Crypto and quantum computing are two modern and developing technologies with the potential to change the world for the better. But could they work together?
By many accounts, quantum computing , which uses atomic “spin” instead of an electrical charge to represent its binary 1’s and 0’s, is evolving at an exponential rate. If QC is ever realized at scale, it could be a boon for human society, helping to improve crop yields, design better medicines and engineer safer airplanes, among other benefits.
In addition, this would all have to be done in about 10 minutes, the average amount of time that a public key is exposed or vulnerable on the Bitcoin network. It also assumes that the public key is identical to the BTC address, as were most in Bitcoin’s early days before it became common practice to use the KECCAK algorithm to “hash” public keys to generate BTC addresses. It’s estimated that about one-quarter of existing Bitcoin is using unhashed public keys.
Miyano recently lead a team that developed a chaos-based stream cipher designed to withstand attacks from large-scale quantum computers.but for wider society as well: , a number that comprises owners using un-hashed public keys or who are reusing BTC addresses, another unwise practice. At current market prices, that amounts to about $171 billion at risk.“Personally, I think that we are unable at the moment to make a good estimation” of the time it will take before quantum computers can break BTC’s encryption, Itan Barmes, quantum security lead at Deloitte Netherlands and project fellow at the World Economic Forum, told Cointelegraph.
“The transit attack is much more difficult to execute and is also much more difficult to protect against. There are some candidate algorithms that are believed to be resistant to quantum attacks. However, they all have performance drawbacks that can be detrimental to the applicability and scalability to the blockchain.”
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