Singapore-based researchers recently published a paper which claimed that certain underlying security protocols in cryptocurrency technology are currently vulnerable to attack by a large enough quantum computer, which is currently being developed. The paper discusses the details and effects of possible Quantum attacks on Bitcoin as well as how one could secure a cryptocurrency against it. The paper is currently available via the Cornell University Library.
According to the paper's abstract, the paper is mostly concerned with analyzing the possibility of quantum attacks being launched on Bitcoin and other cryptocurrencies in the near future. Currently, Bitcoin's proof-of-work system seems up to the task of resisting quantum computers that are currently available, and will likely be able to withstand all quantum technologies that will be developed within the next 10 years. One of the main reasons behind this is the ASIC hardware required to mine Bitcoin. According to the paper, ASIC miners are infinitely quicker than any quantum computer that will emerge in the next decade.
However, as researchers note, while there’s no danger of quantum attacks on Bitcoin’s proof-of-work system, the real threat lies in the cryptocurrency’s elliptical curve signature. According to researchers, this could be broken as early as 2027.
The paper, authored by Divesh Aggarwal, Gavin K. Brennen, Troy Lee, Miklos Santha, and Marco Tomamichel, is a hefty 21-page read which includes intricate details and complex charts. The authors start with giving background information on Bitcoin, including a brief introduction to its distributed ledger, before delving into the matter at hand. The paper asks questions such as what benefits a quantum computer would have in conducting proofs-of-work as well as whether quantum computers could manipulate the underlying blockchain math?
Bitcoin is a very math-heavy industry. In fact, it depends on complex mathematical equations. While a regular computer can technically exploit certain aspects of the underlying blockchain math, the equations remain difficult, if not impossible, to break. However, quantum computers are theoretically equipped to solve such problems.
Every transaction block is a set of mathematical functions which essentially organizes the masses of data into neat sets. The data sets function as links in the blockchain. Whenever a miner succeeds in solving a problem, they are rewarded for their efforts. This is where the issue of quantum computing comes in.
According to Cabal Theory, miners could hijack control of a digital ledger as long as the cabal gains transactions and maintains at least half of the network’s computer processing power.
Traditionally this method would be based on transistors, however, quantum differs from this as it actually develops quantum bits or superpositions. This last summer, Mikhail Lukin from Harvard premiered a quantum simulator which was able to solve math problems. This machine suggests that powerful computing power will soon be available.
When it comes to Bitcoin encryption, researchers are notably less optimistic. According to the paper, black quantum could perhaps compromise the private key by exploiting already known information. The paper, however, was less concerned with dire predictions and more about preparing for the future. If we understand future technological innovations, we can be better prepared for it.
According to the paper's abstract, the paper is mostly concerned with analyzing the possibility of quantum attacks being launched on Bitcoin and other cryptocurrencies in the near future. Currently, Bitcoin's proof-of-work system seems up to the task of resisting quantum computers that are currently available, and will likely be able to withstand all quantum technologies that will be developed within the next 10 years. One of the main reasons behind this is the ASIC hardware required to mine Bitcoin. According to the paper, ASIC miners are infinitely quicker than any quantum computer that will emerge in the next decade.
However, as researchers note, while there’s no danger of quantum attacks on Bitcoin’s proof-of-work system, the real threat lies in the cryptocurrency’s elliptical curve signature. According to researchers, this could be broken as early as 2027.
The paper, authored by Divesh Aggarwal, Gavin K. Brennen, Troy Lee, Miklos Santha, and Marco Tomamichel, is a hefty 21-page read which includes intricate details and complex charts. The authors start with giving background information on Bitcoin, including a brief introduction to its distributed ledger, before delving into the matter at hand. The paper asks questions such as what benefits a quantum computer would have in conducting proofs-of-work as well as whether quantum computers could manipulate the underlying blockchain math?
Bitcoin is a very math-heavy industry. In fact, it depends on complex mathematical equations. While a regular computer can technically exploit certain aspects of the underlying blockchain math, the equations remain difficult, if not impossible, to break. However, quantum computers are theoretically equipped to solve such problems.
Every transaction block is a set of mathematical functions which essentially organizes the masses of data into neat sets. The data sets function as links in the blockchain. Whenever a miner succeeds in solving a problem, they are rewarded for their efforts. This is where the issue of quantum computing comes in.
According to Cabal Theory, miners could hijack control of a digital ledger as long as the cabal gains transactions and maintains at least half of the network’s computer processing power.
Traditionally this method would be based on transistors, however, quantum differs from this as it actually develops quantum bits or superpositions. This last summer, Mikhail Lukin from Harvard premiered a quantum simulator which was able to solve math problems. This machine suggests that powerful computing power will soon be available.
When it comes to Bitcoin encryption, researchers are notably less optimistic. According to the paper, black quantum could perhaps compromise the private key by exploiting already known information. The paper, however, was less concerned with dire predictions and more about preparing for the future. If we understand future technological innovations, we can be better prepared for it.