What Googles Quantum Supremacy Means For Cryptocurrency

What Googles Quantum Supremacy Means For Cryptocurrency

The threat of quantum computing has long loomed over classical cryptography which provides the security behind most current blockchain networks. Search giant Google recently claimed it has reached a milestone in quantum computing which could have serious implications for cryptocurrency.

Does it Pose a Real Threat to Cryptocurrency?

In a new scientific publication, tech giant Google claims to have reached quantum supremacy with a 53-qubit quantum computer. This definition means that the machine has solved a problem that no classical computer could solve within a reasonable timeframe. The implications of this could be so far reaching that NASA removed the paper which it had originally published here. It has been reproduced here in a partially readable format.

According to reports, the new quantum processor took just 200 seconds to complete a task that would normally take thousands of years for a regular supercomputer to do. Google researchers wrote

To our knowledge, this experiment marks the first computation that can only be performed on a quantum processor,

In theory this means that the computer could break 53 bit cryptography in seconds.

Breaking Bitcoin?

Bitcoins cryptography is currently 256 bit encryption (SHA-256) while Elliptical Curve Digital Signature Algorithm (ECDSA) is used in to create private and public key pairs. It will be a while yet before any computer, quantum or otherwise, can crack this but scientists at the search firm estimate it may be possible in the next few years.

The report added that the number of qubits, the basic unit of quantum information in a two-state quantum mechanical system, could double at least every year. This would outpace Moores Law and give the company a computer capable of breaking military encryption by 2024.

An increase to SHA-512 or stronger encryption algorithms would prevent the search giant breaking cryptocurrency within the next decade but essentially the technology needs to evolve to maintain its security.

There are already a number of quantum resistant blockchains in existence so the FUD headlines are really just that. Bitcoin is not about to be broken by Google.

A more concerning notion is the growing power that this company has. Google already dominates data flows across the planet and practically dictates what makes it into the news and what doesnt. It is the grand overseer of the internet and operates with virtual impunity.

The company that said dont be evil is already more powerful than most governments and with quantum computing technology at its fingertips, no piece of data on the planet will be safe.

Will Google take over the world with its quantum computers? Add your thoughts below.

Images via Shutterstock

The post What Googles Quantum Supremacy Means For Cryptocurrency appeared first on Bitcoinist.com.

23.09.2019 / 02:30 41
What Googles Quantum Breakthrough Means for Blockchain Cryptography What Googles Quantum Breakthrough
Weve been warned for years that a quantum computing breakthrough is just around the corner. When that day comes, were told, it could render
No, IBMs Quantum Computer Wont Break Bitcoin No, IBMs Quantum Computer Wont Break
IBM recently unveiled its Q System One at the Consumer Electronics Show (CES) 2019, with the company describing the quantum computer as being
Can a New Blockchain Counter the Quantum Computing Threat Can a New Blockchain Counter the
There has been a strong focus on the effects of quantum computing on blockchain technology. More specifically, there is a strong belief these
Quantum Computing Poses No Realistic Threat To Bitcoin: Research Quantum Computing Poses No Realistic
Popular fears about the continued rise of quantum computing and its security implications for blockchain technology are misguided and blown out of
Research Paper Refutes Threat to Bitcoin Posed by Quantum Computing Research Paper Refutes Threat to
Jeffrey A. Tucker has penned an article to accompany a little-reported research paper that was published last October. The economics writer met with
Quantum Computing to Be Shared with the World Through Cloud Technology Thanks to Qilimanjaro Quantum Computing to Be Shared with the
Blockchain startup company Qilimanjaro opens the availability of groundbreaking technology in quantum computing technology to the masses. May 13th,
Comments (0)
Add a comment
Comment on