Please forward this error screen to 192. Some computer scientists say quantum computers quantum cryptography bitcoin moving closer to reality and will cripple bitcoin’s encryption systems and doom bitcoin. Get Trading Recommendations and Read Analysis on Hacked.
Governments are investing aggressively in quantum computers, which are ultra powerful. Quantum computers, first theorized by physicist Richard Feynman in 1982, have promised a new era of computing. Andersen Cheng, co-founder of Post Quantum, a U. Newsweek that bitcoin will end the day the first quantum computer arrives. He said the quantum computer will undermine the cryptography surrounding bitcoin’s public and private keys.
Bitcoin recipients share their public key with the sender. To spend bitcoin, a bitcoin owner must use their private key. If another party learns the private key, that party can spend all the bitcoin. Martin Tomlinson, a professor at the Security, Communications and Networking Research Centre in Plymouth University, said a quantum computer can calculate the private key from the public one in a minute or two. By learning all the private keys, someone would have access to all available bitcoin. Tomlinson did not know when the first quantum computer will appear that will have this capability, but he noted that extensive research is under way.
Canada’s D-Wave claims it has already built quantum computers, but scientists have questioned this claim. Tomaso Calarco, director of Integrated Quantum Science and Technology, said the scientific community has not recognized D-Wave’s machines, according to Newsweek. Nevertheless, Ilyas Khan, co-founder of Cambridge Quantum Computing, said quantum technologies will be of practical importance in a short time. To protect bitcoin from quantum computers, new cryptography standards must be incorporated into the bitcoin protocol. Llew Claasen, executive director of the Bitcoin Foundation, said many cryptographers already are working on a solution to phase in quantum-proof technologies to the bitcoin network.
The question will be in deploying them. Bitcoin is doomed, according to Tomlinson. Any disruption that requires the bitcoin community’s consensus, something that can’t even be accomplished with the cryptocurrency’s transaction limit problem. The transaction limit problem is simple compared to reworking the complete digital signature method, Tomlinson said.
Lester Coleman is a media relations consultant for the payments and automated retailing industries. He is available for writing and media relations assignments. Book of Fortune Leads Player to 19. Platform Allotting a Profit Among Token Holders? Bitcoin vs Gold: Which is a Better Long-Term Bet? Picking one over the other as a long-term bet isn’t easy, according to a suite of analysts.
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