Quantum Computing Vs Bitcoin

Quantum Computing Vs Bitcoin(Quantum System)

Bitcon's understatement has many breathless by now without a doubt. Not even the most daring forecasters dared to think of a bitcoin exceeding $ 10,000 before this end of the year, but any fiction has been far exceeded by reality.

Bitcoin is a multibillion dollar force that regularly gets headlines from big news agencies and much more than that.

During the beginning of 2017, the price of BTC was a staggering 1,000, but then exploded even more at the end of the year reaching almost $ 7,000. However, the future is still uncertain. As it has grown in size and value, it has gained the attention of everyone, including criminals, who may want a piece of the pie by any means necessary. And given the anonymity characteristics of the cryptocurrency, this will certainly appeal to them.

One of the main reasons people have accepted Bitcoin so much is the security it provides. Blockchain algorithms are more difficult to hack than traditional financial institutions.

Blockchain is based on a series of mathematical tasks forced into existence, one on top of the other. Mining is the process by which we generate the response to these functions.

Now, not everything is open and unobstructed field for cryptography. The threat of the quantum computer is not a game. Theoretically, this type of mathematical algorithm could be solved quite quickly by this type of machine that works with non-binary principles. This means that there is an exponential increase in the speed of these computers that could have a massive impact on security as a whole.

If a single entity can exceed 50% of the computational power threshold, since it owns more than 50% of the network's computing power, it can thus control transactions on the blockchain by solving mining blocks faster than any other entity. another person.

From them, said entity could delete transactions before they appear on the blockchain. This process is called double spending as it gives the entity the ability to spend a single bitcoin twice if it so wishes.

Fortunately, PC Chip estimates that quantum computers will not pose a risk for at least the next ten years. Normal chips will still outperform them during that period. However, there is another, more immediate threat. That of a quantum computer that can decrypt private keys.

A user generates two keys: one private and one public. The relationship between the two is critical to understanding the threat posed by quantum computing. More importantly, the direction in which the two keys are generated is critical to understanding their security depth:

The public key can be easily generated from the private key, but not vice versa. A signature can be used to verify that the owner has the private key, without revealing the private key, using a technique known as an elliptic curve signature scheme. The only way to fool this system is to calculate the private key using the public key, which is extremely difficult with conventional computers. But with a quantum computer, it is easy.

Being idealistic and romantic, the algorithms will update before that time comes. In fact, it is a real threat, no matter how scientific. But, if it makes you feel better, virtually all banking, financial services, or indeed anything that uses encryption poses a significant risk for these types of attacks.

Bitcoin is safe for now and will most likely adapt to the impending storm of quantum computers. How will other financial institutions handle it? Well, only time will tell. https://quantumsystem.info/