Ritika Sharma Monday, 13 January 2020, 03:49 EST Modified date: Monday, 13 January 2020, 05:00 EST
Quantum computing whenever hit the headlines left not just Bitcoin holders but also every Cryptocurrency holder worried about the uncertainty around their holdings.
It widely believed that the underlying technology of Bitcoin, Blockchain is immutable, meaning it cannot be changed or encrypted without authority over encryption keys.
However, with quantum computers, it is possible to break a blockchains cryptographic codes. Quantum computing can hit the most significant features of Blockchain like unchangeable data, unalterable, and security making it vulnerable.
Google has achieved quantum supremacy as of late 2019, which poses a threat to Bitcoin. It will be a threat to Blockchain, as quantum computing will affect one blockchains key features like inalterability and security, thus making Blockchain as highly vulnerable technology.
Later, china Joined Google in the quantum supremacy Race and announced working on quantum technology. With this, the year 2020 might witness the end of the Crypto Era.
How can Quantum computing break the Blockchain?
The reason behind this fear is quite genuine and straightforward: Bitcoin or any Cryptocurrency depends on cryptography, hash functions, and asymmetric cryptographic number mainly relies on the computing power of computers. The hash function calculates a random number for each block.
The results obtained by this process are effortless to verify, but challenging to find. However, quantum computing has powerful algorithmic capabilities, which is precisely the enemy of this key.
Quantum computing uses subatomic particles, which will be available in more than one state at one time. This feature makes Quantum computing faster than the technology we use today.
Quantum computers can work 100 million times faster than current systems; the computational power is capable of solving any complex mathematical equation in a matter of a few seconds, which current systems take 10,000 years to solve.
With such super computational powers, Quantum computers is capable of calculating the one-way functions that will make one-way encryption obsolete.
The risk over Blockchain is more if it gets in the wrong hands. Hackers with a quantum computer can hack the Cryptocurrency ledger and take complete control of Blockchain.
Will Googles Quantum computing wipe out your Bitcoins?
Googles quantum Supremacy only to traditional computers on classical problems; this isnt actual quantum technology. It was presented bluntly as, quantum supremacy, though it is just a step in the world of quantum computing space.
Even if Googles quantum computer demonstrates, its computing power on specific problems far exceeds the best performing supercomputing. The results of this research by Google do not have much meaning in terms of Bitcoin. This isnt even near to what we can call breaking Bitcoin or Blockchain.
However, Googles quantum supremacy does not pose any threat to Bitcoin; many people in the space still stressed about quantum threat theory. Many analysts claim that the quantum algorithm used by Shor can crack private keys, but again, there Is a long way to go before it could break bitcoins Blockchain.
According to researchers, a quantum computer with 4,000 qubits is undoubtedly able to break the Blockchain. Still, googles the quantum computer has only 53 qubits, which cannot cause any harm to Blockchain, and it is worth mentioning that The higher the qubit, the more difficult it becomes.
Satoshi Nakamotos Proposed solution to beat Quantum Supremacy
Satoshi was a true visionary, the things we are concerned about today, and had already been answered by him. In 2010, satoshi Nakamoto responded to the question about quantum computers by username llama on bitcoin talk.
He replied that If Bitcoin suddenly cracked, the signature will be destroyed; but if it is slowly changed, the system still has time to convert to a stronger function, and Re-sign all your assets. Another cruder answer to this question suggested by the author of Mastering Bitcoin, Andreas Antonopoulos, If the quantum computer comes, we will upgrade.
The Quantum supremacy threat isnt new to the crypto world, and many cryptocurrency projects such as Ethereum, quantum chains, etc., focused on making blockchain quantum resistance, experts in Cryptocurrency space also advocating the development of quantum encryption technology to ensure the security of funds.
Unless a threat of Actual Quantum computing of far more powerful processor explodes, Bitcoin and its developers still have time to secure it. With the continuous development in Quantum technology and the development of more qubit chips, still, there will be the sword of Damocles hanging on the head of the cryptocurrency.
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