Quantum Physicist Anastasia Marchenkova – Can Quantum Computers Break the Bitcoin Network?
March 26, 2021
March 26, 2021
Quantum physicist Anastasia Marchenkova believed that quantum computers will not affect Bitcoin mining, but will certainly pose a security risk to the Internet and the Bitcoin network. Through a video, Marchenkova pointed out that Bitcoin’s underlying framework protects it from companies using quantum algorithms to mine Bitcoin at a faster rate.
âLet’s say one day we discovered a quantum algorithm that could solve this problem faster. Bitcoin is designed to adjust the difficulty if we are mining blocks too quickly. So even if we found this quantum algorithm, the difficulty would get harder and harder. “
Nonetheless, the quantum physicist warns that quantum computing can certainly create a major problem for cryptographic algorithms that keep cryptos and the internet safe.
âThere are two common cryptosystems – RSA encryption and elliptical curve encryption, and these are affected by quantum computers. When you’re online, the information you send is encrypted, often with these two. Both are vulnerable to attacks from quantum computers, which means that a sufficiently large quantum computer will be a problem for anyone onlineâ¦ There is actually a quantum algorithm to break the RSA encryption and the elliptical curve. Bitcoin uses Elliptical Curve Encryption (ECC) to generate the public key, which is created from the private key that authorizes transactions … This means someone with a sufficiently large and consistent quantum computer, consistency meaning duration quantum information can be stored, can actually get your private key from your public key and that’s a very serious problemâ¦ This private key can then be used to authorize transactions that the owner doesn’t want to see happen. produce. So, as quantum computers get better and better, the security of the RSA and the elliptical curve is no longer effective. “
Cryptocurrency enthusiasts follow the development of quantum computers. They are seen to have the ability to solve cumbersome mathematical problems using quibits (quantum bits), which can maintain “overlap” by staying at two levels at the same time.
While the future of crptos may face some problems, Marchenkova believed that cryptocurrency assets can adapt to advancements that can successfully defend against quantum hacking attempts.