“In the world of Bitcoin, the fact that algorithms replace government functions… I think it’s actually pretty cool.” – Al Gore
Today, Bitcoin and quantum computing are two drivers of technology. Quantum computing will be the ship that will drive science into the future, and Bitcoin will revolutionize the economy.
Bitcoin (₿) is a type of decentralized digital currency that does not have a central bank or a single administrator and can be sent from user to user on a peer-to-peer Bitcoin network without the need for intermediaries. Transactions are validated with the help of network nodes through encryption and recorded in a public decentralized ledger called a blockchain. It was invented in 2008 by an unknown person named Satoshi Nakamoto . The currency began in use in 2009.
This article basically explores what quantum computing looks like
- Help the Bitcoin revolution grow.
- Create a bitcoin problem.
One of the techniques on which Bitcoin is basedis SHA-256, which rotates arbitrary input data to the cryptographic hash function 256-bit column (“hash”). Since this is a one-way function, you can easily find hashes from input, but vice versa. Bitcoin mining consists of a search problem that finds input (“nonce”) and information about the latest block that generates a hash below the target value (T). A valid Bitcoin hash. The target value is continuously readjusted so that the average time between blocks is 10 minutes (the target at write time is about T = 8.9×10¹¹). ,2²⁵⁶ = 1.2×10⁷⁷ much smaller than 1.2×10). If you can find a quantum algorithm that efficiently flips SHA-256, you can easily mine bitcoin. But the value of Bitcoin comes from the difficulty of finding such a solution, which gives it “proof of work.” Currently, it is thought that there is no classical or quantum efficient algorithm that can flip SHA-256. Therefore, the only way is brute force search. This means that, classically, you will try different inputs until you find a satisfactory solution. Quantum mechanical is a grover search . This seems to be the perfect solution to this kind of problem,and there is a secondary quantum speedup.
The short-term impact of quantum computers is probably fairly small for Bitcoin. In the case of quantum mining, the benefits of quantum are limited, so very fast quantum hash rates are required. However, the possible dangers that quantum technology can bring to Bitcoin technology are very large and will be discussed in the next section.
The dangers quantum computing brings to Bitcoin
Bitcoin uses the ellipsoid curve digital signature algorithm (ECDSA), an encryption algorithm, to effectively and securely control ownership of funds. In encryption, the ellipsoidal digital signature algorithm provides a variant of the digital signature algorithm (DSA) that uses ellipsoidal curve cryptography.
Here’s how to represent two points on a curve:
Shore’s algorithm can be used to break ellipsoid curve cryptography by calculating discrete d’adrbits on virtual quantum computers (coming in the near future). The latest quantum resource estimates for breaking curves with a 256-bit factor (128-bit security level) are 2330 qubits and 126 billion toffoligates. By comparison, breaking the RSA algorithm using Shora’s algorithm requires 4098 cubits and 5.2 trillion toffoligates for a 2048-bit RSA key. This indicates that ECC is more likely to be a target for quantum computers than RSA.
In the near future, quantum computers are predicted to run Shore’s algorithms very efficiently and quickly, so they can easily penetrate the Bitcoin system if necessary. If these quantum computers end up in the hands of hackers around the world, they will destroy the Bitcoin system and give them access to everyone’s assets.
Last but noted, I hope that the advances in quantum computing and Bitcoin will be used to advance each other and humanity, without going against each other… I say I want to make them friends.