Is quantum computing the biggest threat to encryption? ——

[ad_1]

Blockchain and quantum computing are a technological confrontation. For the field of encryption, the quantum cloud is taking shape.Significant advances in quantum computing could theoretically derail the entire cryptocurrency industry, just like the emerging Blockchain technology Gaining traction. However, quantum proof coding is already in the development stage of encryption experts.

Cryptocurrencies such as Bitcoin (BTC) are developed based on blockchain technology. It works by dividing the data into blocks and then encrypting it. This encryption enables financial transactions to be conducted without involving other beneficiaries such as banks and governments. This is also what quantum computing has the potential to reveal. By adding incredible power in this process, quantum computers have the potential to completely change the way drugs and products are designed.

So what is the problem? The problem is that if quantum computing advances faster than future-oriented digital currency efforts, then blockchain accounting systems that support cryptocurrencies may be vulnerable to complex threats and counterfeiting.

Does quantum computing pose a threat to cryptography?

If you think blockchain technology is difficult to master, then quantum computing is a completely different topic. Because quantum is easy to propose, it can change everything. But this is not entirely accurate.

Quantum computing will solve problems faster than current computers-a million times faster.

Quantum computers may be particularly good at cracking passwords, bringing new password challenges. Encrypted currency is protected by a technique called public key cryptography. This technology encrypts your messages and protects your online transactions so that the only intended recipient can view them. The system works by combining a public key that anyone can see with a private key that only the owner can see. According to the current development, quantum computing will crack public key encryption, posing a serious threat to the cryptographic industry. It will not only affect cryptocurrency transactions, but also currencies worth hundreds of billions of dollars.

Quantum computers manipulate data stored on qubits, which are materials like changing atoms, subject to the strange physics that governs ultra-small. For example, quantum computers will require thousands of qubits to break encryption, far more than today’s devices. Machines also need permanent qubits, which will enable them to perform longer calculation times than currently available.

On the other hand, manufacturers of quantum computers are working hard to fix these defects. For example, they plug more qubits into computers and develop quantum error correction methods to help qubits perform more complex and longer operations.

Nir Minerbi, CEO of quantum software company Classiq Technologies, stated that “we think there will be sufficiently powerful computers” to break the openness of the blockchain within a few years.

What does this mean for Bitcoin and cryptocurrency investors?

The good news is that this is a well-documented problem. It will not happen tonight that a quantum computer can break the encryption immediately. On the contrary, according to computer experts, we will know long before it happens.

What’s more interesting is that blockchain technology and quantum computing appear at the same time. Some programmers are already considering post-quantum cryptography. This is to strengthen the encryption that quantum computers cannot crack, and experts believe they will succeed.

However, one of the most striking features of blockchain is its almost insurmountable security. At the very least, the risk of violating such protections is worrying, and cryptocurrency investors should pay close attention to quantum progress.

Encrypted currencies may need to be updated to post-quantum encryption methods based on personal circumstances. It will be interesting to see which digital currency companies can maintain a leading position.

Cryptocurrency investors may need to transfer their assets to a safer wallet at some point. Moreover, given that data company Chainalysis believes that 20% of bitcoins are currently lost or stored in personal inaccessible wallets, these non-transferable currencies may be more vulnerable to threats.

If you store your assets in Encrypted exchange. However, if you store encrypted assets in a decentralized wallet, you may need to be extra vigilant.

The ominous shadow of quantum computing

Regulators are generally considered the biggest threat to cryptocurrencies, but other technologies are also worrying. For example, there may be other technologies that make blockchain obsolete, as Bitcoin did 12 years ago. Or remove and revoke encryption protocols from cryptocurrencies, just like quantum computing.

Existing cryptocurrency programs are already dealing with a range of issues, from scalability to long-term viability. However, given the severity of the threat, the industry must act quickly to ensure that quantum computing does not compromise the security that forms its foundation.

