Is Bitcoin at Risk?
Perhaps you’ve heard that cutting-edge quantum computing will bring an end to bitcoin and cryptocurrencies.
But is it true?
First, let’s understand what a quantum computer is.
In classical computers, classical bits are used to process information as either a one or a zero.
Utilizing quantum superposition, quantum computers can use quantum bits or qubits that represent both one and zero simultaneously.
This gives quantum computers superior computing power over classical computers, revolutionizing problem-solving.
The Quantum Advantage:
With more qubits at the disposal of a quantum computer, the amount of information it can process grows exponentially.
For example, a computation easily completed by a system with 500 qubits might be impossible with even an incredibly large 2⁵⁰⁰ classical bits. Due to the massive computing potential that quantum computers possess, there are concerns about the danger they pose to blockchain technology.
The encryption that shields Bitcoin could be compromised by a quantum computer with a staggering 1.9 billion qubits in just 10 minutes, using Shor’s algorithm.
However, hold on to your private keys, as we’re simply not there yet.
Current Quantum Landscape:
The era of deploying such a powerful quantum computer is still beyond the horizon. IBM recently unveiled a 433-qubit processor, while a 1,000-qubit beast is set to debut by the end of 2023.
According to cryptography expert Jens Groth, blockchains might only be at risk within the next 10 to 20 years.
Groth underscores a crucial distinction between two types of qubits: physical and logical.
Put simply, physical qubits are extremely unstable and tend to introduce errors.
To correct these errors, logical qubits, each consisting of numerous physical qubits, are implemented to produce reliable computations. Announcements about new qubit milestones usually refer to physical qubits, not…