Quantum Computing Threat to Cryptocurrencies?

Quantum computing is coming.

It is good that quantum computing is still in the "coming" stage.

The day when a meaningful quantum computer is a reality, the FinTech world may face catastrophic devastation.

Present-day cryptography, which relies on the principles of private/public key cryptography due to the Deffe-Hellman algorithm, may be broken by a quantum computer.

The banking sectors, cryptocurrencies, and other applications heavily based on private/public key cryptography will be in danger when quantum computing is available to all.

Is quantum computing real?

Whether we agree or not, the last five years or so have seen undeniable hype over quantum computing. The hype has been around the approaches, timelines, applications, and more.

• We can't sense the quantum physical existence with our macroscopic sensing power, such as eyes, ears, tongue, or nose. That doesn't guarantee that quantum mechanics is only in books.

Quantum physics is a reality experimentally proved in the lab. The happenings of the real world have an existence of quantum mechanical paradigms almost everywhere.

• Complex and costly quantum physical equipment is conducting experimental investigations on quantum signal processing in several quantum computing projects worldwide. Those include IBM, Intel, Google, etc.

Most big software projects like Microsoft Azure have been spending time and resources on the development of quantum-safe algorithms so that their business doesn't become obsolete with quantum computing.

What is unique about quantum computing?

The one quality that distinguishes traditional computers from quantum computers is their enormous computing power.

• A quantum computer can be exponentially more powerful than the fastest digital computing machines.

• Quantum bits or qubits are the heart of the power of quantum computing. The digital bits of traditional computing is binary, with a value of either zero or one. The quantum bits or qubits, as it is called, can simultaneously exist in multiple states.

• The superpower of quantum computers may lead to scientific breakthroughs, life-saving medical advances, financial strategies to live well in retirement, etc.

However, quantum computing can be a real threat to cryptography on which the present-day online financial transactions and cryptocurrencies dwell.

Cryptocurrencies must resolve the quantum computing threat satisfactorily in advance!

• Most cryptocurrency ecosystem people worry about government intervention and other political issues. But quantum computing will be the most daunting challenge for the cryptocurrency domain.

Using current computing power, it would take many years to crack present-day cryptographic keys. Researchers predict that these keys would be cracked within a day or two with a higher qubits quantum computer.

• Are the founders and developers of the big cryptocurrencies putting active research into how to face quantum computing?

All cryptocurrency projects MUST put dedicated research and developmental work into converting their cryptographic algorithms to quantum-safe ones.

Concluding thoughts

• Quantum computing is coming sooner or later because the experimental developments in quantum computing are encouraging.

• All commercial projects around the globe have been trying hard to develop quantum-safe approaches in their algorithmic implementations.

The cryptocurrency founders and developers must not waste time in starting experimenting with quantum-safe cryptographic protocols.

Postscript

• Are the famous people of cryptocurrencies doing something about the threat of quantum computing?

• Can Vitalik Buterin, Roger Ver, etc. sleep well because a general-purpose quantum computer is far away? I hope they don't see bad dreams about quantum computing.

I am curious about what you think about it.

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Oct 17, 2022