How to fix crypto’s quantum-computing security vulnerability
Cryptocurrency is on the move and swiftly being adopted, nationally and globally.
When exploring whether Bitcoin is vulnerable to quantum computing, the Bitcoin Foundation revealed, “Is Bitcoin vulnerable to quantum computing? Yes, most systems relying on cryptography in general are, including traditional banking systems. However, quantum computers don’t yet exist and probably won’t for a while. In the event that quantum computing could be an imminent threat to Bitcoin, the protocol could be upgraded to use post-quantum algorithms.”
It is irrefutable that quantum computers are real and that gain of function and capabilities is rapidly progressing. Quantum computers will have the ability to crack the cryptography of Bitcoin and other popular chain protocols, quantum systems will have the capability to determine patterns in combinations and speeds not currently possible on conventional computing systems. What would take a conventional computer years to crack will take just moments on a quantum system. This is an unacceptable risk to the crypto industry and holders of crypto assets.
Now we know the threat is real, will Bitcoin have an effective solution and be able to react in time? Let’s analyse. It’s taken Bitcoin 12 years to implement its first cryptographic update (proposed in the Taproot update set to take place this month) replacing the crypto’s Elliptic Curve Digital Signature Algorithm (ECDSA) cryptography with that of the Schnorr Signature Algorithm (SSA).
One needs to question if it’s taken 12 years for an update, even if time is of the essence (assumedly because the network will be under imminent attack), will Bitcoin be able to scramble together a post (after) quantum solution?
So, what is the solution? KAZ identified the major threat posed by quantum computing to the cryptography of Bitcoin early on and worked to develop a solution which uses actual quantum technology to upgrade the cryptography of Bitcoin so that it is quantum secure. The technology uses real quantum phenomena, quantum tunnelling of electrons which are totally unpredictable and entirely random to produce quantum cryptographic keys. If something is truly random it follows that it cannot be reverse engineered and is theoretically impossible to breach. Put simply, quantum keys will be unable to be hacked by any computer system quantum or otherwise. This technology can change the very future of crypto security now and remove the threat posed by quantum computers.
This quantum cryptographic solution and approach is being used by the crypto Quantum Assets on the Binance Smart Chain. They are using the technology to launch Quantum Bitcoin using quantum keys in a bid to ensure the cryptography of Bitcoin remains safe and secure.