Quantum computing: A threat to cryptocurrency




Cryptocurrencies have the potential to revolutionize banking by removing intermediaries and providing accounts to millions of hitherto unbanked individuals all around the world. By adding their incredible power to the process, quantum computers have the potential to revolutionize the way medications and materials are developed.

 

The issue is that if quantum computing develops faster than attempts to future-proof digital money, the blockchain accounting system that underlies cryptocurrencies might be subject to sophisticated assaults and faked transactions.

A mechanism known as public key cryptography protects cryptocurrencies.

 

Quantum computers will be able to crack public key encryption if present progress continues, posing a severe danger to the crypto world, where some currencies are worth hundreds of billions of dollars. Attackers can mimic the genuine owners of cryptocurrencies, NFTs, and other digital assets if encryption is breached.

 

Quantum computers get their power by manipulating data stored on qubits, elements like charged atoms that are subject to the peculiar physics governing the ultrasmall. To crack encryption, quantum computers will need to harness thousands of qubits, vastly more than the dozens corralled by today’s machines. The machines will also need persistent qubits that can perform calculations much longer than the fleeting moments possible right now.

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