Topic: HONEYWELL Quantum Computer: what does it mean to BTC - page 2. (Read 678 times)

Im not sure that company like this who building quantum computers for science will use them to hack bitcoin

Last time I've read about quantum computers, there was a problem with the vibrations: a truck passing nearby could affect the results of the computer. If that's still not fixed, QC is not reliable for anything more than lab tests. The longer the task (like cracking Bitcoin) the bigger the chance a vibration has broken the results. So Bitcoin, the banking system, communication and so on ... we are safe.

What if they put a quantum computer inside a bunker?The problem with vibrations might be solved.

What if they put a quantum computer inside a bunker?The problem with vibrations might be solved.

Anyway,I think the quantum computers are way over-hyped as a technology,kinda like the blockchain technology.They are still very expensive to create and implement and they still have major flaws.
I'm no expert in quantum computers,but I assume that they will become a thing after 20 years.
There's still time for Bitcoin/blockchain technology to improve .

Certainly. It would be a global cryptography crisis, which would lead even to a cyber security crisis which would lead to an even bigger financial crisis.

Additionally, it is silly to believe that proccessing power would develop and cryptography wouldn't develop at the same time. As proccessing power goes up, cryptographers will create new and more complex solutions for those super computers to solve.

Last time I've read about quantum computers, there was a problem with the vibrations: a truck passing nearby could affect the results of the computer. If that's still not fixed, QC is not reliable for anything more than lab tests. The longer the task (like cracking Bitcoin) the bigger the chance a vibration has broken the results. So Bitcoin, the banking system, communication and so on ... we are safe.

Well it depends on what they use it for I guess. I am more concered about super computers in general like when a computer is smarter then all the human brains in the world combined we are screwed! we will end up living in a terminator world someday

time to uncover the myths of quantum

p.s
those who have read stories that its wormhole tech/alternative universe/different dimension sci-fi.. its not. its just the patent owners are deliberately trying to be deceptive about the meaning of different dimension. to avoid competitors from stealing the real concepts and making better alternatives faster and cheaper before the patent owners get their competitive head start

if you want to avoid the myths.
binary has 2 'gates' quantum has 4 'gates'
(well some researchers are now seeing how practical/possible it would be to measure 8 gates.. but thats for future generations to play with)

hopefully i dumbed things down enough for beginners

Before you fear about the damage Quantum computers may do to BTC, fear the damage it is capable of doing to everything else that is computer/internet-related.

Just because they exist, it does not mean that they are available for hackers or negative-minded individuals yet. The entire internet/computer domain has to move towards a position where they're safe from these computers before they become widely available - nobody is that blind to let this become the thing without proper precautions. They probably pose as much of a risk to the average equipment as NASA's computers from 1995 posed for the average equipment at the time.

Bitcoin and other cryptocurrencies use the same underlying cryptography as banks, the Internet and other modern forms of communication. If a quantum computer could crack Bitcoin, we would have much bigger problems, because it would also crack banks, military communications, government secrets and so on. If cryptographic community isn't worried about these quantum computer developments, then neither should you.

I didn`t claim to have any knowledge or expertise on quantum computer; I am just curious about the industry and how beautiful they are bringing technology from our current state to the future.

However, this topic may supply ideas about how quantum worked as it is. Well to summarize its ultimate function here`s the first, traditional computing bits are in a state of either “0” or “1”, which mean it cannot solved easily the problem. With quantum computer, both 0s` and 1s` are working simultaneously, making it possible to solved problems with multiple probable solutions, this is called “quantum superposition”. This is in fact the science of quantum physics.

As I`ve do the math in google, I found out that it can really poised risk on certain features which is underlying on blockchain technology to mostly in its minimal, to mention few are “How Private Addresses might compromised its encryption and mining capabilities”.

Well, forget about adresses because it is prone to hack but to mining industry, its risky knowing super computer with huge computing power can do the algorithm faster than the actual mining state. If one miner can gain access to quantum computer, they could produce hashes very quickly and gain dominance, leaving the network exposed to 51% attack.

For more details, click me…

Self Reflection

Which off-course, on my views could possibly be risky, however, given that bitcoin developers are not behind  of such technology - perhaps "quantum resistant encryption scheme" might work...

