888-384-7144 info@insidequantumtechnology.com

Cryptocurrencies Urged to Develop Quantum Resistant Networks

By IQT News posted 29 May 2019

(BTCManager) Bitcoin and other cryptocurrencies need to develop quantum resistance in this writer’s opinion. But he explains that Bitcoin is still being developed and turned into a global settlement layer, so there’s isn’t much room for developers to think about and deal with quantum computing. Bitcoin, in particular, is very stubborn and opposed to upgrades unless it fixes a critical vulnerability. By the time the threat of quantum computing is in grasp, it may be too late for stubborn networks to properly implement security measures. This is why it’s essential the discussion on how to scale to quantum resistant networks is necessary today.
Bitcoin uses ECDSA cryptography. The immutability of the ledger is the strongest selling point of Bitcoin and it technically cannot be affected even by a 3000 qubit quantum computer. This is because quantum computing breaks cryptography but it cannot break the manual governance of storing the ledger on thousands of devices. What quantum computing What it can do is brute force it’s way from an individual’s public key to their private key. Any address would be compromised, meaning a potential hacker could steal the hundreds of thousands of BTC from the Satoshi’s addresses.
Quantum resistant cryptography will end up becoming the only kind of cryptography that exists in the not-so-distant future. Based on the trajectory quantum computing has taken so far, 3000 qubit machines should be viable in the next 3-6 years, but a larger degree of problems will show up and development will be slowed down due to the need for error correction and ability to withstand quantum noise.

Subscribe to Our Email Newsletter

Stay up-to-date on all the latest news from the Quantum Technology industry and receive information and offers from third party vendors.