Quantum Computers; A Threat To Your Crypto Assets?

Ever heard of the sentence: "Not your keys, not your wallet"?

It passes the message that you have to secure your private keys in a confidential place (preferably offline) where only you have access.

This has proven to be an effective method of securing assets for a long time (and still is).

However, a higher and upgraded technology that poses a great threat to your assets, when handled by a "Bad Man" is sniffing around.

With this tool, sneaking into your wallet won't be much of a hassle to a hacker.

What is this tool if you may ask?

It's called Quantum Computers

So after going through this article, I expect you to understand the following:
What quantum computer is,

How they pose a threat to the world of cryptography,

Steps you can take to protect your wallet in your own way.

How to reverse this problem to an opportunity for yourself.

Let's get right in!

What are Quantum Computers?

You can't understand quantum computers without understanding the structure and components of regular computers.

Every computer is built on a binary code Which consists of 0 and 1

This means that every application or information in a computer is technically a long chain of 0's and 1's.

While regular computers consist of bits of 1's and 0's, quantum computers consist of qubits, i.e., bits of information that can consist of 0s and 1s at the same time.

To further explain this,

Let's say you have 2 bits, 0 and 1, this means that you have just 2 bits of information.

But If you have 2 qubits, it means that you have 4 bits of information.

So, the amount of information a quantum computer can produce grows exponentially with its number of qubits.

Now,

How Can Quantum Computers Pose As A Threat To Cryptography?

Many crypto networks like Bitcoin and Ethereum make use of cryptographic security systems like Elliptic Curve Cryptography (ECC), and RSA to secure the private keys and transactions of users.

Quantum Computers are capable of cracking these crypto algorithms, using enhanced algorithms like Shor Algorithm, which has the capability to efficiently factor large numbers and solve discrete logarithm problems which are essentially the keys to breaking many cryptographic systems used for the security of cryptocurrencies.

This simply means that an attacker with a quantum computer can generate your private key through your public key leading to easy access to your wallet.

This calls for extra-cautiousness, as little mistakes can cost you your assets.

How can you protect your assets in your own little way?

There are several steps you can take in securing your wallet that will keep you off radar, i.e., preventing you from getting hacked.

To prevent yourself from getting hacked, do the following:

1: Be Mindful Of Apps You Interact With :

In order words, transact with only trustworthy applications, and vet a website properly before interacting with it.
This is not the time when you share your details with whoever or wherever.
Always remember, these hackers just need little information about you, and your assets will be on their way to their wallet(s).

2: Making Use Of Multisignature Wallet:

A Multisignature Wallet is a type of digital wallet that requires multiple parties to sign off a transaction before it takes place. It is literally associated with different private keys which serve as an extra layer of security for your assets.

Examples are Bitgo and Casa.

Making use of these types of wallets gives you an edge over the hackers as getting into your wallet becomes more of a hassle to them.

3: Diversify your Assets:

It isn’t wise to put all your eggs in one basket.
Spread your assets across multiple trusted blockchains.
If peradventure one of them get hacked,
At least you didn’t lose it all.

How To Turn This Upcoming Revolution To An Opportunity For You.

The Q-day is the day a quantum computer will succeed in breaking a cryptographic algorithm.

This will cause a massive transfer of assets from traditional crypto networks, to quantum-resistant networks.

These networks will have their token(s) that will be used to interact with the ecosystem.

This basically mean that spotting, researching, and investing in solid quantum-resistant networks might be something you should consider doing now.

Ofcourse this is not a financial advise, and you can do whatever you want with this information.

To Wrap It Up:

Prevention they say is better than cure.

Keep your ears down to get more updates about the revolution of quantum computers from industry leaders and pioneers.

Follow me @Web3Gazillion for more Web3 content.

If you have any questions, you can reach out to me on telegram t.me/Web3Gazillion

Thanks For Reading.