How the Current Bitcoin Encryption Technology Will become Useless by 2027
Nov 13, 2017 Posted / 1355 Views
In a paper entitled Quantum attacks on Bitcoin, and how to protect against them, researchers investigates the Possibilities of using the extremely High computing Power of Quantum computers to break the encryption technology used in Bitcoin and other cryptocurrencies. The paper acknowledges that the current Bitcoin Proof-of-work algorithm will remain relatively safe from any quantum attack at least for the next 10 years. This, they attributed it to the use of Bitcoin Mining ASICs whose clock speed are faster than that of an average quantum computer. However the paper continues to detail how the Eliptic curve signature algorithm is more susceptible to be easily broken into using quantum computers. According to the authors Divesh Aggarwal, Gavin K. Brennen, Troy Lee, Miklos Santha, and Marco Tomamichel, this will be possible by around 2027. The paper generally started with a general background of Bitcoin then to Blockchain technology and propose series of questions main on Bitcoin and quantum Computers. The paper discussed questions like, how possibilities of using quantum computers to mine Bitcoins and how quantum computers could be possibilities manipulate the Blockchain.
The next phase of development in the Bitcoin Fraternity would concrete power to entities with the largest hashing power on the Network. It is theoretically possible for a group of miners with the largest hashing powers to control the Bitcoin Network. With ownership of a half of the Bitcoin computational power any individual or group of people can manipulate the Network and invoke double spending of transactions at will. This kind of capability can be granted by the deployment of quantum computers. With the increase in funding and research towards increasing the powers of quantum computers, its expected that sooner than later quantum computers with the right capabilities would be around. Companies like Google and IBM are pouring loads of resources to achieve a really fast time frame towards achieving powerful quantum computers. The mere existence of such computers even in the hands of the government is still a threat to the very existent of Bitcoin.
Bitcoin can be best compared to a mathematical functions which are easily exploited by normal computers but impossible to break. However quantum computers have the capacity to solve such mathematics. Bitcoin Transaction Blocks are mathematical functions used to unpack data in a specific range of length and linking the data in the blockchain. Bitcoin miners earn their reward for solving the complex mathematical equations using their ASICs. Quantum computers have a good ubiquity abilities and solve these mathematical problems really faster. Researchers believe that quantum computers can use public keys to derive the Private keys rendering Bitcoin wallet insecured. The researchers conclude by saying, the main aim of their research was not to threaten Bitcoin use but rather to exploit all possibilities that could be used to keep Bitcoin secured.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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