Quantum Computers, A threat to Crytocurrency?
Ladies and gentlemen. I am not here to scare you but to inform you about new developments in the world we live in and the impact today's vision may have in tomorrow's dream. The cryptocurrencies are all based on cryptography which informs the name crypto-currency. It is near impossible for the current conventional computers to crack or hack cryptography and thus cryptocurrency but this might happen with the advent of quantum computers.
Scientists are dreaming of a new form of computation called quantum computing which is based on Cue-bit and now Qudits instead of bits for conventional computing. It is another level of computing entirely that is supposed to make the present day computers look like yesterday's "Abacus computer" when eventually it becomes a reality in a desirable scale.
In the light of this, it might make sense for every digital currency enthusiast to start thinking of mixing his portfolio with Quantum Resistant Ledger (QRL) which is the only digital currency yet known that is immune to the threat posed by a possible future quantum computer to the digital currency world.
Quantum computing studies theoretical computation systems (quantum computers) that make direct use of quantum-mechanical phenomena, such as superposition and entanglement, to perform operations on data. Quantum computers are different from binary digital electronic computers based on transistors. Whereas common digital computing requires that the data be encoded into binary digits (bits), each of which is always in one of two definite states (0 or 1), quantum computation uses quantum bits, which can be in superpositions of states. 1
Instead of creating quantum computers based on qubits that can each adopt only two possible options, scientists have now developed a microchip that can generate “qudits” that can each assume 10 or more states, potentially opening up a new way to creating incredibly powerful quantum computers, a new study finds 2
One of the most famous potential uses for quantum computers is breaking up large integers into their prime factors. For classical computers, this task is so difficult that credit card data and other sensitive information are secured via encryption based on factoring numbers. Eventually, a large enough quantum computer could break this type of encryption, factoring numbers that would take millions of years for a classical computer to crack. 3
Quantum computers also promise to speed up searches, using qubits to more efficiently pick out an information needle in a data haystack.4
By the end of this year, a Google team aims to increase the number of superconducting qubits it builds on integrated circuits to create a 7-by-7 array that will demonstrate “quantum supremacy.” However, a system size of 49 superconducting qubits is still far away from what physicists think will be needed to perform the sorts of computations that have long motivated quantum computing research. One of those is Shor’s algorithm, a computational scheme that would enable a quantum computer to quickly factor very large numbers and thus crack one of the foundational components of modern cryptography. 5
Quantum computing indeed practically presents a clear danger to present day cryptocurrencies should it become real and effective. In the light of this, cryptocurrency designers should start factoring this in the future designs because anything is possible.
No one will want to transact in a currency that can easily be hacked using a quantum computer.
This is why I see the future of Quantum Resistant Ledgers (QRL). I believe in years to come, they should be the bases of developing new digital currencies.
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