Quantum computing can bypass the today processing power and a modern computer, this is what makes Some of the Cryptographers and coins/tokens holders worried, as the quantum computer is not just a threat to bitcoin and block-chain ecosystem but also to all those processing powers and units whose security is to depend on the private key. Quantum computing has the ability to surpass the today block chain within a fraction of seconds. But recently Google Quantum computing expert “John Martinis” made the crypto lover mind on bit easy at a major crypto event at the University of California Santa Barbara, by discussing on how and why it will take a decade and a lot of sources and hard work to build a Successful Quantum Computer. He said, “This is really, really hard, way harder than building a classical computer,”.
Main key Point ?
Cryptographers are worried because if researchers build the quantum computer that can easily bypass the modern classical “Super Computer” because of “Shor Algorithm” it can easily break RSA Algorithm, a tool which is used to secure data transmission on internet, in the other hand Quantum has the ability to break the current BITCOIN and other crypto coins,
But the question arises how is it possible to break a classical Super Computer?
Quantum uses Quantum bits or “Qubits” that can exist in any superposition which can lie anywhere between “0” and “1” this is from where the physics of Quantum computer comes, Quantum computing has more ability power than any traditional form of the classical computing device.
The capacity to compute even the world most hard problems using Qubits render which make quantum computer to process output faster than modern Super Computer’s. Recently D-Wave 2000Q went to the sale which could be 100 Million + time faster than the modern classical computers at a specified certain task. Google and IBM are working on their own Quantum Computer.
So is it impossible to stop Quantum computing to be a threat to Blockchain?
NSA announced in 2015 that it is going to develop an anti-Quantum Cryptographic System.
Encryption involves two developing of mathematics and related keys, from which one is private and another is available for public, Anyone can encrypt the data with the public key, but decryption could be only done by a person who has a private key. Today Supercomputer no matter how powerful are they, can’t use the public key to draw a conclusion on the private key, however Quantum at this stage respond this as a very easy task.
With quantum supremacy, security breaches will not only affect a group of people but everyone. But it is said that when the Quantum computer is available for everyone it will cost you millions of dollars. For example: D-Wave 2000Q cost around 15 Million USD
Quantum Computing and Mining
The amount of power which is consumed to run a Crypto Miner is quite very high and the negative effect on the environment is a major concern. It’s a fact that electricity is the major cost while mining any minable cryptocurrency, However, advance research also says that Quantum computers can reduce electricity and consumption. Basically Quantum Computing runs on two unusual phenomena such as Superposition and Entanglement.