Bitcoin’s safety and Quantum Computing : Bitcoin

I am presently engaged on my Grasp’s Thesis on “Digitization by means of Distributed Ledger Applied sciences – Results of recent applied sciences on the traceability of provide chains“. Within the idea half I got here throughout some very attention-grabbing info.

In line with Gidney & Ekerå (2021), there’s a chance that highly effective quantum computer systems will crack the applied algorithm. The procedures required for this, e.g. the Shor algorithm are already out there. Nevertheless, a state-of-the-art quantum laptop in 2019 solely achieved 0.00035 p.c of the ability required to unravel the algorithm. Is not that attention-grabbing?As well as, if it will be potential to crack/hack e.g. the Bitcoin algorithm, then the world would have rather more issues. It will be potential to hack into transactions of finance, mail in addition to into encryption of knowledge within the cloud and different networks.

Take into consideration that if you’re involved about this type of hazard for BTC. Moreover, it could even be potential to modify the algorithm to a mechanism which isn’t attackable by Quantum Computer systems (if time has come).

Identical goes for a 51% assault. For this assault you would wish 101% (if I am not mistaken) of the present mining energy (if you’re a brand new participant who joins the community) which is kinda not possible. As a result of 1st you want the mining {hardware} + 2nd the quantity of electrical energy to your gear + third the cash to pay for all of that.

Want me luck for my Thesis! 3 weeks left…

Sources:

Gidney, C., & Ekerå, M. (2021). The best way to issue 2048 bit RSA integers in 8 hours utilizing 20 million noisy qubits. Quantum, 5, 433. https://doi.org/10.22331/q-2021-04-15-433

Peter W. Shor (1997), Polynomial-Time Algorithms for Prime Factorization and Discrete Logarithms on a Quantum Laptop, SIAM Journal on Computing 26/1997, pp. 1484-1509, https://doi.org/10.1137/S0097539795293172

Omlor, S., & Hyperlink, M. (Hrsg.). (2021). Kryptowährungen und Token. Frankfurt am Most important: Fachmedien Recht und Wirtschaft, dfv Mediengruppe.