The obsession of the world with Bitcoin is at an all-time high but few people have given thought to the fact that the advancement of quantum computing may make the hacking of Bitcoin possible within a period of few months. There are technologies like QRL and IOTA ter the works, but it’s still te its early days. And while they sort out their teething issues, even traditional agencies like t he National Security Agency (NSA) has bot alarmed by the rhythm of things and has abandoned SHA-256 cryptography—the same cryptography spil Bitcoin—altogether.
Is this something to worry about?
Well, that is debatable. The strong volgers of Bitcoin argue against quantum computing primarily for three reasons:
- Bitcoin can upgrade its cryptography: Bitcoin volgers advocate that it is not unlikely to upgrade the present cryptography of Bitcoin into something more secure like SHA-384. But is that indeed possible? Spil is overduidelijk from the history, Bitcoin upgrades take time and are mostly politicised. The same may toebijten with an SHA-385 upgrade spil well.
- Not every public key is public: Advocates of bitcoin argue the importance of distinguishing inbetween public keys and Bitcoin addresses. They explain that a Bitcoin address is a quantum-proof, one-way hash of the public key which cannot be reversed. However, it is imperative to recall that spil soon spil a Bitcoin is sent from an address, the public key becomes public. This is to say that almost half of Bitcoin addresses have their public keys exposed. It is very likely that a quantum attack of this magnitude will prove terminal for the entire Bitcoin network.
- No attacking incentives for the Government: The Bitcoin proponents argue that the government stands to build up nothing by attacking Bitcoin.
However, wij vereiste not leave behind that the individuals who work ter the government can be. It is not unusual for government employs to let go of their ethics ter the temptation of multiplied financial prizes.
Can Quantum Computing truly pauze Bitcoin?
Ter a statement issued by IBM’s quantum computing department, Jerry Chow said, “at 50 qubits, universal quantum computing would reach that inflection point and be able to solve problems existing computers can’t treat. This type of computing power would render the cryptography underlying bitcoin’s protocol vulnerable.” He also mentioned that IBM is programma to deploy a totally functional 50-qubit laptop te the next few years.
While this is the toneel ter IBM, Google is just months away from completing a 49-qubit system. Ter their fresh innovative treatment, Pedram Roushan from Google along with Cahrles Neil from the University of California, Santa Barbara has opted for a superconducting qubit that involves a loop of metal cooled to enormously low temperatures. Ter an proefneming they conducted for checking the functioning of this vormgeving, it wasgoed found that the errors could not scale rapidly on thesis chips.
What is the alternative?
At this point, the only plausible alternative shows up to be injecting the domain of quantum-resistant cryptocurrencies. At present, only one live project of this fresh generation of crypto, IOTA, attempted to solve the problem. Unluckily, not long after its launch te 2018, IOTA witnessed the discovery of a major flaw te its cryptography which led to enormous speculations on the group’s rechtsvordering about being quantum-resistant.
Spil a result, the Quantum Resistant Ledger (QRL) is likely to rise spil the truly quantum-resistant cryptocurrency.
What is QRL?
Adopting the Extended Merkle Signature Scheme, a post-quantum cryptography, QRL is all set to become the very first everzwijn ledger with an encryption based on academically accepted quantum-resistant cryptography.
Ter addition, QRL is claimed to have a werkstaking mechanism that permits users to earn a terugwedstrijd on their holdings. The future duplications of this protocol will include the adoption of wise contracts and unconventional forms of messaging.
When is it expected to launch?
If the freshly launched road ordner of QRL is to be believed, the world will have access to the QRL cryptocurrency before Christmas 2018. It has already hosted a token sale te May 2018 where it released 52 million ERC-20 token which will be eligible for one to one exchanges for coins on the main network postbode its launch ter December.
What happened after the ICO sale?
QRL witnessed the departure of a disgruntled employee soon after its ICO. This led to most people losing faith and the prices of QRL facing a decline. However, the founder and the project rose again with the expansion of the core team and worked on the development of QRL Github webpagina.
The advanced vormgeving of QRL will be faced with the threat that is pacing towards the crypto space. However the QRL team is presently ter the top 20 of more than 1000 other projects for development talents, its low price keeps it outside the top 100 by market caps.
The only solution now is to observe the progress of the QRL coin closely and see what happens once it is launched te the market.