Quantum computing threatens the future of cryptocurrencies

Quantum Computing Cryptocurrencies

Quantum computing is a branch of computer science that specializes in using very specific codes and algorithms to solve problems that a conventional high-end computer could not solve.

This will not only bring society a world of possibilities but will also favor better technological, financial and social development. Since, thanks to this, it is expected to find solutions to unknowns that have not been resolved to date.

However, in the words of Jian-Wei Pan, dubbed the father of quantum, it is possible that when this technology has been fully developed, cryptocurrencies and blockchain will be in danger. Here is the reason for his words.

The Future of Cryptocurrencies Really Is in Danger: Detailed Explanation

To get an idea of ​​the high potential of quantum computing and its computers, the professor mentioned that:

The Jiuzhang 2 is a quantum computer in development: it is capable of calculating in a millisecond tasks that the fastest conventional computer in the world would take about 30 billion years to perform.

Professor Jian-Wei Pan.

Without a doubt, quantum computing could bring a host of development benefits to the world; be it medicines, software and general discovery. However, if the statements are true, all current security systems may be in jeopardy; cryptos and blockchains are also included in this group.

For this reason, today this topic is a headache for many cryptocurrency developers. Since they will have to improve their security codes and techniques to prevent attacks from occurring due to their high levels of vulnerability.

However, there is an important point that many misses, and that is that quantum computing is just in development, so it does not represent a great danger. Above all, because these supercomputers work with qubit capabilities, and the most advanced to date is only 127, manufactured by IBM.

A figure that is considered quite low and insufficient to end Bitcoin. Although, in the same way, it is more powerful than the other computers of the competition.

So it represents a risk for Bitcoin and cryptos?

The threat to the cryptocurrency market is cause for concern. For this reason, already multiple institutions, companies and developers are working on codes and algorithms that can raise the security levels of the blockchain.

At the moment, there is no greater danger. Since, to decipher an ECDSA or SHA-256 code, a power of 1,500 qubits is needed.

Therefore, it can be said that Bitcoin, which uses ECDSA and SHA-256, is not under threat; for now. In addition, it also has alternative methods to these security schemes, in such a way that the public keys are more difficult to attack.

How do cryptos plan to defend themselves against quantum computing?

According to IonQ CEO Peter Chapman, quantum computers are going to put the security of cryptocurrencies to the test. And, according to Chapman’s own estimates, the post-quantum technology being developed for cryptos will be more difficult for computers to penetrate.

The codes in which multiple institutions are working will seek to elevate the data that use the encryption keys.

This means that the teams will take much longer to solve the complex calculations to get the private key. Therefore, cryptocurrencies will have a guaranteed future, as long as they use specific algorithms.