Could Google’s Quantum Supremacy Break Cryptocurrency?
TechnologyBit News Today2 min read
Last week, Google announced a major breakthrough in quantum computing - their new processor achieved quantum supremacy.
Quantum computers use quantum bits, or qubits, which can exist in multiple states at once, unlike the binary bits used in digital computers. This allows quantum computers to perform certain calculations much faster.
Quantum supremacy is the point at which quantum computers can solve problems that classical computers practically cannot. Google's Sycamore processor is the first to achieve this milestone. ## How does this affect cryptocurrency?
The vast majority of cryptocurrency relies on cryptography to secure the blockchain. Cryptocurrencies use public key cryptography, which involves generating a pair of cryptographic keys; a private key and a public key. The private key is kept secret, and the public key is used to encrypt messages. The sender of the transaction uses the recipient's public key to encrypt the transaction, and only the recipient's private key can decrypt this message.
Cryptographers believe that factoring large numbers, one of the core theories underlying this type of encryption, would be extremely difficult for quantum computers to solve. But smaller ones, like those used in elliptic curve cryptography, might be vulnerable. Elliptic curve cryptography is what secures Bitcoin.
Quantum computers are still in their infancy, and many factors could slow or stop them from threatening cryptocurrencies. The main one is that quantum computers don't exist in large scale yet, and have never operated outside of the lab. But in theory, a sufficiently powerful quantum computer could crack the cryptography that underlies cryptocurrency.
Quantum computers can solve some problems much faster, like factoring large numbers, but they aren't good at the kind of computation that goes on inside a modern computer. For cryptocurrency, this isn't necessarily a problem. Cryptocurrency cryptography is based on problems that seem hard, even to quantum computers. ## What do cryptocurrency experts think about Google's breakthrough?
Cryptocurrency experts are skeptical that a quantum computer could fully break cryptocurrency, even with Google's breakthrough. But they acknowledge that quantum computers could crack certain cryptocurrencies, especially smaller or less secure ones. Quantum computers are still in their early stages, but as they develop further, they may pose a serious threat to cryptocurrency.
Cryptocurrency exchanges and developers are already working on quantum-resistant cryptography. Even though quantum computers that can crack cryptocurrency are years away, developers want to ensure that their systems are ready before the quantum threat materializes.
Google's breakthrough in quantum computing is an impressive technical achievement, but it doesn't spell the end for cryptocurrency. Cryptocurrency developers have time to create quantum-resilient systems before quantum computers can break their cryptography.
