Why Quantum Computing Hasn’t Been A Threat… Yet
In recent years, quantum computing has been a concern about cryptocurrency and blockchain technology. It is common to assume that quantum computers with high-level intelligence will be able to crack current encryption one day. This makes security very important for those who use the blockchain space.
Today’s computers cannot break the SHA256 cryptographic protocol used to protect Bitcoin network security. Experts believe that quantum computing will soon be able to crack existing encryption protocols.
Johann Polecsak (chief technology officer at QAN Platform), a layer-1 crypto platform, spoke to Cointelegraph about whether cryptocurrency holders should be concerned about quantum computers being a threat.
“Definitely. “Definitely. It will become impossible to distinguish between a legitimate wallet owner or a hacker who has forged a signature.
The current cryptographic hash algorithms could be cracked and hundreds of billions of digital assets would be at risk of being stolen by malicious actors. These concerns aside, quantum computing has a long way before it can be a threat to blockchain technology.
What is quantum computing?
Computers of the future process information and perform computations using bits. Unfortunately, they cannot exist in two places at once and in two distinct states.
Traditional computer bits can instead have the value 0 and 1. An analogy would be a light switch turning on or off. If there are two bits, such as a pair, each bit can only hold one of four possible combinations: 0-0, 1-1, 1-0, or 1-1.
This means that complex computations that require consideration of every possible configuration will take a computer a lot longer to complete.
Quantum computers don’t operate under the same constraints that traditional computers. Quantum computers use quantum bits, or “qubits”, instead of traditional bits. These qubits can coexist simultaneously in the states of 1 and 0 at the same.
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