We are using classical computing in everyday devices. On the other hand, a new method to process the data and to solve the problems in quantum computing. In the past, we have dismissed quantum computers due to physical impossibility. Its reason was that some computations of quantum computing were impossible to perform on traditional computing. Nowadays, quantum computers can easily solve these computations. The blockchain cryptographic functions are secured. Its reason is that we can’t get access to these resources with classical computers. On the other hand, quantum computers can easily break this shield of the cryptographic functions just within a few days. Quantum computing will go beyond the limits of traditional computing. Recently, Google has claimed that it has achieved quantum supremacy. It means that they can solve such problems that typical computers can’t solve.
Is Quantum Computing a Threat to the Cryptocurrencies?
To get the answer to this question, we have to see various aspects. Anyhow, if we try to get the answer to this question in recent days, we know that it is not a threat to the blockchain. Its reason is that the present-day quantum computers don’t have enough functionality to break the blockchains. Anyhow, the most advanced quantum computers are a threat to the blockchain. They can break the cryptography of the blockchains. We can also reduce this threat by adopting quantum-resistant blockchains. We can also make use of ledger technology. The nodes of the ledger technology rely on quantum computers.
Why Quantum Technology will not Break Cryptocurrencies?
In the cryptocurrency communities, there is a lurking fear of quantum computing. After the announcement of Google about the ‘Quantum Supremacy’, they are asking lots of questions. First, will quantum computing break cryptocurrencies and their encryption? Secondly, they are also asking the question that will their private keys are at the risk? If they want to get the simplest answer to this question, it is ‘No’. Most of people will not satisfy with the simplest answer to these questions. That’s why we try to dive deeper into this phenomenon to get a satisfying answer for the people.
We can perform the functions of quantum computing based on the qubits. We are using these bits in the superposition. To complete the calculations, we have to use quantum principles. The information that we capture from the quantum systems based on the qubits. Anyhow, we have to face information decay while capturing the state of the system. From this discussion, we can conclude that quantum computers are not better than classical computers based on the universal situation. When we are talking about quantum supremacy, it means that these computers can perform different tasks better than classical computers. We can also perform such tasks with the help of quantum computers that we can’t perform by using classical computers in any reasonable timeframe.
From the computing perspective, we can also think of quantum computing in terms of the time scale. There are some computing functions that we can’t perform with the help of meaningful human level period. On the other hand, if we use a large enough quantum computer, we can easily manage these functions. Here, we can consider that Turing tests and quantum computing tests work in the same way. These tests show the supremacy of one system over the other. Anyhow, in the form of quantum computing, they become more gimmick.
Quantum computers have to perform better. When these computers perform better, we get impressive trivial tasks. No doubt, these trivial tasks are quite impressive but they are completely useless for the people. It means that these tests work in the same way as the machine-generated English language of the Turing test. With the help of this machine-generated language, we can easily make a fool of the Ukrainian child who doesn’t have enough command over the English language. Now, we can narrow down the function of quantum computers. After narrowing down its function, we will try to know either it will affect cryptocurrencies or not.
Here, our specific focus should be on Shor’s Algorithm. This algorithm can easily make factors of the large prime numbers into smaller numbers. This is the most important property of quantum computers to break the encryption. Its reason is that RSA family of the encryption depends upon the same fact. According to experts of a dissertation help firm, if Shor’s Algorithm will come into play in quantum computers, it can easily break the encryption. Anyhow, for this reason, we have to develop large quantum computers.
We should not worry about this function of quantum computers. Its reason is that NIST (US National Institute of Standards and Technology) has started to gather proposals for post-quantum cryptography. It means that they will develop such crypto that large quantum computers can’t break. The experts are expecting that large enough quantum computers will come in the next twenty years. These computers can easily break classical encryption. Anyhow, these computers can’t break the post-quantum encryption. Therefore, people should not worry about the breakage of encryption due to quantum supremacy. By keeping in mind this fact, you should work on it. If you just think about quantum supremacy and you stop working on it, you will have to bear a huge amount of loss.
Most of people are saying that Bitcoin will fall first in the case of any breakage in the encryption. They should know that due to the breakage in the encryption, they will not damage the Bitcoin. Its reason is that in the case of the encryption breakage, we can easily move the crypto-assets into post-quantum encryption. We can easily secure these keys with the post-quantum encryption keys. If the scientists get success in the implementation of the efficient Shor’s Algorithm, they can’t break some of the functions of the BTC. SHA-256 is the best example of these kinds of functions. It is quantum resistant. It means that the most efficient quantum computers can’t break this function of the BTC. Users can easily use this function to hide their private keys.