~

I didn`t claim to have any knowledge or expertise on quantum computer; I am just curious about the industry and how beautiful they are bringing technology from our current state to the future.

Whilst it's good that more companies are getting involved, I'm extremely skeptical of Honeywell's claim. Their assessment is based on the assumption that Quantum Volume is the defining metric for QC power, and that's very much open to question. Quantum Volume is the metric that IBM uses:


The thing is... absolutely no-one else uses that metric. IBMs QC is currently the most powerful in the world, based on Quantum Volume, because it is the only one that uses Quantum Volume as a metric.
It looks like Honeywell are trying to put out a QC that is more powerful than IBM's, using Quantum Volume to determine that power... thereby becoming the "most powerful" QC in the world by improving on its only competitor on that metric.

It is great that another company is entering the space, and it will certainly be a big achievement if newcomers Honeywell can out-perform IBM... I just think that the "most powerful" claim is a little misleading.

As I`ve do the math in google, I found out that it can really poised risk on certain features which is underlying on blockchain technology to mostly in its minimal, to mention few are “How Private Addresses might compromised its encryption and mining capabilities”.

Hi all   I thought I’d try to summarise Bitcoin's vulnerabilities to Quantum Computers, as well as some potential defences, and get it all in one post. Apologies for the wall of text, but hopefully it is useful...


Mining can potentially be much quicker with QCs.
The current PoW difficulty system can be exploited by a Quantum Computer using Grover’s algorithm to drastically reduce the number of computational steps required to solve the problem. The theorised advantage that a quantum computer (or parallelised QCs) have over classical computers is a couple of orders of magnitude, so ~x100 easier to mine. This isn’t necessarily a game-changer, as this QC speed advantage is likely to be some years away, by which time classical computers will surely have increased speed to reduce the QC advantage significantly. It is worth remembering that QCs aren’t going up against run-of-the-mill standard equipment here, but rather against the very fast ASICs that have been set up specifically for mining.

Re-used BTC addresses are 100% vulnerable to QCs.
Address Re-Use. Simply, any address that is re-used is 100% vulnerable because a QC can use Shor’s algorithm to break public-key cryptography. This is a quantum algorithm designed specifically to solve for prime factors. As with Grover’s algorithm, the key is in dramatically reducing the number of computational steps required to solve the problem. The upshot is that for any known public key, a QC can use Shor’s approach to derive the private key. The vulnerability cannot be overstated here. Any re-used address is utterly insecure.

Processed (accepted) transactions are theoretically somewhat vulnerable to QCs.
Theoretically possible because the QC can derive private keys from used addresses. In practice however processed transactions are likely to be quite secure as QCs would need to out-hash the network to double spend.

Unprocessed (pending) transactions are extremely vulnerable to QCs.
As above, a QC can derive a private key from a public key. So for any unprocessed transaction, a QC attacker can obtain the private key and then create their own transaction whilst offering a much higher fee, so that the attacker’s transaction gets onto the blockchain first, ahead of the genuine transaction. So block interval and QC speed are both crucial here – it all depends on whether or not the a QC can hack the key more quickly than the block is processed.


Possible defences...

Defences using classical computers.

• Modify the PoW system such that QCs don’t have any advantage over classical computers. Defending PoW is not as important as defending signatures (as above), because PoW is less vulnerable. However various approaches that can protect PoW against QCs are under development, such as Cuckoo Cycle, Momentum and Equihash.
• Modify the signature system to prevent easy derivation of private keys. Again, various approaches are under development, which use some pretty esoteric maths. There are hash-based approaches such as XMSS and SPHINCS, but more promising (as far as I can tell) are the lattice-based approaches such as Dilithium, which I think is already used by Komodo.
  

Defences using quantum computers.
As I’ve said a few times, I’m more of a bumbling enthusiast than an expert, but exploiting quantum properties to defend against QC attack seems to me a very good idea. In theory properties such as entanglement and the uncertainty principle can offer an unbreakable defence. Again, people are busy researching this area. There are some quite astonishing ideas out there, such as this one.