for the confidential, secure and classified communication of military opponents. Or even to disable control systems of nuclear weapons. “
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