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RE: STEEM Sink #2: Resource Credit Pool
I'm curious what you think about this impending quantum computer google has announced and retracted saying it will render blockchains obsolete because it will crack the keys. Is this basic fear mongering FUD? Or is there more to it in your ppinion....
I did some reading of some who looked at the documentation that was posted before it was taken down.
The idea of quantum making the present encryption obsolete is not FUD. On that front the potential is real. However, from those who looked at the documents, they concluded that this version of quantum, if accurate, will not have that capability. That does not mean it will not be coming.
There are also teams of people who are working on developing quantum proof encryption. Ironically, one who has a vested interest is the NSA who has a whole lot more to lose than cryptocurrency people.
It is going to be interesting to see the tug-o-war that is going on.
There are many variables to quantum which makes it extremely difficult to develop a working product. Over the past few years, there were a lot of headlines about achieving quantum supremacy only to find out the reports were a bit exaggerated. Perhaps Google is onto something. However, if they are, I am sure they will be getting a visit from the Feds on that one. Keep in mind, not only is crypto at risk, but everything that is encrypted.
I am sure the U.S. Government is not exactly eager for the world to know all its secrets that could contradict the stories they put out to the mainstream.
Yeah, as far as I know we're at least 10 years away from having quantum computers which are powerful enough to crack any modern cryptography and Universities are already going strong in terms of quantum proof encryption. At my university there is for example a team working on converting a company blockchain to be quantum proof.
More difficult than finding quantum proof algorithms, I believe, will be fixing existing chains. Imagine, all bitcoins which are in "lost wallets" could become accessible even if all the active wallets are converted to the new encryption system.
Somewhere between 3-5 million BTC open for the taking under the scenario you mention.
Yeah, as far as I know that'd be a problem. I don't much more about it though, didn't follow up on their research
Or maybe it would help those of us idiots who have BTC on old hard drives, but can't remember the passwords to recover them :-)
im renaming you RAY CORNS
Focus on Steem Engine tokens prove this is even possible with a smaller website, no big website is going to adopt SMTs that fast man, first we need to develop the steem engine community to teach steemians how to create their own dapps front ends using SE tokens then maybe we can have the front ends for SMTs etc