Will quantum computers destroy Bitcoin?
Quantum computers and the Blockchain
Technology is starting to accelerate at exponential speeds. Quantum computers are quickly becoming a reality as NASA, the CIA and Google are already using early versions of the technology.
Quantum computers are so powerful they may actually be able to decrypt Bitcoin and allow the user of the computer to steal the currency from whomever they want. Scary thought huh? Welcome to the future.
Bitcoin recipients share their public key with the sender. To spend bitcoin, a bitcoin owner must use their private key. If another party learns the private key, that party can spend all the bitcoin. Martin Tomlinson, a professor at the Security, Communications and Networking Research Centre in Plymouth University, said a quantum computer can calculate the private key from the public one in a minute or two. By learning all the private keys, someone would have access to all available bitcoin.
Though there are rudimentary forms of the quantum computer being used today, there is still no fully legitimate version being used even though Canada's D-Wave claims to have a fully functioning version. A claim scientists are refuting.
To protect bitcoin from quantum computers, new cryptography standards must be incorporated into the bitcoin protocol. Such technologies exist already. Llew Claasen, executive director of the Bitcoin Foundation, said many cryptographers already are working on a solution to phase in quantum-proof technologies to the bitcoin network.
The question will be in deploying them.
Bitcoin is doomed, according to Tomlinson. Any disruption that requires the bitcoin community’s consensus, something that can’t even be accomplished with the cryptocurrency’s transaction limit problem. The transaction limit problem is simple compared to reworking the complete digital signature method, Tomlinson said.
Videos explaining quantum computers.
Video discussing the threat of Quantum computers on the Blockchain community.
There is a new coin on the market that claims to be quantum computer resistant http://coinmarketcap.com/assets/quantum-resistant-ledger/
Although more research has to be done on why they claim to be resistant to quantum computers. At the moment I am just making a note that they exist, but don't know why they claim to be able to resist a technology that doesn't fully exist yet.
I think quantum computers put all currencies in a shadow of doubt unless they can adapt, in fact all of society will have to adapt to a quantum computer reality. Till then we have 5 or so years till all of this becomes an issue.
Quantum computers will be an issue for everything in the future, if it can decrypt BTC coins it can certainly decrypt passwords for bank accounts, etc. I think that's where biometric protections start to come in play more. But also, in my mind it brings about the larger issue. The validity of currency based on technology. Technology is ever changing, 5 years from now the technology for BTC will be even more dated and antiquated which is one of the reasons for the proposed fork in Aug. The point is it's going to be hard to have a currency based off of technology when every few years technology increases to the point that the technology from a couple years back becomes dated. Then again if we look at the dollar for example, the dollar has evolved against counterfeiting techniques over time, from the simple paper dollar to the ones we have today which modified the old tech to include the new tech. That is what is going to have to happen to cryptocurrencies in order to survive.
Quote source: https://www.cryptocoinsnews.com/quantum-computers-will-destroy-bitcoin-scientists-warn/
Wouldn't the availability of quantum computers enable the creation of 'quantum coins'?
Yeah I think the currency will change with the technology but that leads to the question of the value of these particular coins, we are all invested on these particular coins future. 5 years isn't that far away.
Too true.
On the plus side everything in society will have to change. Because quantum computers will be able to decrypt personal password on anything... so there has to be huge changes... this is 5 to 10 years from now, so who knows what will happen.
Maybe the the march to the end of all privacy will not even stop at the private codes for the security of any currency, rendering the entire economic system worthless. It's the plot to 'Mr. Robot' but arrived at from a different path.
I think that's where biometric protections start to come in play more. But also, in my mind it brings about the larger issue. The validity of currency based on technology. Technology is ever changing, 5 years from now the technology for BTC will be even more dated and antiquated which is one of the reasons for the proposed fork in Aug. The point is it's going to be hard to have a currency based off of technology when every few years technology increases to the point that the technology from a couple years back becomes dated. Then again if we look at the dollar for example, the dollar has evolved against counterfeiting techniques over time, from the simple paper dollar to the ones we have today which modified the old tech to include the new tech. That is what is going to have to happen to cryptocurrencies in order to survive.
It sounds like what I thought it would be, a cryptocurrency arms race, in much the same way as the computer virus/antivirus arms race.
I took a math class in college called Quantum Computing. Theoretically, a quantum machine could compute prime factorization algorithms in time frames that are normal for people, as opposed to a binary computer which would take like Big0(N^N) time.
The problem is that a legitimate superposition of a particle must be built, and currently I think only Stanford University has made a machine that contains like 10 qubits (1 superposition is 1 qubit) and it takes up a whole room. So unless we can overcome these engineering challenges, we won't have working quantum computers.
Personally it looks like we will have them, but only time will tell. I have thought about the repercussions for encryption and payments systems and yes, it would be a world-changing event and totally shake the foundation of not just Bitcoin or blockchain but basically every "secure" thing we do over the Web.
Agreed, the question is, can existing coins adapt? Of course there are always hard forks when the time gets closer to a quantum computer reality. But I think long term, everything will have to adapt to quantum computers as you said, not just currencies.
The answer is yes, there is already a field in math/CS about quantum encryption, which is finding ways to send data between parties that takes into account the power of quantum algorithms. If you are interested further, I found this to be informative:
https://pdfs.semanticscholar.org/57e3/1e7216db8e4063bd0d4c99360cc97ba7a7fe.pdf
Thank you.
While we might not have them, Stanford does. The problem is not that quantum computers will become common, but that one can takeover BTC. However, a wise parasite does not kill the host, as they will also die, but only siphons off such as can be tolerated by the host.
This could be happening today. Stanford is not the most financially capable organization today, and it is entirely possible that better computers that are not publicly acknowledged exist. Some organizations have not just rooms that can hold supercomputers, but areas the size of cities dedicated to computing, and budgets exceeding most nations.
yeah very scary, I hope bitcoin will be much saver with that !
oh my what do you think @the-bitcoin-dood
Great post I'm in the middle of writing a similar post! You make some great points:) I have been following your posts, up voted!
Thank you @road2wisdom I greatly appreciate the follow and I love interacting with crypto enthusiasts to continue to learn and share information. I just updated the blog with something I found just a moment ago.... check this out "There is a new coin on the market that claims to be quantum computer resistant http://coinmarketcap.com/assets/quantum-resistant-ledger/
Although more research has to be done on why they claim to be resistant to quantum computers. At the moment I am just making a note that they exist, but don't know why they claim to be able to resist a technology that doesn't full exist yet. "
Hi! yes, I read about that. I definitely think quantum computers are going to solve the problems way faster and miners will become extinct. But then they are going to use quantum computers to solve binary. I don't know it's a bit confusing because of the obvious, it could be a one or zero or anything in between. So you have everything in between 0 and 1 which could be infinite. It could work out. Thanks for your post and your very informative reply. I appreciate it!!🌞
I just checked your page out, cool posts, started following as well.
Thank you :)
Upvoted, rEsteemed and Followed! Welcome to the tribe!
Thank you and SteemON!
Thank you, greatly appreciate it!
That was exactly my question some days ago. Thanks for the input. guess it will become a long race between processing power, energy ressources and encryption. quantum computers will have probably high energy comsumption rates...