Quantum computing threat. When will the Bitcoin be hacked?
The answer is — very soon! Quantum menace is coming.
The rates of technological advancements are rising at a scary and unexpected scale. Back a few years ago, it was believed that quantum-based computing machines would be so powerful they could manage to perform not only the most advanced calculations, but also to become a severe threat for even the most sophisticated tech of today — such as the blockchain technology, which serves as a top-notch destination for many industries striving for advancements. Fact is, the future may arrive earlier and bring the problems right when the society is not ready for them. Your crypto assets portfolio and the very Bitcoin itself is under a severe menace of the future.
Cryptocurrency #1 is under threat
This conclusion was a result of a study done by an international team of researchers in his article, a preprint of which was published on arXiv.org back in 2017. According to scientists, most modern cryptographic protocols that ensure the security of Internet transactions and financial transactions are potentially vulnerable to a sufficiently large quantum computer. Cryptocurrencies were also referred to services that could be hacked.
Want to steal a few Bitcoins or ETHs? All you have to do is calculate the private key to your victim’s 16-digit public key by solving the so-called “discrete logarithm of the elliptic curve” problem. Sounds simple except using a regular computer, it will take roughly 0.65 billion years.
You can get the next idea if you’ve read our previous article — it won’t be a problem for cyber hackers in post-quantum future when superior-tech could solve this potentially infinite safety riddle in about 5–10 minutes!
Quantum power problem — what you must know
The problem of quantum computing is not new to cryptography, and many experts believe that we still have about ten years to develop quantum-resistant cryptography. However, some cryptographers used to say that recent (and unexpectedly fast) progress in quantum computing is leading to a sharp reduction in this safe period, and by 2027, and even the Bitcoin and other more tech-sophisticated cryptos could be hacked.
“Over the past two years, we have moved further than the past 15 or 20 years,” said Stuart Allen, director of IonQ, which claims to produce some of the most powerful quantum computers in the world, in a comment to Decrypt.
What drives the blockchain tech superiority? One of many things is decentralization. The future’s quantum computing technologies will hurt the blockchain ledgers and put the safety of the information and any data under a big question.
Market giants such as Google, Intel, and several other research groups indicate that computers with previously unimaginable power will finally be developed much faster than many scientists think.
The protection algorithm for Bitcoin and similar systems is based on the principle of asymmetric encryption with public and private keys. A transaction is signed with a private key, and its validity is verified using the public key.
Through using classic attack algorithms, it is almost impossible to find the private key, knowing the public one. Asymmetric encryption systems, such as RSA and the like (DSA, DH, etc.), are built on the assertion that the complexity of factoring a number grows exponentially from the size of the key. However, using the Shore algorithm on a quantum computer, it becomes possible in polynomial time to decompose the numbers into prime factors and, thus, find the private key, knowing the public one.
The most vulnerable to quantum computer attacks is the algorithm for creating a digital signature based on elliptic curves (ECDSA). The elliptic curve algorithm used to create digital signatures used in Bitcoin turned out to be more vulnerable. In general, quantum computers will create a threat for the Bitcoin by 2027 or even faster.
It will be logical to assume that the actual post-quantum era will take place years before we think — taking into account the fastening rate of all the researches in this field and rising interest not only from enthusiasts and companies but from the tech corporate giants and governments.
The processing power of quantum computers for an encrypted data breach is regarded as the main threat for cryptocurrency exchanges and crypto-wallets. Any encrypted information cannot be regarded as completely protected. Next major threat lies in the possibility of quantum computers to process hash function in several cycles; therefore, one quantum computer of high clock speed is enough for 51% attack on any cryptocurrencies blockchain gaining complete control over it. If investigations of quantum computing continue in the same spirit, quantum computers will have no problems with blockchain encryption breach. The economic system of cryptocurrencies would become useless as hackers could steal crypto assets, commit fraud, and take control over the blockchain.
Imagine that anyone may easily steal cryptocurrency at any period — that will immediately affect the cryptocurrency industry in general! Quantum computers are capable of giving attackers enough capacity for overcoming the mark of 50% and getting control over the blockchain. This fact is undoubted of concern from the point of view of blockchain network security level, but that is not an immediate problem.
