Cryptocurrency Troubled With Quantum Computers

13 November 2021 | Admin | Share :      

Cryptocurrency Troubled With Quantum Computers

Cryptocurrency and quantum computers, are two cutting-edge technologies that can revolutionize all areas of life, but it is likely that these two cutting-edge technologies will be on opposite paths.

Cryptocurrency have great potential in the future to change the current conventional financial system because Cryptocurrency are more practical. but there will be problems that will arise, namely sophisticated hacker attacks on the blockchain in the form of fake transactions using quantum computers.

Cryptocurrency systems are protected by a technology called public key cryptography. Systems like this can be found anywhere, one of which is by protecting your online purchases and scrambling your communications in online transactions, so as not to be read by unauthorized people.

This Cryptocurrency technology works by combining a public key which is something that can be seen by anyone, and a private key that only you can know.

If quantum computers progress further, quantum computers will be able to easily crack public key cryptography, potentially creating a serious threat to the crypto world, where several hundreds of billions of dollars worth of currencies could simply disappear. This loophole allows the hacker to impersonate the rightful owner of crypto currency, NFT, or other digital assets similar to crypto for the hacker to take over.

Dawn Song, a computer security entrepreneur and professor at the University of California, Berkeley, told the Collective Forecast forum in October. He said that "When the public key cryptography is broken, then users can lose their funds and even the whole system will be damaged by the "attack".

Quantum computers get stronger by manipulating data, which is stored in qubits. Qubits (quantum bits) are elements the size of an atom. So with quantum computing, which previously only had binary digits (bits) consisting of 1 or 0 only, with quantum computers it could be more than one state, such as 1 and 0 simultaneously.

To crack encryption, a quantum computer would need to tap into thousands of qubits, far more than today's computer machines. The engine will also need persistent qubits that can perform calculations for longer than the fleeting moments that might currently be.

But quantum computer makers are working hard to address that shortcoming. They fed more qubits into the machine and worked on quantum error correction methods to help the qubits perform more sophisticated and longer computations.

Comments Blog