Bitcoin Technology Must Move Forward
Google's quantum computing capabilities showcases the power of technological advancement
Source: pixabay
Earlier this month, news leaked that Google's investment in quantum computing has achieved 'Quantum Supremacy'. Computing power, over the last decade, has increased exponentially. iPhone 11 new A13 bionic chip containing a 2 core CPU, 4 core GPU and 8 core neural engine, shows us how quickly computing power is evolving forward.
Recent news questions the possibility of how quantum computing would disrupt Bitcoin mining.
Google's quantum supremacy could mean it is able to perform in 200 seconds what would take a powerful computer 10,000 years and potentially mean bitcoin, and the encryption that underpins it, could be broken.
Source: Forbes
Bitcoin's encryption relies on solving complex mathematical problems. Miners use advanced computing hardware (ASICs) to work out solutions, generating new Bitcoins in the process. Due to the tremendous effort and amount of computing invested in each mining block, Bitcoin transactions are being validated.
When quantum computing achieves sufficient power, it could potentially 'break' Bitcoin mining - rendering Bitcoin's encryption at risk. In cryptocurrency mining, we witnessed the shift from CPU to ASIC and GPU to FGPA mining. Currently, ASIC is still the most energy-efficient chips for mining.
Will Quantum Computing Be Fast Enough?
According to Dragos Ilie, a quantum computing researcher at Imperial College London, Google's supercomputer currently has 53 qubits.
"In order to have any effect on bitcoin or most or most other financial systems it would take at least about 1500 qubits and the system must allow for the entanglement of all of them," Ilie said.
Source: Forbes
Although more than an arms race away, Bitcoin mining technology should continue to spearhead and push the boundaries of computing power. It is essential that cryptocurrencies maintain its superiority over traditional banking methods to survive in the long run.
The energy consumption of Bitcoin mining is alarming but what is Bitcoin's equivalent comparison? Today, we live with banks and financial institutions running on thousands of computer servers, local banking facilities and online portals. Could the replacement of traditional banking systems with Bitcoin become more efficient?
-tysler
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Quantum computing is a real threat. However it is not just to Bitcoin, it is a threat to cryptography as we know them. When quantum computing is a reality, most encryption that we are using today can be broken.
The media like to draw attention to quantum computing being a threat to cryptocurrencies but the fact is that it will be a threat to most traditional infrastructure used in military, communications and even banking
Hi @culgin
Sometimes I'm wondering if Quantum computing wouldn't be simply to expensive to be used as a threat to bitcoin or any other crypto. It's a bit like saying that advanced robots will one day replace work done by cleaners (mostly cheap labor, immigrants etc).
It may simply not be economicaly justified.
Quantum computers are a threat, which could be easily solved. In fact, some blockchains are at this moment quantum-resistant such as NEO. I think BTC can be also updated-forked to be resistant.
About the energy consumption, this week Charles Hoskinson (CEO of IOHK) said that Cardano blockchain can be run by energy, which can run one or two houses. So there are simple possibilities in crypto sphere. I am not sure about Bitcoin transfering to PoS, but others can do that, such as Ethereum.
Hi @ritxi
NEO is quantum-resistant ? How is it possible? I'm a bit confused with those words.
Hi @crypto.piotr, let me explain this. As I found on Reddit, currently the NEO network makes use of Elliptic Curve Cryptography just like many other cryptocurrencies. In the future this method of creating a safe environment for the storage and transactions on a cryptocurrency network could be endangered. A Quantum Computer will be able to quickly calculate any private key based on a public address through trial and error. Further down the road NEO wants to implement NEOQS (NEO Quantum Safe). This is a algorithm based on Lattice-based Cryptography which is quantum computer resistant.
So right now, NEO is not quantum-computing resistant at this moment (so I was wrong with that statement) but will be in the future. But some other cryptos are even now.
As I know, even the public address, where you send your Bitcoin for example, cannot give the attacker the opportunity to guess the private key. The public address is hashed public key. So once you use some address to send some crypto, you reveal your public key and the elliptic curve can be calculated by brute force of some quantum computer or some very very very high capable computer.
It's a real threat. The amount of operations a quantum computer can perform is hard to imagine. It's a matter of knowing how true those advances are.
If this quantum project were completed, it would actually be a large-scale threat.
Blockchain technology must evolve and find a way to protect itself.
I fully support your comment, technology advances not only to decrypt but also to encrypt better and better.
