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Conventional cryptography, which provides the security behind most current blockchain networks, has long been a threat to quantum computing. The search giant Google has recently claimed to have taken a breakthrough in quantum computing, which could have serious consequences for cryptocurrency.
Is this a real threat to cryptocurrency?
In a new scientific publication, technology giant Google claims to have achieved "quantum supremacy" with a quantum computer at 53 qubits. This definition means that the machine has solved a problem that no conventional computer could solve in a reasonable time. The consequences could be so significant that NASA removed the document originally published here. It has been reproduced here in a partially readable format.
According to some sources, the new quantum processor takes only 200 seconds to complete a task that normally takes thousands of years to an ordinary supercomputer. Google researchers wrote
"To our knowledge, this experiment marks the first calculation that can only be performed on a quantum processor,"
In theory, this means that the computer could break 53-bit cryptography in seconds.
Break Bitcoin?
Bitcoin cryptography is currently 256-bit encryption (SHA-256) while the Elliptic Curve Digital Signature (ECDSA) algorithm is used to create private and public key pairs. It will take a long time before any computer, be it quantum or otherwise, can solve this problem, but scientists at the research firm believe it may be possible in the next few years.
The report adds that the number of qubits, the basic unit of quantum information in a two-state quantum mechanics system, could double at least every year. This would exceed Moore's law and give the company a computer capable of breaking military encryption by 2024.
An increase in SHA-512 or higher encryption algorithms would prevent the search giant from "breaking the cryptocurrency" over the next decade, but technology must evolve to maintain its security.
There are already a number of quantum resistant blockchains, so the FUD titles are really just that. Bitcoin is not about to be broken by Google.
A more disturbing notion is the growing power of this society. Google already dominates the flow of data on the planet and dictates practically what makes the news and what is not. He is the big supervisor of the Internet and operates with impunity.
The society that said "Do not do wrong" is already more powerful than most governments and, with the quantum computing technology at your fingertips, no data on the planet will be preserved.
Will Google conquer the world with its quantum computers? Add your thoughts below.
Pictures via Shutterstock
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