Quantum Computing and wallet security?

[miningsetup]

First of all, the more I am learning about the technology, the idea; the more I am becoming interested in it. I already have some coins in my bag. I didn't mind buying them even when they were $61K plus. I am believing in the idea and being a part of it. I still believe that I will have mining farm one day. Right now it seems a lot to learn and do for me.

When we are generating a wallet we have seed. The addresses generated against the set of the seed obviously is following a complex algorithm or we would see one address could easily found with another set of seed. I have no idea how the algorithm works and how hard it is. But this is pretty sure that the current computing system we have is not able to decode the algorithm very easily, possiblity is nearly zero. However, what about the future?

Computer industry is working on quantum computing in fact, in the next 10 to 15 years we may see perhaps thousands even millions times faster computing than the current computing system we have. With a faster computing system the current algorithm could be compromised very easily.

I am sure the developers are aware about this, I am surely not the first one who is thinking about it. I would like to know how we are progressing to face this upcoming advanced speed.

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[ranochigo]

When we are generating a wallet we have seed. The addresses generated against the set of the seed obviously is following a complex algorithm or we would see one address could easily found with another set of seed. I have no idea how the algorithm works and how hard it is. But this is pretty sure that the current computing system we have is not able to decode the algorithm very easily, possiblity is nearly zero. However, what about the future?

Not likely. The reason why quantum computers are perceived to be of a threat against Bitcoin is because of the fact that Shot's algorithm provides an exponential speed up against asymmetric algorithm, specifically ECDSA in Bitcoin's case. This means that the attacker has to have the public key to be able to get to the private key in the first place. It can be mitigated as long as you're able to not reuse address and assuming that the transaction gets confirmed within a reasonable period of time. Again, the running cost of quantum computers likely does not justify the profits from something like this.

Quantum computers also run Grover's algorithm which provides a far lesser speedup for preimage attacks. That isn't very beneficial and would probably not be an area of concern for Bitcoin.

Computer industry is working on quantum computing in fact, in the next 10 to 15 years we may see perhaps thousands even millions times faster computing than the current computing system we have. With a faster computing system the current algorithm could be compromised very easily.

I am sure the developers are aware about this, I am surely not the first one who is thinking about it. I would like to know how we are progressing to face this upcoming advanced speed.

Quantum computers cannot be measured the same way as classical computers. While asymmetric cryptography would probably be compromised given sufficient time, hash functions like SHA256, SHA512, RIPEMD160 could be weakened in due time but it still wouldn't be enough.

[bitmover]

Computer industry is working on quantum computing in fact, in the next 10 to 15 years we may see perhaps thousands even millions times faster computing than the current computing system we have. With a faster computing system the current algorithm could be compromised very easily.

Simply put, it is naive to believe that computing power will evolve and cryptography will not.

If cryptography do not evolve at the same pace,the whole internet security, banking system, etc will fall. Cryptography isn't used just in bitcoin, but basically in everything you do online.

[franky1]

in laymens

imagine you are blindfolded and dropped off in the center of the city. you are given only 2 directions in binary(11=right then down.. 00=left then up) only two options.
you follow this route of leftdown or rightup to get to a destination

however if you only understand leftdown or rightup. but someone else gave you a route of 4 directions.
0=leftdown
1=leftup
2=rightdown
3=rightup
 you will buzz out and not understand. and end up just not moving("what is left-up or right-down"or 'im binary. what is 2 and what is 3)

quantum can find many ways to the destination using a 4 direction method. but the problem is giving that 4 dimension route to a 2 dimension walker just does not work.

the best a quantum computer can do is run 2x 2 dimensions and try every route possible at 2x to get to the destination and then hand that 2dimension path to the walker.

so its just doing 2 operations per 2 qubit instead of 1 operation per 2 bit
so if it took 10billion years in binary. it would take 5 billion years.. still too long to worry about

a slightly bit more technical
if the rules of cryptography first: right then down.
and then asymetrically: left then up
quantum is limited to that. it cant for instance do: left down. or right up
if it wants to be recognised by the binary rules, its limiting quantums oppertunity to do multiple directions at once. and instead only able to do 2 dimensions 2x

quantum is great at allowing for new cryptography that uses more then 2 directions at at a time. but thats new cryptography with new rules
but not so great at only using 2 directions at a time as then its no better then just having 2x of 2
..
slightly bit more technical
binary has 2 logic gates 0,1
quantum has 4 gates 0123
if binary map was first bit 0=left
                                      1=right
                       second bit 0=up
                                       1=down
where asymetrically the rules of 2 bits had to be 00 or 11
(left up) (right down)
if quantum map was qubit 0=left
                                       1=right
                                       2=up
                                       3=down
sending a solution of 1302 would confuse binary
what is 3 what is 2
translating 1302 to 1100 would help
(right down) (left up)
but if quantum got to the same destination as 1100 by going 10 01 that breaks the rule of 00 or 11
(right up)=error  (left down)=error

to stay within the rules. what quantum can do. and only do
0=right down
1=left up
2=right down
3=left up
and then instead of 2 binary bits. it only uses 1 qubit per attempt
so 12= two attempts one doing 1=translate 00 second doing 2=translates 11

where as a binary system would need 4bits to do same 2 attempts 0011

[BitcoinBarrel]

If Quantum Computing ever becomes a thing, then there will be Quantum Wallets. Problem solved.

[zanezane]

Forget about quantum computers, they are unlikely to become mass-produced in the next 20 years.

Twenty years is a generous number, think of how desktop computers became available and make it your time reference for commercialization of quantum computers, not to mention that quantum computer building is really expensive.