Why quantum computers (could) mean the end of cryptocurrencies
Cryptography is the heart of cryptocurrencies. It is the principle behind the technology behind the blockchain. It is cryptography that makes this technology so extremely secure. There are several cryptographic technologies that are the essence of cryptocurrencies. But what will happen if this essential part of the cryptocurrency ceases to work? As safe as the blockchain technology is, it’s not perfect. The biggest enemy of the digital currency is quantum computing.
That’s because quantum computers have the ability to decipher much of the digital currency’s cryptography. A fully developed quantum computer would theoretically be capable of solving certain mathematical problems at a much faster rate than a classical computer. They may even be able to solve tasks that have previously been considered unsolvable for classical computers. For example, Google’s quantum computer is 100-million-times more powerful than your good old PC.
The crypto industry needs to evolve and resistance to quantum computers needs to be researched and integrated into the currencies. Researchers are already looking at ways to restructure crypto-currency systems so that they are no longer susceptible to quantum computing. This is a really big problem because basically all currencies show vulnerabilities.
The weak spots
The digital signature algorithms prove to be the most vulnerable part of the system. These algorithms generate the private and public keys that cryptocurrency holders use to store and transmit cryptocurrencies. Of course, not all cryptocurrencies work on the same principle. Some use blockchain technology and other currencies use other technologies.
Public keys can be seen by other users — this is the method by which currencies can be received. On the other hand, the private key allows you to issue your tokens. This key should not be shared with anyone. Mathematically, today’s generation computers cannot generate a private key from a public key. One day, however, quantum computers may have progressed so far that they can combine private and public keys.
Even though quantum computers are a futuristic technology and no one can say exactly when it will come to fruition, much is being discussed. Some say that this technology is not possible at all. Nevertheless, it is clear that quantum security is already important today — even before quantum computers are even available.
I always like reading about this but have yet to be convinced there is a credible threat in the near future. Many more things to worry about if this is remotely possible. This theoretical computing only cracks private keys in theory and the threat is way overblown at this point. I'm guessing we are a long way off before the threat is realized. I doubt it will work very well at first when put to practice and there will just be a hard fork upgrade. Much like some blockchains that don't even have their mainnets out yet, sounds interesting on paper.
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