Using cryptocurrency to solve quantum computing problems

For cryptocurrency enthusiasts, the best part is that quantum computing problems can be overcome by using the same post-quantum cryptography techniques that the software industry is currently exploring. In order to stay ahead, the National Institute of Standards and Technology (NIST) has been collaborating with experts from all over the world for many years to build quantum proof cryptographic algorithms.

For example, several Bitcoin and blockchain projects are actively developing anti-quantum software:

  • The Ethereum project successfully established the second largest cryptocurrency in total value after Bitcoin. It has now begun to draw the post-quantum path. At the 2019 StarkWare conference, Ethereum Foundation researcher Justin Drake discussed the concept of quantum resistance in Ethereum 3.0. But this may still have a long way to go. The transition from Ethereum 1.0 to Ethereum 2.0 is worth the wait.
  • The merger of Cambridge Quantum Computing and Honeywell is developing quantum security technology that can be deployed to any blockchain network. Its vision is to protect the connection between the machines storing blockchain data and the signatures required to encrypt and sign the data.

  • For the quantum computing era, some people are developing new cryptocurrency and blockchain technology. For example, Quantum Resistant Ledger and Bitcoin Post Quantum, despite their different names, have nothing to do with the original Bitcoin currency. In order to resist future quantum destruction, these attempts use post-quantum algorithms.
  • According to the executive director of Hyperledger, Daniela Barbosa, Hyperlegder Foundation is an open source software project that aims to use blockchain for enterprises. It has begun to research post-quantum cryptography through Ursa’s efforts. Ursa is an encryption software package that can be deployed by the Hyperledger project.

According to Peter Chapman, CEO of quantum computer manufacturer IonQ, a problem with current post-quantum encryption methods is that they often require large digital encryption keys and longer processing times. This may result in a significant increase in the computing power required to host the blockchain.

The problem of decentralized governance

From the perspective of Hunter Jensen, CTO of Permission.io, Hunter Jensen is a company that uses Bitcoin to customize its advertising system. The real quantum test of cryptocurrency is not advanced technology, but governance structure.

Many cryptocurrencies, such as Bitcoin, are designed to be decentralized, and anyone who joins the network can effectively manage it. However, those who are willing to optimize the internal operation of cryptocurrency must persuade more than half of its members to fork the coin into a new version.

This kind of governance may reward cryptocurrencies with greater central authority, such as Dash and its master nodes, and even “government coins” circulating in the central bank, which theoretically can provide post-quantum security faster. However, it raises a problem in the crypto community, which is the constant opposition to the concept of authority.

Andersen Cheng, CEO of Post Quantum, a London business, said, “If their community is too slow and unorganized to adapt, it will be the actual decentralized currency that will be affected.”

Other quantum issues related to cryptocurrencies

Another threat is that blockchain relies on hashing, which is a digital fingerprint that quantum computers can destroy. However, this may be resolved through relatively modest technological progress.

Quantum computing may be vulnerable Bitcoin wallet, Users use it to track their digital assets. These wallets hold personal private keys to access their blockchain assets. A successful attack may invalidate the wallet.

So how do users upgrade their keys? Well, the answer is not that simple. This is probably the most dangerous aspect. According to Joe Genereux, a senior cryptography and security engineer at browser creator Brave, it explains how the company’s own Basic Attention Token (BAT) cryptocurrency is used in a user-paid advertising system. Encrypted currencies with stronger governance or post-quantum design built in from the beginning will be able to avoid this problem.

However, according to David Sacco, a professor at the University of New Haven, the organic and autonomous evolution of cryptocurrencies predicts that individuals will upgrade digital asset technology to overcome the obstacles of quantum computing. He explained: “The significance of this ecosystem is that anyone who understands this technology can use it.”

in conclusion

There are several websites ready to connect you to thousands of coins all over the world. And, in order to choose the function that suits you best, you must first choose the function that is most important to you.

You can even dig into some Cryptocurrency Course with SecondChain Course. These courses are designed to give you a better understanding of the technology and obtain professional certification. If you don’t know enough about cryptocurrency learning, you can seek expert guidance. Many companies have entered the market that provides expert solutions and certification programs.



[ad_2]

Source link

Recommended For You

About the Author: AZ