The forthcoming solution
Even though further and inevitable development of quantum computing can potentially cause disaster for cryptocurrencies and it’s underlying technology, it would be logical to assume that industry is already taking actions against this forthcoming threat. The production of quantum computers is just a matter of time which gives some slack to fortify positions in this field — encryption and cryptocurrency specialists use it wisely to prepare for disruption, which only improves current solutions options and raises chances of survival.
Solutions had already been in development for a considerable amount of time.
The quantum-resistant blockchain projects are in high demand already, as a defense against quantum-powered solutions must be created before the problem actually arises. There are already successful examples in pursuing that goal — one of the most prominent is the QUUBE Project, which quantum cryptography solutions have been recognized by the global-scale businesses and validated by cooperation agreements. Moreover, last year, researchers from the QUUBE presented a quantum-safe blockchain trading platform that utilizes quantum key distribution.
What is it all about? Basically, QUUBE is aimed to create and maintain a full-scale and complex blockchain ecosystem, resistant to the “quantum computing attack”, which is supported by 3 “whales” or three key elements adopting quantum cryptography at all stages. These basic segments are created to provide smooth experience in various segments: a crypto trading platform, STO blockchain protocol, and an IEO launchpad. The whole thing is much more complex, and the team’s plans are huge!
The king is dead. Long live the new king!
Bitcoin is known to be the 1st major cryptocurrency and will always be remembered like this. However, being #1 for 10 years is already a huge success in our time when technologies are developing at a fastening rate. Bitcoin is not and can not be the “one and only” cryptocurrency due to its imperfection and quite a primitive layer of tech foundation it is built on. ETH, for example, is more liquid due to it’s more advanced tech layer.
Considering a problem stated above, little wonder that Q-computers will devastate the blockchain of the Bitcoin and take the entire network down fast. What we need in these circumstances is a digital asset or a token built with quantum-resistant layers. QRP token or a token similar to its capabilities and the level of quantum resistance seems right the solution market will require soon enough.
Moreover, QRP is aimed to become the blockchain of the blockchains — protocol recording logs of everything going on the STO exchange and token lifecycle transactions if launched on the QUUBE platform. There are a lot of basic and advanced features, but you have to remember the most vital things for now:
- QUUBE team is aimed to create a full-scale and complex blockchain ecosystem, resistant to the “quantum computing attack”, which is supported by 3 “whales” or three key elements adopting quantum cryptography at all stages. These parts are aimed to provide smooth experience in various segments: a crypto trading platform, STO blockchain protocol, and an IEO launchpad. The whole thing is much more complex, and the team’s plans are huge!
- Blockchain differentiates by encapsulating the public key details and adopt LIBOQS coding preferences avoiding a quantum attack.
- QRP Token will serve as collateral and tickets for the STO/IEO campaigns.
- QRP is fuel for maintaining the ecosystem of exchange and the dedicated STO blockchain.
Do you feel safe yet?
There is little doubt that the more such large-scale solutions arise, the faster and easier DLT adoption will become. Preventing crime is more vital than investigating the crime scene, and so the data safety is only in the hands of the tech spearheads in this sophisticated, exciting, and very complex segment. The reality of the post-quantum world will see a lot of efforts aimed to deliver the best experience of creation, operation, and maintenance of the DLT-based ecosystems. The best ones are usually the first ones. Adopting a QRP-token or a similar top-notch solution seems to be the most logical and right within the current conditions of market progress.
Do not miss out the global economy transformation! Enter the QUUBE now!
Read the project 📈 WhitePaper https://quube.exchange/static/assets/docs/Whitepaper-QUUBE.pdf
_____________________
Join🚨OFFICIAL CHANNELS 📣
🌐 Website https://quube.exchange
✉️ Telegram Group
https://t.me/QuantumWarriors
🗣 Steem https://steemit.com/@quube-exchange
📸 LinkedIn https://www.linkedin.com/company/quubesecurityexchange
👤 Facebook https://facebook.com/QuubeQuantum
📷 Instagram
https://instagram.com/quube_exchange
🐥 Twitter https://twitter.com/quube_exchange
⭕️ Medium https://medium.com/quubee-exchange
⚙️ GitHub https://github.com/Quube-Exchange-2019
🅱️ Bitcointalk
https://bitcointalk.org/index.php?topic=5180249
