Technology is being upgraded consistently. New inventions ease our lives and solve emerging problems. Such a new upgradation of computation is Quantum computing.

But quantum computing is now considered as a future threat for cryptocurrency and blockchain technology. Sophisticated quantum computers are supposed to break and read encryption system in future.

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Quantum computing

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Quantum computing is a new method of computer technology based on the principles of quantum theory mechanics. It can solve very complex problems easily in a fastest way. There are different derivatives of Quantum computing.

Most of the types of Quantum computing are based on qubit. Qubit is the short form of quantum bit. We know that traditional method use bit to compute anything. It may hold value either 0 or 1. But bit can't have two distinct state or locations at a time.

In quantum computing, there is qubit which has some different characters than bit. Qubit can exist as of 0 and 1 simultaneously. So it can store different sets of data at the same time.

As a result, quantum computers has huge capabilities than traditional one. For example, Google has generated a 54-qubit processor. It is able to solve very complex problem within 4 minutes that may require 10k years for present supercomputers. It has such unbelievable capability.

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Crypto Security

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Different protocols are used to secure the crypto networks which are encrypted. Though it is too impossible to break now, but some experts are considering quantum computing technology to be able breaking this encryption protocols within a decade.

Regarding this issue, Mr. Johann Polecsak, who is the chief technology officer of QAN (a blockchain platform), alarmed:

Elliptic curve signatures — which are powering all major blockchains today and which are proven to be vulnerable against QC (quantum computers) attacks — will break, which is the ONLY authentication mechanism in the system. Once it breaks, it will be literally impossible to differentiate a legitimate wallet owner and a hacker who forged a signature of one.

However, present quantum computers have less than 100 qubits. It is not enough to break encryptions. Capability of remaining quantum computers have to be millions of times more to successfully conduct such cyber attacks. Assumed that quantum computers will achieve that qubit number within ten years.

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Encryptions Breaking Route

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There are two risks for crypto networks: Storage Attack and Transit Attack.

In case of storage attack, quantum computer try to find out users secret key from the un-hashed public address they uses. If it can find out the secret private key, it will get access to the user’s wallet. About 04 million BTC are in the risk of storage attack for that reason.

To resist storage attack, the users should not use addresses repeatedly. They should not transfer funds into the addresses having open the public key.

Another type of risk is called transit attack. In this attack, quantum computer may steal fund in transit. It must complete confirmation during few minutes that's why it is more challenging. It requires billion qubits to attack successfully.

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Precautions against quantum computing attack

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Blockchain technology has scope to adapt quantum computing security system by the time. Some crypto technologies are already consideed as quantum resistant like Acyclic graph, Block lattice cryptography, QAN Platform technology etc.

We believe that the crypto networks will have enough safety guard against the risk of quantum computing technology just in time.

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Thanks a lot.

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I am Tariqul Islam, from Bangladesh
I am a crypto lover, like to write about Blockchain
Very much optimistic about the entire life.