Physicists have been developing quantum computers for many years. These quantum mechanically based computers should outperform conventional binary computers in some application areas. We will discuss more in this article - Quantum And Bitcoin Mining: What Can Happen To Bitcoin Mining?
Quantum Computer: The End of Bitcoin?
Peter Shor published an algorithm in 1994 that effectively breaks down numbers into their prime factors years before the first experimental quantum computers were created.
This created the basis for a new powerful attack on RSA, an asymmetric cryptosystem that is widely used. Although the encryption used by Bitcoin is not based on RSA, quantum computers are also capable of efficiently breaking the elliptic curve cryptography. The current computers employ bits. They are all singing and dancing binary computers, which stand for 1s or 0s. On the other hand, quantum computers use qubits, which are subatomic bits like electrons or photons.
How far is the development of quantum computers?
The production of quantum chips is quite challenging. To perform useful calculations, a significant number of qubits must be kept in a stable state for a lot of years. They must be protected from all environmental factors as much as possible to achieve this. Small temperature Fluctuations or vibrations create a problem. Therefore, development is slow. Despite the fact that IBM introduced the first commercial quantum computer at the beginning of the year, the classic cryptosystems are not seriously threatened by its 20 qubits and record stability of 75 microseconds. At least 1,500 qubits are required to break Bitcoin.
One expects efficient quantum computers in the next 1-2 decades. However, one must not underestimate science. The estimated time could be significantly reduced by a ground-breaking discovery that can maintain qubits stable with ease.
In what ways does this affect Bitcoin?
The Secp256k1 encryption method, like all ECDSA algorithms, is vulnerable to quantum computers even if cryptographic hash functions like the SHA-256 used in Bitcoin are quantum computer resilient. A powerful quantum computer will be able to destroy no Bitcoin. a system, the first hack of a Bitcoin address may drive the price to zero. Who wants a system that is simple to break into?
solution
Not to worry. One-way signature methods that are quantum-proof have already been used in various applications. For instance, so-called Winternitz signatures are used by IOTA and QRL. You may only use these once. For example, a quantum computer can calculate the private key from a signature, but that does not help it since there is no longer any credit on the address.
Quantum And Bitcoin Mining: What Can Happen To Bitcoin Mining? - Hopefully, this article can help you to get some knowledge.
