Google’s Sycamore 54-Qubit Quantum Processor: Might Steal Bitcoin

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Quantum Computing is the latest technology that has steadily been gaining interest within the cryptosphere over the last couple of years. Given the high level of curiosity and concern among the crypto community it is worth resolving some doubts and question which is surrounding quantum supremacy for the crypto community. There has been in late quite many false information and rumors being circulate online and also being discussed in many TV shows. Many people are afraid that Sycamore, Google’s 54-qubit quantum processor could outsmart and outshine the system and steal every Bitcoin in the Crypto universe. If there were not to be any changes to the current implementation of the Bitcoin network, this could indeed become a reality and a possibility. This can be seen within 5 to 10 years. Currently the threat is not there, but it is advised for developers and programmers to gear up and buckle up for the coming face off to come.

What’s truly alarming is that the “quantum deniers” refute the fact that they deny the problem existed and insists that concerns should be curbed. Sadly the contrary is true. We all must put a collective focus on the issue as complex distributed systems are anything but easy to a new crypto stack. The system is currently vulnerable to forgery. The system used by Ethereum and Bitcoin is vulnerable to signature forgery executable by quantum computers. Asymmetric cryptography relies on private and public keys which are also known as keypairs. The public and private keypairs are like counterparts. This is possible due to the certain mathematical problems like factoring a number that is large primes or calculating the multiplicand of the generator that resulted in the public key which is used by all the cryptographic system.

Image Source: encrypted-tbn0.gstatic.com

If the calculation could be done the other way i.e. by calculating the private key from a public key the whole mechanism and systems breaks. For the system to work properly and fine, there is a required is more qubits and stability for such attacks to be more executable. This is the most often and frequent asked question but in reality quantum computers are far less effective or efficient at symmetric crypto-related computations than the asymmetric crypto relate ones. For hashing, the difference is still less. In essence, there is a lot to worry about people with quantum computers spending or stealing money from Bitcoin wallet rather than fretting about Google mining remaining Bitcoin. The tricky question here is that the difficulty is hitting such levels already that miners need to wait to be able to readjust the timestamp field that is available to given block because they already ran through all possible nounce for a given block without finding a result below the difficulty target.

Image Source: encrypted-tbn0.gstatic.com

The important thing that needs to be taken into mind is that in case of quantum computing mining time is a factor in finding a correct solution for a block not performance. Should Bitcoin holders be concerned about the issue about the problems in 2020, they actually should not because the prices of the Bitcoin are going up as the Quantum Computers are changing the landscape of the Cryptocurrency.  But Cryptocurrency developers and miners should focus on the issue. What if there are more superior quantum computers that are far more technologically advanced than the Google Sycamore and, we still do not know about the it. To tackle the problem, all the parties that are involved should seek to upgrade to a quantum resistant crypto stack in blockchain implementation.

Source: Coin Telegraph


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