The Quantum Supremacy vs Bitcoin
Bitcoin new challenge
Quantum computing was science fiction not so far ago, but now it is just around the corner. And the biggest risk they possess for blockchain networks and cryptocurrency is its ability to overcome traditional encryption methods.
This would jeopardize security and operations, not only for cryptocurrencies but also for governments and big corporations to the individual user.
Many companies are developing these strange and superpowerful machines, one of those involved in this new technology is the giant Google.
This machine takes advantage of the principles of quantum theory and specifically of the fact that unlike classical computers, the quantum computer can perform all possible calculations simultaneously by using the charge or polarity of electrons or photons.
The ’quantum supremacy’
Google’s Sycamore ’quantum supremacy’ claims that they can process 200 seconds what would take a powerful computer 10,000 years, it was also mentioned in the Harvard news gazette.
Ethereum co-founder Vitalik Buterin does not believe Bitcoin is yet facing any real threat from Google’s quantum computer says on twitter.
So why is this a concern for the public in general interested in cryptocurrencies?
The problem is that there are many aspects of technology that rely on cryptography and encryption as a means of security and trust. Bitcoin and Ethereum that work on blockchain, the most important network of cryptocurrencies also rely on cryptography and encryption. Quantum computers could break complex mathematical problems in which is based on cryptography.
Although Google Sycamore capabilities are still in development, the fact that it has solved complex computing exponentially faster than a classical supercomputer has given much to talk about in the news and the internet.
Quantum computing capabilities are expected in the future to be able to crack the RSA encryption, the technology that helps keep information on the Internet secure. In fact, quantum computers represent a similar threat to many common forms of encryption.
IBM already launched its first quantum computer for commercial use, the IBM Q System One. “No, IBM’s Quantum Computer Won’t Break Bitcoin” bitcom.com news explains.
This would have far-reaching implications for technologies like Bitcoin and blockchain, which have a vital reliance on encryption algorithms.
How quantum computing can Possibly vulnerability Bitcoin
Some experts believe the vulnerability of Bitcoin in regard to the quantum computers will be that by accessing to the public key the private key could be known. In Bitcoin, digital keys are what give control to the access of stored bitcoins.
A private signature, also known as a digital signature, is essential because if discovered, your Bitcoin will be directly exposed.
There are three elements that establish who is the owner of a cryptocurrency:
- Private key: This key is used to sign operations, providing a mathematical proof that the transaction is made by the owner of the wallet. It is the one that allows you to transfer the bitcoins. it is used to sign the transactions to spend those bitcoins.
- Public key: The public key is used to receive bitcoins. a public key can be derived from the private key, but never the other way around.
- Addresses: are composed of a combination of numbers and letters that are normally produced from public and private keys.
- Digital signatures: In order to demonstrate that we know the private key without publicly revealing it, this is what the signature is used for.
Conclusion
Quantum cryptography has to come from the hand of the computer to favor existing systems. Seen from this point this is going to favor what today is seen as a threat.
Quantum computers will create more complex codes that could give way to quantum blockchain.
In the coming decades will be of great benefit to optimize both. security as the performance of blockchains by making them faster and more efficient.
