(IT.Online-co.za) The complex ECDSA algorithm used to generate cryptographic signatures, along with the limited fault tolerance of quantum computers, means the codes protecting bitcoin are likely to remain completely secure for years to come.
This is according to John Singh, a senior systems analyst and head of the Institute of Information Technology Professionals South Africa (IITPSA) Blockchain Special Interest Group (SIG) in Kwazulu Natal.
He notes that the Schnorr digital signature scheme invented by Claus-Peter Schnorr, a German cryptographer and academic, was now being mooted in the bitcoin community and could enhance the already-secure system, if adopted.
Singh believes it is almost impossible to crack the cryptographic keys used to protect bitcoin, even using quantum computing. “You’d need at least 1 000 qubits to crack cryptographic keys, which is a few years off. Plus, quantum computers don’t have the fault tolerance to run long enough to crack these codes,” he says.
Singh says that, while Bitcoin is gaining momentum and has grown significantly, the technology remained hard to understand and the tools around it did not make it easy to participate.