Quantum Computers Not a Threat to Bitcoin: MIT Review

Sankar Das Sarma, a University of Maryland physicist, recently wrote extensively about why quantum computing’s capabilities are being overhyped. He clarified that quantum computing is not at the stage needed to break the public key cryptography in use in popular technologies like Bitcoin.

Quantum Computing has a long way to go

Sarma wrote in an opinion piece for Technology Review that quantum computing has been second to artificial intelligence as the most hyped buzzword. Despite the large investments made by major institutions such as Alphabet and Amazon in quantum R&D, it is unlikely that they will be able produce anything of value anytime soon.

“Established applications for quantum computers do exist,” states Sarma. Sarma states that there is a theoretical application for Quantum computing to find the prime factors in large numbers much faster than other schemes. This is what he explains is the core of breaking RSA-based Cryptography, which is widely used for email and cryptocurrency transactions.

Quantum computing has been a focus of national governments all over the world. But, even though theoretical concepts can be easily translated into practice, it is not always possible to put them into practice.

Professor said that the most advanced quantum computers have many decohering (“noisy”) physical qubits. These qubits are used for “quantum error correction”, which corrects for the fact quantum states disappear quickly.

A computer capable of cracking RSA would need many millions, if not billions, of qubits. Only a few thousand would be needed for actual computation. The rest would be used to correct errors.

Sarma considers qubit systems today “scientific achievements” but they are not yet able to solve any problem “that anyone cares about.”

It is similar to making smartphones today using vacuum tubes from early 1900s. What is missing is integrated circuits and CPUs that will lead to smartphones.

Public Key Cryptography for Bitcoin

Today, most cryptocurrencies use public keys to send digital assets to anyone outside. To send a transaction to that address, however, one must know the private key that generated that public key.

Although a private key can identify a publickey it is compatible with, it is not possible to decipher it by simply knowing the public key of another person.

However, not all people are diligent enough to protect their private keys. This week, a hacker stole $600 million from the Ronin network by stealing the private keys of 5 of the 9 validator nodes.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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