Quantum Computing: An Imminent Threat To Cryptos?

The shadow of quantum computing now surrounds the entire crypto world. Although Chinese researchers say they have reached a major breakthrough in using supercomputers to hack traditional systems, an important question arises: Is the security of Bitcoin and other cryptos at risk? Quantum computers, which can perform calculations that no previous machine can handle, are seen by some as the sword of Damocles hanging over current protocols.

Advances in Chinese Research and Potential Threats

A study by experts at the University of Shanghai has caused concern in the crypto sector. According to a report published by the South China Morning Post on October 11, the researchers say they succeeded, using a D-Wave quantum computer, in passing several advanced encryption methods, which are mainly used to protect bank accounts and crypto wallets. The breakthrough, described as a “real and serious threat” by the university’s scientists, is the first time a quantum computer has attacked large-scale encryption systems.

However, several experts, including Massimiliano Sala, a professor at the University of Trento, are urging caution. They emphasize that the results of the investigation remain unclear, especially regarding the size of the RSA keys that are said to have been compromised. “There is no evidence that these researchers were able to break the keys used by banks here,” explains Sala. If that were the case, it would represent a major upheaval in the crypto industry.

The Real World Quantum Threat to Bitcoin

Although the project from Shanghai raises a legitimate question about the future of cryptographic security, it is important to understand that the computers used so far, such as D-Wave, are not processing machines capable of breaking many keys in the crypto domain. . Takaya Miyano, a professor at Ritsumeikan University in Japan, says that the Chinese researchers found only 22 bits, far from the 1,024 or 2,048 bits used in modern RSA systems. “D-Wave is a quantum simulator, designed to solve specific problems, but it couldn’t quickly decompose large RSA numbers in the real world,” explains Miyano.

This means that, for now, the private keys of Bitcoin and other cryptos are safe. However, the advancement of quantum computing should not be overlooked. Vitalik Buterin, the founder of Ethereum, has already mentioned the idea of ​​a “hard fork” in response to quantum attacks. “We are already ready to implement changes in the event of a threat,” he said. However, many experts, such as Samuel Mugel, chief technology officer of Multiverse Computing, believe that such a fork would be difficult and would require a great deal of public cooperation.

Ultimately, the threat posed by quantum computing to Bitcoin and blockchain is one to watch, but it’s not happening quickly. Chinese researchers have made great progress, but today’s storage systems still hold up against the limited power of today’s quantum computers. However, these companies must prepare for a future where more powerful machines will emerge. The implementation of post-quantum encryption is becoming essential to protect the crypto ecosystem and ensure its resilience against tomorrow’s technological threats.

Luc Jose A.

A graduate of Sciences Po Toulouse and holder of a blockchain consultant certificate issued by Alyra, I joined the Cointribune journey in 2019. I believe that blockchain can change many sectors of the economy, I am committed to making it known to more people. openly about the ever-changing environment. My goal is to make everyone better understand blockchain and take advantage of the opportunities it offers. I try every day to provide an analysis of the current situation, to know the market trends, to provide new technology and to show how the economy and society are changing.

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The opinions, views, and opinions expressed in this article are those of the author alone, and should not be taken as financial advice. Do your research before making any financial decisions.