At the moment there is a competition between blockchain and quantum computing. And there is a great risk that leaps, that is, the growth of quantum computing could be a great threat to all blockchains. At the moment, the development of a blockchain protected against quantum jumps is underway.
Let’s get to the bottom of what blockchain is. It is the technology that underpinned the creation of the first cryptocurrency, bitcoin and other altcoins.
Blockchain technology develops data into information blocks, and secure cryptography. In this way, blockchain becomes independent of government, politics, and other intermediaries. At its core, quantum computing can do exactly the same thing.
So how can quantum computing be a threat to cryptocurrency?
If blockchain was a big challenge for you, quantum computing documents are a different matter.
In fact, quantum computing has the potential to process data much faster than blockchain and modern computers. Thus, sooner or later, it is possible to crack cryptocurrency at the expense of quantum computing.
The main problems:
The main problem is keys, since this is the main protection of the blockchain. If you send a cryptocurrency to another person, therefore a certain key is used. This can be compared to an email address and the recipient has a password for that email, equally as an email account is meaningless without a password also and the lack of a key will not allow you to access the transaction. And that’s just how quantum computing can allow you to generate in that key, necessary to make a transaction.
One of the important features of blockchain is that it is impossible to build a fake blog there, because all other blocks have information about every next one, a so called chain is formed, but if it will be possible to possess at least half of blocks, it will be a big problem for the whole chain.
What can this turn out to be for crypto-investors?
Of course, this is far from being news and it cannot happen all of a sudden, even the most powerful quantum machines cannot reach a high level in one second and make an attack. This will be known much in advance and leading scientists around the world are now addressing this issue. After all, not only is quantum technology evolving, but blockchain also undergoes periodic upgrades . Now scenarios are being developed that will help to prepare for the development of cryptography after a quantum attack.
Most likely there will be improved encryption, which will not be possible to crack even using quantum technologies. Experts are confident that this is possible.
At the moment the main advantage of decentralization technology is security and anonymity. Of course, in any case crypto-investor cares about future fate of the cryptocurrency.
Also it is likely that investors will have to change their wallets periodically, transferring their coins to more secure storages, according to specialists calculations about 20% of global Bitcoin stock is lost or located in wallets, where they cannot be got and it is assumed that those coins, which cannot be moved in the first place will be attacked by hackers.
If your crypto-assets are located on exchanges, this will provide you with a fast enough transition to some extent. But if your wallets are centralized, you will have to work hard to move your cryptocurrency to a more secure location
The Spectrum of Quantum Computing
Most people involved in the cryptocurrency world believe that regulation is the biggest threat to digital assets, but don’t forget about advances in technology, which can also be dangerous for cryptocurrency. We should not forget that the first cryptocurrency appeared 12 years ago, in the same way the World of Technology may change in the near future, that soon not popular progressive technology blockchain will soon be archaic.
One possible solution is to remove crypto from cryptocurrency.
Now already some cryptocurrency projects are recognized as too slow, unable to handle complex projects. We should not reduce the possible size of this threat, the whole cryptasphere should be guaranteed to be secure and ready for new threats from new technologies.