(DailyHodl) Quantum Physicist Anastasia Marchenkova says that while quantum computers pose no risk to Bitcoin mining, they threaten the algorithms that keep Bitcoin and the internet secure.
In a recent video, Anastasia Marchenkova argues Bitcoin has a built-in design that protects it against entities using quantum algorithms to mine BTC at a rapid rate.
“Let’s say one day we actually did discover a quantum algorithm that could solve this faster. Bitcoin is designed to adjust the difficulty if we mine blocks too fast. So even if we found this quantum algorithm, the difficulty would just get harder.”
However, the quantum physicist warns that quantum computing poses a serious risk to cryptographic algorithms which keep cryptocurrencies and the internet at large secure.
“There’s two common cryptosystems – RSA and elliptic curve encryption and these are affected by quantum computers. When you’re online, information that you send is encrypted, often with these two. Both of these are vulnerable to attacks by quantum computers.”
While the future of cryptocurrencies may be threatened, Marchenkova says digital assets can adopt developments that can effectively resist quantum-based attacks.l be a problem for anyone online…There actually is a quantum algorithm to break RSA and elliptic curve encryption.
“So we’ll need to pick an algorithm that can actually stand up to quantum attacks. We call this post-quantum cryptography which are classical algorithms not based on quantum principles that can stand up to quantum computing attacks. One of the current leading candidates is lattice-based cryptography…
Another approach is using asymmetric cryptography like AES (advanced encryption standard) which is weakened by quantum computers but not broken in such a manner like RSA and elliptic curve.”