Hi @yonnathang
Sometimes I'm wondering if Quantum computing wouldn't be simply to expensive to be used as a threat to bitcoin or any other crypto. It's a bit like saying that advanced robots will one day replace work done by cleaners (mostly cheap labor, immigrants etc).
It may simply not be economicaly justified.
Hello @tysler
It is alarming to know that someday a quantum computer will be able to break the security of your wallet and steal all your cryptocurrencies. But I think it's just as real as commercial travel to other inhabitable planets. As I have heard a 2³⁰⁰⁰ Quantum Computers will be able to break ECDSA 256. I guess by then the ECDSA will be 4096. Imagine breaking that encryption (!) :D
Thanks for sharing!
I fully support your comment, technology advances not only to decrypt but also to encrypt better and better.
That's right!
Thanks for your support :D
Hi @jadams2k18, @pedrobrito2004, @forykw, @chireerocks, @machnbirdsparo
Sometimes I'm wondering if Quantum computing wouldn't be simply to expensive to be used as a threat to bitcoin or any other crypto. It's a bit like saying that advanced robots will one day replace work done by cleaners (mostly cheap labor, immigrants etc).
It may simply not be economicaly justified.
Naaa... I think Quantum Computing its like Rocket Industry... you either PAY (invest heavily on it with completely overwhelming justifications) for it's development and get the market that will be created in 10-20 years... or you will just be like all users that bought after the first time bitcoin went above 1k$... and then they ALL sold when it was 300$...
The problems Quantum Computing solve are not as easy to understand as probably many will "think". We are talking about a computing technology that is NEVER "certain". It's all about approximations... and statistical results... or answers... or guesses. Nothing like... how much is 1+1... where a normal computer would be able to answer you with 100% certainty (if no electronic/electrical errors occur in the motherboard/CPU) that its 2.
A Quantum Computer? They would probably give you a "couple" of answers. Not just one, to start with. And then it will be something like... it will be 99% 2, 0.(5)% 0 and 0.020303% something else...
Its Quantum states... so, everything can be approximated by several states at any given time. Yes... time! You have time as part of your results... all the time! But on Quantum computing even more.
If you get to know and scientifically explain me more how this can overtake crypto... let me know. I don't think it will be harmful for crypto, and eventually by the time someone finds a way, crypto has already protected themselves against the solution that cracks it.
=)
I guess like all technologies, over time they drop in price and become commercial, like smartphones and laptops. Also, this technology will also become cheap and in the future (year 3000) you will have your quantum computer in your pocket.
Btw, robots will replace all our jobs! 😜
In my opinion in this world Point Of Justification vanished long time ago. Stay blessed.
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A detail that I want to comment is that the technology to decrypt advances at the same rate as that of encryption (although sometimes it seems to me that the latter is faster), so if you develop a quantum decryption, surely there will also be a procedure of the same caliber to encrypt and protect information.
As for consumption, because I consider it a valid concern for the ecological aspects of this technology, but it happens that I have never been able to find reliable data on how much energy traditional financial communication systems and data servers in stock exchanges consume and other related things. Without data you cannot compare and know which is worse.
In this I have to say that I am happy when I hear of initiatives to use renewable, clean and sustainable energy for the Bitcoin blockchain and other cryptocurrencies. I think I heard some of that in a project in Paraguay, which involves the use of hydroelectric power plants
@tysler, In my opinion you've touched that subject about which many are not aware at all and people think that this space is unbreakable, but to stay as unbreakable, space for improvements always should be open. Stay blessed.
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There was actually a more powerful (yet more expensive) Quantum computer by Google. 72-qbit, although for purposes of comparison let's not count with it, because there are a couple of differences here (some hard to explain). Intel also had a 49-qbit even before the 72-qbit one from Google.
Check here... also:
https://en.wikipedia.org/wiki/List_of_quantum_processors
IBM also has a 53-qbit Quantum Computer.
But what I find interesting in this new Google quantum processor is the attempt to reduce the way of cooling these computers, in this case using "Nonlinear superconducting resonator", which is similar to saying, "we are trying to make cooling cheaper".
Maybe my next supercomputer will be a Quantum computer... LOL who knows... (I am actually not joking here, because I work on HPC, High Performance Computing).
The idea of Bitcoin is what's important. I listened to a few podcasts about this. There seems to be a consensus that it's a relatively easy fix to keep BTC secure. Seems that scientist have already determined cryptography strategies that resist quantum computing.
Dear @tysler
I just had a chance to read your publication. I always considered quantum computing one of major threats for blockchain and current level of encryption.
Good read, Upvoted already
Yours,
Piotr