Bitcoin encryption forced by quantum PCs within the next 10 years?

Bitcoin encryption forced by quantum PCs within the next 10 years?

The security of the bitcoin network uses a cryptographic algorithm called SHA-256 and is, as of now, absolutely impenetrable for modern computers. However, in a research paper published January 25, 2022, scientists at Sussex University suggested that quantum computing should change that within the next decade. Bitcoin is based on blockchain, a series of digital blocks linked together as a list, and keeps records of all transactions occurring in its network, essentially a permanent and transparent public ledger of who owns what.

If someone could crack the underlying encryption scheme used by bitcoin, for example, they would be able to forge these keys and alter transactions to steal coins or perform other fraudulent activities. Unfortunately, the unique capabilities of a quantum computer mean that at sufficient size and power, these problems become simple, rendering current cryptography useless which poses a significant challenge for today's cryptocurrencies.

Modern encryption schemes are based on serious mathematical problems that would take even the most important supercomputers centuries to crack. Researchers estimate that future quantum computers with 1.9 billion qubits, on the other hand, would be able to crack the bitcoin cryptography within 10 minutes. A machine with 317 million qubits would be enough to run the business within an hour. However, if I had a full day to try to crack the security, a system that packs a measly 13 million qubits would pass the job.

if (jQuery ("# ​​crm_srl-th_altra_d_mh2_1"). is (": visible")) {console.log ("Edinet ADV adding zone: tag crm_srl-th_altra_d_mh2_1 slot id: th_altra_d_mh2"); } Right now, the most powerful quantum computer, developed by IBM, boasts 127 qubits. However, with innovations moving at their current speed, Sussex scientists expect to see sufficiently powerful quantum computers in the next decade.

Scientists note that the bitcoin network “could nullify this threat by performing a soft fork that adopts a quantum computer-proof encryption method, but there could be serious scaling problems associated with the switch. " However, the vast developments in quantum computing could undoubtedly accelerate progress towards cracking the security of bitcoin.

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