Quantum computing for cryptocurrencies is not a threat

Quantum computing for cryptocurrencies is not a threat

Last week, the Financial Times reported that Google was about to create a quantum computing device. Apparently, the project documentation would have been accidentally published on the NASA site before it was withdrawn.

Fortune later reported that Google has developed a quantum device. It uses qubits and not traditional bits – and can perform complex mathematical calculations in a very short time. To solve the same equation, the Summit 3 supercomputer developed by IBM would need 10,000 years.

The documents cited claim that Google will be able to advance quantum technologies at a “double exponential rate”. In theory, this means that in the next 10 years, Google could break all encryption methods.

What does quantum computing mean for cryptocurrencies?

Cryptocurrencies in general are based on cryptography and computing algorithms that solve mathematical equations (the so-called mining process). Many assume that the development of quantum computing capacity would mean the end of cryptocurrencies.

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But analysts at Fortune are of another opinion:

“At the moment, the techniques of encryption of public-private keys that rely on bitcoin and other cryptocurrencies cannot be broken by a quantum computer.”

Jack Matier is a member of the Quantum Resistant Ledger team, a project focused on building a blockchain network resistant to quantum computing. He recently analyzed data on the capacity of quantum computers. He stated that they will need at least two to five years to pose a threat to Bitcoin.

Even this interval could be an understatement because

“There is the persistent problem of error correction, which currently represents a barrier to accurate and accurate calculations.”

In a YouTube video posted last year, Andreas Antonopoulos explained that not only can Bitcoin adapt to quantum threat, but there is no guarantee that the government or any actor with such a device will use it to break the SHA algorithm. -256. He emphasized that there are clearly more important targets such as online banking or nuclear codes around the world.

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Other analysts argue that quantum computing for cryptocurrencies is a valuable addition to ecosystem development.


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