Future of Cryptocurrency Cloudy as Quantum Computing Gains Traction
From being akin to a pipe dream when the idea was first mooted by renowned American physicist Richard Feynman in 1981, quantum computing seems set to become a reality in the not too distant future.
Due to its ability to process voluminous calculations simultaneously, quantum computers will possess awesome decoding capabilties, rendering current methods of encryption for cyber security systems, financial transactions and even blockchain technology obsolete.
Emphasising the massive impact of quantum computers, Oxford University’s Department of Computer Science Senior Research Fellow Dr Jamie Vicary told news.com.au, "it's not an overstatement to say that the whole basis of secure communication on the internet would be basically destroyed."
Furthermore, in the second half of 2017, China announced that it had successfully transmitted data over 1, 243 miles between Shanghai and Beijing via an ultra-secure quantum satellite - according to newstarget.com
Some experts in the field of quantum computing, however, feel that the technology is far from being ready for commercial implementation.
Quantamagazine.org carries a view by University of Maryland quantum theorist Andrew Childs that "current error rates significantly limit the lengths of computations that can be performed".
In light of the above, the pressing question for blockchain-based cryptocurrency investors is: "Is there a future for cryptocurrencies once quantum computing technology is perfected?"
Kindly let me know what you think in the comments below and thank you for reading.
@originalworks
That's the 1 million dollars question! Or 1 billion, or trillion!
Exactly. Investors should thus think twice about having their portfolio heavily weighted towards crypto.
About 5 to 10 years befor it's a real issue.
Probably so. Apparently, the error rate in quantum computation is still quite high.
good post
Thank you for reading.