In the end, you might not be as sure as you might think about Bitcoin? Researchers now warn that quantum computers Bitcoin could crack in ten years.
Quantum computer: Starting in 2027, risk for Bitcoin security
Still stuck quantum computers in its infancy. However, as development progresses, hugely powerful copies could break the encrypted signature of the hashcash algorithm of Bitcoin and similar cryptocurrencies in as little as ten years. At least researchers from different universities from Singapore, Australia, and France warned against this.
In the paper "Quantum attacks on Bitcoin and how to protect against them" ( PDF file ), published a few days ago, the researchers explain where they think the weak point lies. But they also provide guidance on how to protect the technology from potential attacks, the ITNews tech site reports.
The problem lies according to the experts in the so-called public key signatures. With those Bitcoin, owners can prove their possession. It may, therefore, affect existing Bitcoin accounts and all new transactions. For the foreseeable future, it will not be possible to break the quantum computers that are currently used by miners or the cryptographic verification of transactions.
Bitcoin: Protection against quantum computers by switching to proofs of work
According to the researchers, the switch from Hashcash to so-called proofs of work like Momentum, Cuckoo Cycle or Equihash offers protection against quantum computing power. These verification methods could not be solved much faster by quantum computers than by current computers. Also, the researchers recommend the use of grid-based digital signatures like Dilithium.
The extent to which quantum computers will truly be able to crack the signatures of Bitcoin and similar cryptocurrencies in ten years' time remains to be seen, as well as whether the protections recommended by the researchers can protect against a functioning quantum computer.
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