Title: Bitcoin and Quantum Computing Post by: MIT2K on November 27, 2017, 10:57:39 AM What are peoples thoughts on Bitcoin and external technology like quantum computing affecting the future of things?
''It is known that a sufficiently large quantum computer35 could be very efficient for handling problems that rely on trial and error to find a solution. The process of finding a nonce in order to generate a Bitcoin block is a good example of such a problem. As of today, one must check an average of 268 nonces to find a suitable hash that allows a new block to be generated. It is known (see e.g. [15]) that a quantum computer would need Θ(√N) operations to solve a problem that is analogous to the Bitcoin puzzle stated above. This same problem would need Θ(N) operations on a classical computer. Therefore, a quantum computer would be around √268 = 234 ≈ 17 billion times more efficient at mining the Bitcoin blockchain than a classical computer. Also, it is worth noting that if a blockchain does not increase its difficulty in response to increased hashing power, there would be an increased rate of orphaned blocks. For the same reason, a “large weight” attack would also be much more efficient on a quantum computer. However, capping the weight from above, as suggested in Section 4, would effectively prevent a quantum computer attack as well. Title: Re: Bitcoin and Quantum Computing Post by: AGD on November 27, 2017, 11:08:49 AM All wrong.
Info here: https://en.bitcoin.it/wiki/Quantum_computing_and_Bitcoin Title: Re: Bitcoin and Quantum Computing Post by: MIT2K on November 27, 2017, 11:26:04 AM All wrong. Info here: https://en.bitcoin.it/wiki/Quantum_computing_and_Bitcoin Awesome read, thanks AGD! |