Quantum computing is a new generation of technology that involves a type of computer that is so powerful it can solve problems that conventional computers cannot. It is a device so fast it could do in four minutes what would take a traditional supercomputer 10,000 years to accomplish.
Computer technology has undergone a paradigm shift over recent years. Quantum computers are able to solve problems that are deemed infeasible by classical computers, such as solving discrete logarithms and factoring integers.
This poses a threat to existing cryptographic algorithms due to their fundamental reliance on the hardness of these problems. However, today’s quantum computers are not yet large enough to pose a real threat; in the future, however, it may be possible to build large enough quantum computers that will be able to break some algorithms
Hedera’s Leemon Baird said that quantum computers could require a larger key size for digital signatures.
In anticipation of quantum computers becoming a reality, various industries are taking steps to prepare.
It is expected that these powerful machines will surpass modern computers in almost every way, allowing them to perform calculations that would otherwise be impossible.
The development of this technology could bring enormous benefits to humanity, but it could also threaten the cryptographic algorithms that underpin many digital services today.
A modern computer cannot solve the complex math problems involved in encryption in order to keep data secure. There is a possibility that quantum computers could become so advanced that they could crack modern encryption measures. Known as the “quantum apocalypse”, this fallout is predicted to occur due to these machines.
There is a risk associated with cryptocurrencies. Cryptocurrencies use cryptography to verify transactions, as their name implies.
A Deloitte study estimates that there are more than 4m bitcoins in circulation that are susceptible to future quantum attacks. Based on the current price of bitcoin, this equates to approximately $77bn.
A co-founder of Hedera, a network that combines public proof-of-stake with enterprise applications, Dr. Leemon Baird is a leader in the field. He said that in a “nightmare scenario” where the crypto industry does not prepare, the results could be disastrous.
According to Baird, it would mean that the signature system that allows you to verify the transfer of tokens out of your account would be broken.
The thieves could steal all of your cryptocurrency, and all of your tokens, and they could do anything in your name since your name is just a signature that can be forged.
Furthermore, you could even perform weird things like double spending, breaking the blockchain itself because you’ve broken the hash function.”
Despite this, Baird said that this scenario is highly unlikely since the industry is already “fully aware” of the risks associated with quantum computers. In addition, he explained that it is relatively easy to protect the blockchain from this quantum threat, but it does have a cost.
Cryptocurrency and the use of digital signatures
The upgrades needed to protect against quantum computers are relatively straightforward, such as hashing, according to Baird. A fixed-length output string is created by changing an input string of arbitrary length into a fixed-length output string.
In this way, transactions are kept secure since it is hard to find two inputs with the same output. Baird says data can be protected from quantum computers by creating a “slightly bigger hash”.
The “big issue” is digital signatures, which are required to verify the validity of each blockchain transaction.
How else can you prove this is all anonymous? In order to prove you have this key, you must sign something,” Baird said. “Digital signatures are the most painful part.”
According to Baird, digital signatures can be protected from future quantum computers by using larger key sizes. It is the amount that needs to be increased that is the problem.
Currently, Baird said digital signatures are around 64 bytes in size, while transactions range from 100 to 200 bytes. This is changed to 1,300 bytes by the Falcon algorithm.
The Falcon algorithm is one of four encryption algorithms that can withstand an attack by a quantum computer. US National Institute of Standards and Technology selected these algorithms earlier this year to form a new cryptographic standard.
In other words, you have to send more bytes, store more bytes, and process more bytes,” Baird explained. There is always a pain in everything.”
As a result, everything in the blockchain could become slower and more expensive. As technology advances, he believes the increased size will become more manageable over time.
It doesn’t matter whether we use 800 bytes or 1300 bytes for signatures, no one is going to die. Baird said, “We’ll survive.”. With a standard in place, this could be done in a few years.
“There’s no rush, but we’ll get it done,” he said. It’s a pain, it’s like a tax on humanity. However, we will pay the tax.”
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