The properties of quantum physics are used today to develop more powerful computers. Some believe that as quantum computers become more sophisticated, they can be used by hackers to hack blockchains like Bitcoin (BTC) and steal funds.
Quantum computers and their above-average computing capabilities
On July 7, the Blockchaineur account made a series of tweets about how quantum computers could pose a threat to the Bitcoin (BTC) network. It turns out that quantum computing has made it possible to manufacture computers whose computing power is clearly superior to conventional computers. Analysts fear that the technology in these computers will end up dominating mechanisms associated with cryptocurrencies such as Proof-of-Work (PoW), particularly with regard to the Bitcoin (BTC) network.
In fact, it seems that a hacker can be successful hack the bitcoin (BTC) network in hours using a quantum calculator. The latter works effectively to decrypt information from blockchain, find its private key, corrupt blocks and steal funds. Scientific studies have revealed that the Bitcoin (BTC) network can be decrypted in an hour by about 300 million qubits (the basic unit of a quantum computer).
At the same time, it has been shown that the quantum computers currently being developed could not exceed 100,000 qubits after 2026. In the meantime, companies could exceed this value. Computer scientists claim that the Bitcoin (BTC) blockchain will remain protected for about a decade given the amount of qubits needed to hack it successfully.
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 could possibly carry out a 51% attack on the Bitcoin (BTC) network. Meanwhile, there is a good chance that ASIC chips will become even more sophisticated and thus more resistant to such an attack.
The Bitcoin network could use quantum computers to increase its security level
In theory, there are various quantum computer technologies that can compete with 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 scaling is achieved.
In fact, blockchain could use an encryption method based on quantum computation to cause a soft fork. However, it will be difficult to scale this soft fork as it requires agreement from the large Bitcoin (BTC) community.
In addition, New York-based Bitcoin Core developer Erik Aronesty said during the month of April that the network could address quantum risk by implementing news method of generating public keys. These will be generated from quantum algorithms.
There is a lot of speculation about quantum computers and their ability to compromise the security of a network like Bitcoin (BTC). But so far, nothing is certain and Bitcoin (BTC) remains protected from possible attacks.
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Luc José Adjinacou
Far from dampening my enthusiasm, a failed investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand blockchain and its many uses and with my ball to pass on information about this ecosystem.