The properties of quantum physics are used today to develop more powerful computers. Some believe that as quantum computers become more sophisticated, hackers could use them to hack a blockchain like Bitcoin (BTC) and steal funds.
Quantum computers and their above average computing capabilities
On July 7, the account is Blockchaineur made a series of tweets on how quantum computers can be a threat to the Bitcoin (BTC) network. It turns out that quantum computing has made it possible to manufacture computers whose computing capacity is clearly superior to ordinary computers. Analysts fear that the technology of these cryptocurrencies such as Proof of Work (PoW) computers will have dominant mechanisms, especially for the Bitcoin (BTC) network.
In fact, a hacker seems to succeed hack bitcoin (BTC) network in hours using a quantum calculator. The latter seems to be effective in decrypting information from the blockchain, locating its private key, corrupting blocks and stealing funds. Scientific studies have shown that the Bitcoin (BTC) network can be dismantled in an hour with about 300 million qubits (basic quantum computer unit).
At the same time, it has been shown that the quantum computers currently under development could not exceed 100,000 qubits after 2026. However, companies in the meantime may exceed this value. Computer scientists claim that the Bitcoin (BTC) blockchain will remain protected for about a decade in view of the amount of qubits needed to successfully hack it.
They explained that it would take wait until 2028 for quantum computers to be good enough to compete with current ASIC chip technology (used for BTC mining). At that point, they may be able to attack 51% of the Bitcoin (BTC) network. Meanwhile, ASIC chips are likely to become even more sophisticated, and therefore more resistant to such an attack.
Bitcoin network could use quantum computing to boost its security level
In theory, there are various quantum computing technologies that can address the Bitcoin (BTC) network in terms of power. But, in practice, it is difficult to scale these technologies. At the same time, the Bitcoin network has a way of protecting itself if this scale is reached.
In fact, the blockchain may use a method of encryption based on quantum computing soft fork. However, this soft fork will be difficult to scale, as it requires agreement from the large Bitcoin (BTC) community.
In addition, during April, Erik Aronesty, a New York – based Bitcoin Core developer, said that the network could address quantum risk through implementation news public key generation method. These are generated from quantum algorithms.
There is a lot of speculation about quantum computers and their ability to compromise network security like Bitcoin (BTC). But, for now, nothing is certain, and Bitcoin (BTC) remains protected against potential attacks.
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Luc Jose Adjinacou
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and express my pen information related to this ecosystem.