Quantum bit cryptocurrency
Barmes believes that as long as cryptocurrencies migrate on time to post-quantum cryptography then everything should be fine. While not enough is being done on technical solutions, too little attention is also given to governance issues, he adds. Barmes is advocating awareness of the issues as the first stage in addressing the problem. For investors without a technical background, quantum security is a difficult topic to evaluate.
Cryptocurrency projects should be more transparent about their plans to mitigate quantum risk, says Barmes. Savvy investors have already priced in risk While more mainstream investors may not be aware of the potential security issues arising from quantum computing advances on Bitcoin , Miko Matsumura, general partner at San Francisco-based Cryptos Capital, says most knowledgeable investors have priced in the risk of quantum cybersecurity breaches. He is not concerned about quantum computing risk because attackers have two ways to breach Bitcoin , neither one of which presents a catastrophe for the blockchain.
On this more positive note, Duncan Jones, head of cybersecurity at Cambridge Quantum , says the conversation about risk needs to be more focused on how quantum technologies can enhance digital asset security. The owner has somehow lost access to the private key, which is necessary to authorize transactions and spending. If we have access to the public key, Shor's algorithm could recover some of these lost coins.
If the person recovering lost coins immediately starts selling, the price would likely crash and undermine confidence in the system. This also raises other questions. Since the amount of bitcoin is capped, would those lost coins be re-issued? Or would the cap be lower? Moving to a Post-Quantum Algorithm The above problems exist if we continue using elliptic curve cryptography based systems.
However, we can avoid some of these problems as quantum computing power increases if we change the algorithm used to create the public key from the private key. But we'll need to pick an algorithm that has shown evidence that it can stand up to quantum attacks. Cryptocurrencies are currently exploring different cryptosystems.
One approach is using symmetric cryptography, which is less vulnerable to quantum computing attacks than asymmetric cryptography. Fawkescoin is trying to solve the problem by demonstrating that a distributed network is possible with symmetric cryptography. Other coins, like the Quantum Resistant Ledger , uses hash-based cryptography. So far, hash-based cryptosystems resist currently known quantum computer attacks. Looking ahead to a post-quantum future It's hard to predict future technologies. So, it's likely that quantum computing will not be the only technology that puts cryptocurrencies and security at risk.
It's likely that the need to update encryption will happen multiple times. One constant in technology is that there is always progress and new breakthroughs, even if we can't know what they'll be. Zapata Computing released a paper on Variational Quantum Factoring , which may be able to use hybrid working with classical computers Noisy Intermediate Scale Quantum NISQ devices with just hundreds of qubits to factor numbers.
Of course, this new technique is untested and has limitations. However, there is a lot of room for new algorithms and exploration that may shift timelines. Quantum computers may never be able to scale to logical qubits. However, a quantum computer of this size can solve many life-changing problems, besides just running Shor's algorithm.
A higher quantity of quantum computer users will almost certainly accelerate the impact on economic, political, and social issues in the world. Some industries, like cryptocurrencies, may consider quantum computers a threat to their long term viability.
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