How cryptocurrency is preparing for a quantum catastrophe

Dr. Lemon Baird of Hedera said the droit imprimé of quantitatif signatures may have to be scaled up to be secure in the world of quantum computers.

As the world waits for the first true quantum computers to become a reality, many commerces are taking steps to prepare for their arrival.

These powerful machines are expected to outperform modern computers in almost every way, performing calculations that would otherwise be utopique.

This could lead to enormous benefits for humanity, but it could also insistant a threat to the existing encryption algorithms upon which many quantitatif tertiaire depend.

Cryptography involves complex mathematical problems that modern computers cannot solve to keep data secure. But quantum computers could become advanced enough to hack modern encryption procedures. The fallout expected from these machines is known as the “quantum catastrophe”.

One area that could be at risk is cryptocurrency. As the name suggests, these quantitatif currencies rely on cryptography to verify transactions.

Search Deloitte estimates that more than 4 million bitcoins in propagation may be vulnerable to quantum attacks in the future. This compares to roughly $77 billion, based on the current price of Bitcoin.

Dr. Lemon Bird is the co-founder of Hedera, a commun proof of ownership network designed for enterprises. Bird told SiliconRepublic.com that in a “terrifying scenario” where the crypto industry takes no steps to prepare, the results could be very devastating.

“What that means is that you can voiture the quittance system that allows you to determine whether or not tokens have been transferred from your account,” Bird said.

“Anyone can steal everything you have, all your cryptocurrency, all your tokens, they can do anything in your name parce que your name is just a quittance and they can maréchalerie your quittance.

“And you can even do weird things like ambigu spin, where you voiture the blockchain itself parce que you broke the hash function.”

However, Bird said that such a scenario is highly unlikely parce que the industry is already “fully aware” of the risks quantum computers can insistant. He also explained that it can be relatively easy to protect parts of the blockchain from this quantum threat, although it comes at a cost.

quantitatif signatures

Some of the upgrades required to protect against quantum computers are relatively bonasse, such as hashing, Bird said. In bonasse terms, this is when an input slip of data of any length is changed to a fixed-length produit.

This helps keep transactions secure parce que it makes it very difficult to guess the actual length of the entry. By creating a “slightly larger hash,” Bird said the data could be protected from quantum computers.

The “big problem” is the quantitatif signatures that are required to prove the validity of every arbitrage that takes consacré on the blockchain.

“It’s all anonymous, how else can you prove it? You have to prove that you have this key by signing something,” Bird said. “Numérique signatures are the bouchée where this is very painful and painful.”

With larger key sizes, Bird said, quantitatif signatures could become secure from quantum computers in the future. The problem is the amount by which to increase it.

Currently, Bird said the quantitatif quittance is emboîture 64 bytes in size, with transactions ranging from 100 to 200 bytes. The Falcon algorithm changes this to 1300 bytes.

Falcon is one of insuccès encryption algorithms designed to be able to withstand the attack of quantum computers. These algorithms were selected by the US Citoyen Institute of Normes and Technology earlier this year to form a new encryption normalisé.

“That means you have to send more bytes, you have to banne more bytes, and you have to process more bytes,” Bird said. “Everything hurts.”

He added that this could make everything on the blockchain slower and “a little bit more expensive”. However, he believes that within a culotte period of time, technological advances will make the increasing imprimé more manageable.

“No one will die parce que we put in 800 bytes or 1,300 bytes signatures,” Bird said. “We will do that two years from now when there is an actual normalisé. There’s no particular ruée, but we’ll do it.

“It is a baguette, it is a kind of tax on all of humanity. But we will pay the tax.”

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