CRYPTO AND QUANTUM COMPUTING
Quantum computing is the upcoming big advancement in #computing. But does this signal the death of cryptocurrencies, as some claim? Below, we delve into this innovative technology and how it relates to #cryptocurrency.?
Quantum computers are considered the next stage of the #digital revolution. Some even predict a timeframe of five to twenty years for their full implementation. For example, according to Scientific American, #blockchain, #artificialintelligence, and #machinelearning?will strengthen the overall economy and competitiveness of the modern Western world in the new quantum computing era.
As you see, the expectations are huge because these new gadgets are based on the power of qubits, which are units of quantum information using zero to one qubit at the same time and also a state in between. On the contrary, a conventional computer can only assume two possible states: one and zero bits. Such a conventional standard for bit usage has been known since the invention of the computer. For this reason, quantum computing has created a completely new framework, allowing it?to process data much more efficiently.??
Cryptography, as one might expect, is critical to cryptocurrencies. The crypto community is rather split on the implications of the emergence of quantum computing. We are currently unable to fully assess the true effects of quantum computing on cryptocurrencies because they are essentially nonexistent at this time; however, experts have already distinguished between two camps.
Initially, there was a belief that quantum computers could endanger asymmetric cryptography, which is used to generate the public key. To put this simply, there is a chance that quantum computing might be used to reverse-engineer the derivation of your public key. The private key associated with a certain address may theoretically be retrieved by performing this. Yes, this would have a significant impact for cryptocurrencies because the owner of the private key practically controls them. Another point raised was that it might endanger the Proof-of-Work (PoW) mining algorithm used by blockchains like #bitcoin. But the likelihood of that seems lower. (Source: Cointelegraph)
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The second school of thought on the relationship between crypto and quantum computing is much more positive. Specifically, promising crypto coexistence in the quantum era and trusting blockchain technology to reinvent itself if necessary. Blockchains may be updated, and the majority of them do so through fork events. A fork might contain defences to lessen the dangers that quantum computing might present. In order to address various problems, several blockchains have undergone numerous modifications; quantum computing may simply be the next fork along this road. After all, several players in the industry are already investigating the potential threat that quantum computing may present. As an illustration, consider the Canadian National Research Council's (NRC) collaboration with the University of Waterloo to investigate ways to make blockchains "quantum-safe". (Source: Government of Canada)
At this stage, the crypto world is closely monitoring progress in quantum computing, even though it is still in its development stage and there is currently no danger that can be foreseen. However, the World Economic Forum already estimates that 20 billion digital devices will need to be upgraded or replaced with postquantum cryptography in the next 20 years. While many hypotheses exist on the topic, it is simply too early to tell what the impact will be. While the path to postquantum cryptography may be lengthy, enterprises can see the quantum world coming, which makes the decision to prepare a simple one.