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Quantum computing, a technological advance that promises to revolutionize numerous fields, also poses serious challenges and opportunities for the world of cryptocurrencies.
Although many concerns point to its ability to break cryptographic algorithms, this innovative technology could also strengthen Bitcoin’s security in the future. Adam Back, co-founder of Blockstream and renowned cryptographer, assures that the impact of quantum computing will ultimately be positive for the Bitcoin network.
doesn’t need an activated PQ signature opcode. you do not need to well test a key format, then wallets can be PQ ready before we have an active opcode. (people have done that before spending to future formats before active). these are spendable using Schnorr or future PQ scheme.
— Adam Back (@adam3us) December 21, 2024
Concerns around quantum computing
For years, cryptography experts have warned about the potential of quantum computing to break the encryption systems that protect Bitcoin transactions.
With its ability to process calculations at an unimaginable speed, thanks to the laws of quantum physics, this technology could breach the private keys currently used to ensure the security of the Bitcoin network. This type of advance could, theoretically, expose millions of transactions on the blockchain to risks never seen before.
A recent example that fueled these concerns was the announcement of Google’s most advanced quantum chip, called Willow. According to Hartmut Neven, leader of Google Quantum AI, the chip can solve computational problems in less than five minutes that would take existing supercomputers billions of years.
However, Kevin Rose, former product manager at Google, clarified that Willow, with its current 105 qubits, is far from posing a real threat to Bitcoin encryption, as approximately 13 million qubits would be needed to compromise security. of Cryptocurrency.
The possibility of stronger signatures
Despite the concerns, Adam Back maintains that quantum computing not only will not destroy the Bitcoin network, but could improve it. According to him, the development of new research in post-quantum signatures will eventually produce more compact and secure schemes. These signatures could be added as an additional option to the Bitcoin network, further protecting transactions from possible quantum attacks.
Currently, signatures in Bitcoin ensure that transactions are not altered by third parties and function as mathematical proof that the owner has full control of their funds. A move towards a post-quantum scheme would allow this level of security to be maintained even against machines of immense computational power.
Ethereum, for its part, is already exploring solutions for the post-quantum era. Vitalik Buterin, its co-founder, has proposed a hard fork that could mitigate the risks associated with quantum computing.
Future implications for Bitcoin
Although advances in quantum computing are still several decades away from becoming a serious threat to Bitcoin, the tech community is still working on proactive solutions.
The combination of post-quantum signatures with a revised and secure infrastructure could turn what today seems like a risk into an opportunity to strengthen the network. For now, technologies like Willow represent more of a scientific breakthrough than an immediate danger.
The horizon remains promising for Bitcoin. Far from succumbing to these threats, the leading cryptocurrency could emerge even more robust in the post-quantum era, securing its place as the central lynchpin of the digital economy.
Are you ready to be part of this technological evolution? The impact of quantum computing will be a fascinating chapter in the history of cryptography.
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