[2017-11-21] The Future of Bitcoin is Threatened by Quantum Computers

[zickle]

In Brief: Two technologies that could shape the future — blockchain and quantum computing — could potentially be at odds. While the former provides secure, decentralized transactions, the latter could just as easily render these vulnerable to hacking.

A Different Kind of Computing

While much of the world is captivated by the meteoric rise of bitcoin’s value, others are focused on the technology behind the cryptocurrency: blockchain. The decentralized digital ledger tech is built upon a peer-to-peer network, and it is far more secure than the centralized systems used by traditional banks and financial institutions. However, another revolutionary technology is now threatening Bitcoin’s security.

In a recently published paper, Divesh Aggarwal and his colleagues from the National University of Singapore (NUS) examined how quantum computers could undermine and even exploit Bitcoin’s security protocols.

As explained by the MIT Technology Review, these protocols use algorithms to turn data into mathematical functions. Every transaction is recorded into “blocks” using these functions as part of the computationally demanding work of cryptocurrency mining.

These cryptographic protocols make cracking a blockchain using today’s computers practically impossible, but the system does have weak points quantum computers could exploit.


Read more: https://futurism.com/bitcoins-security-quantum-computers/

[marky89]

In a recently published paper, Divesh Aggarwal and his colleagues from the National University of Singapore (NUS) examined how quantum computers could undermine and even exploit Bitcoin’s security protocols.

Color me skeptical! Wasn't this the same analysis that Vitalik Buterin was promoting in 2013, before formulating Ethereum? Here's a talk he gave back then outlining the supposed risks that quantum computing posed.

According to Gregory Maxwell, Vitalik even collected investments to fund the production of a "quantum" computer program intended to break Bitcoin. I'm pretty sure he shied away from the whole scheme. I'd love to see more research into this, but the brief isn't any more compelling now than it was four years ago.

In any case, I'm not too concerned about the threat of quantum computing. If the risk comes to fruition, it would be a fundamental protocol failure. Thus, the entire user base would be incentivized to hard fork to fix the vulnerability.

[pixie85]

I've read articles about quantum computing years ago. It's been one of the things that's in development almost as long as cold fusion reactors.
If by the future of Bitcoin you mean 20 years from now, it's possible. If we're talking about the next 3 years nothing is going to happen by then, you can chill.

[Argoo]

Previously, there was a similar topic about quantum computers. Now the technology is developing rapidly in all directions. Obviously, any technology based on mathematical calculations can be cracked by other similar technologies. I think that by the time quantum computers are fully launched into mass production, ways of protecting against their possible attacks on blockchein technology will be found.

[Lancusters]

I find it funny to read the same article. If you follow this logic to live, too bad. You can die from it. Problems need to struggle as they are received. Imagine if primitive people have solved environmental problems when in the world will build many different companies polluting the environment.

[Guardian.P]

I doubt that a quantum computer will be accessible to everyone. Most likely, it will be put on the register. By this computer it will be possible to crack anything, and give such a weapon in a row in a row?

[Fizpok]

Right now, you can do computations as complex as 2+2=3 on quantum computers. It will take decades to mature.

[greeklogos]

quantum computers could undermine and even exploit Bitcoin’s security protocols.

As I know such computers do not exist for now. In the case if something like that will come true one time such comps will be available to have only for "chosen one", here I mean very rich people. But at the same time I think when the time of this quantum comps will come it will be created something new to protect bitcoin's security protocol.