Will a future quantum computer make blockchain encryption obsolete?

HeRetiK

legendary

Activity: 3108

Merit: 2177

Playgram - The Telegram Casino

Quote from: CryptoRage on December 01, 2017, 05:09:23 PM

So what makes blockchain resistant to Quantum computing? Is it just having the ledger saved everywhere?

Quantum computing isn't like a magic wand that you can simply wave at cryptography to break it. It is just that there are certain mathematical problems that can be solved significantly faster using quantum processing as opposed to current processors. Some of these mathematical problems apply to Bitcoin and are thus potentially vulnerable to quantum computing. Luckily however Bitcoin also contains mathematical problems for which quantum processors don't have an edge over current processors.

Quote from: NewBet on December 01, 2017, 06:33:24 PM

This is quite possible and scary. Right now it is impossible to decrypt private keys, however it could be possible going forward that private keys could easily be decrypted by quantum computers - even instantly. Thus is the nature of quantum mechanics... nothing really makes much sense.

Nothing is instant and even quantum computers require the public key before being able to derive the private key eventually. Luckily the public key of an address is not known until the first transaction has been made, ie. your coins should be quantum safe as long as you refrain from reusing addresses.

Quote from: tunctioncloud on December 01, 2017, 05:12:55 PM

It is very easy for Bitcoin developers to replace actual SHA-256 algorithm with a much more resistant SHA-1024 for example. There is no need to worry about quantum computers.

Even if Sha256 remains the PoW hashing algorithm of choice for Bitcoin, quantum computers would likely simply displace ASICs as mining hardware of choice. Why attack a blockchain if you might as well just mine it?

Andre_Goldman

sr. member

Activity: 322

Merit: 253

Property1of1OU

Quote from: NewBet on December 01, 2017, 06:33:24 PM

This is quite possible and scary. Right now it is impossible to decrypt private keys, however it could be possible going forward that private keys could easily be decrypted by quantum computers - even instantly. Thus is the nature of quantum mechanics... nothing really makes much sense.

My mind is already messed Roll Eyes

but quantum theory ( and quantum computing just add an extra layer to it ) but that guy kind of synthesizes my thoughts ...

Computing Limit - Computerphile
https://www.youtube.com/watch?v=jv2H9fp9dT8

FlightyPouch

sr. member

Activity: 1638

Merit: 300

Quote from: farhaan on December 01, 2017, 06:42:58 PM

It might take around twenty more years for quantum computers to come in to existence.it is said that quantum computers would be able to read the private key from the public key of the wallet itself.if that happens,then the security of bitcoins stored in our wallet may be compromised.

Thus another fork is needed in order to keep our private keys and bitcoins safe. But you said it already that it still takes 20 years before it come to existence so I think there will be no problem.

The developers will not let these pass by without any plan or solution at hand.

farhaan

sr. member

Activity: 392

Merit: 250

It might take around twenty more years for quantum computers to come in to existence.it is said that quantum computers would be able to read the private key from the public key of the wallet itself.if that happens,then the security of bitcoins stored in our wallet may be compromised.

NewBet

hero member

Activity: 966

Merit: 500

This is quite possible and scary. Right now it is impossible to decrypt private keys, however it could be possible going forward that private keys could easily be decrypted by quantum computers - even instantly. Thus is the nature of quantum mechanics... nothing really makes much sense.

Andre_Goldman

sr. member

Activity: 322

Merit: 253

Property1of1OU

Quote from: Ruetli on December 01, 2017, 01:12:08 PM

Will a future quantum computer make blockchain encryption obsolete and thus cause the end of cryptocurrencies including bitcoin?

I would suggest to read those 2 nice articles ...

Satoshi’s Genius: Unexpected Ways in which Bitcoin Dodged Some Cryptographic Bullets
https://bitcoinmagazine.com/articles/satoshis-genius-unexpected-ways-in-which-bitcoin-dodged-some-cryptographic-bullet-1382996984/

Quote

So did Satoshi's choice simply introduce unnecessary complexity and waste? As it turns out, the answer is no. There is another very good reason to use the hash-of-public-key address construction: quantum cryptography. Quantum computers are capable of breaking elliptic curve DSA (ie. given a public key, a quantum computer can very quickly find the private key), but they cannot similarly reverse hash algorithms (or rather, they can, but it would take one 280 computational steps to crack a Bitcoin address, which is still very much impractical). Thus, if your Bitcoin funds are stored in an address that you have not spent from (so the public key is unknown), they are safe against a quantum computer - at least until you try to spend them. There are theoretical ways to make Bitcoin fully quantum-safe...

Bitcoin Is Not Quantum-Safe, And How We Can Fix It When Needed
https://bitcoinmagazine.com/articles/bitcoin-is-not-quantum-safe-and-how-we-can-fix-1375242150/

EcoChavCrypto

sr. member

Activity: 448

Merit: 250

All this shit about the quantum computers is really worrying me a lot. I dont know why, but it smells like if the government or the banks are trying to accelerate the proccess of those computers in order to have something to fight about bitcoin / cryptos in general.

I really think that it is a conspiracy, but i don't know, maybe i could be wrong too.

But those quantum computers are making everything more easier, i heard that they were able to decrypt a private key in just twelve seconds (i dont know if this info is accurated)

shillberting

member

Activity: 103

Merit: 10

Quote from: Ruetli on December 01, 2017, 01:12:08 PM

Will a future quantum computer make blockchain encryption obsolete and thus cause the end of cryptocurrencies including bitcoin?

110% it can do exactly that and that is why everybody with bitcoins should be worried about this quantum threat. That is also why you should also look into a group called QRL (Quantum Resistant Ledger) because they are trying to prevent exactly that.

tunctioncloud

sr. member

Activity: 440

Merit: 250

It is very easy for Bitcoin developers to replace actual SHA-256 algorithm with a much more resistant SHA-1024 for example. There is no need to worry about quantum computers.

CryptoRage

newbie

Activity: 42

Merit: 0

So what makes blockchain resistant to Quantum computing? Is it just having the ledger saved everywhere?

Xavofat

hero member

Activity: 938

Merit: 559

Did you see that ludicrous display last night?

In the event of quantum computers developing further, a soft fork could be implemented which involves a new address type which people have to send their coins to to keep them safe.

Bitcoin is also naturally somewhat quantum resistant, as long as you don't reuse addresses.

This is a debate for 15-20 years from now when it begins becoming a real problem, but basically it shouldn't be much of a threat.

Ruetli

newbie

Activity: 14

Merit: 0

Will a future quantum computer make blockchain encryption obsolete and thus cause the end of cryptocurrencies including bitcoin?

Topic: Will a future quantum computer make blockchain encryption obsolete? (Read 283 times)