Tech 17 December 2018

Paul How

Craig Wright on the (non)viability of quantum computing attacks

Some have expressed concern that advancements in quantum computing would render existing forms of encryption as ineffective. If speculators are to be believed, blockchain would no longer have its advantage of immutability as achieved through the proof-of-work system.

Quantum computing, as described in a Royal Society Open Science article published last June, “makes use of various quantum phenomena, such as superposition and entanglement, to represent classical data in a quantum context and to manipulate it in ways that produce interpretable results.” The authors state that a polynomial time quantum algorithm discussed in a 1999 article by Peter Shor, would make Bitcoin, or any cryptocurrencies using the Elliptic Curve Digital Signature Algorithm for signing transactions, vulnerable.

“Although the early generations of QCs do not have enough qubits to solve problems large enough to affect Bitcoin, different alternatives for the architecture of QCs are being considered, tested and implemented… so a sudden improvement in the approach might lead to a powerful QC appearing virtually overnight,” the article reads. According to the authors, data on the blockchain could eventually be compromised, with attackers accessing private keys merely through knowledge of public keys.

Among the recommendations given is “a sufficiently long delay phase” prior to considering blocks confirmed, the protocol modifications of which could be achieved through a soft fork.

Dr. Craig Wright, chief scientist of nChain, in his paper on quantum computing in relation to Bitcoin, says such imagined attacks are not economically viable.

If, for the sake of argument, such quantum attacks were performed, a machine costing $150 million would be able to crack 12 private keys over a period of a year, meaning that each public key would have to hold $12.5 million for an attacker to break even. 

“Even targeting the largest known addresses would only lead to a scenario where individuals move their funds to an unused bitcoin address. The simple reality is that no scenario exists where it would be viable to use a quantum computer to attack Bitcoin,” Wright added.

Moreover, he said that “existing evidence asserts that quantum computer attacks are not viable in any foreseeable future, irrespective of economic costs.” In spite of uncertainty being sown by certain quarters for their own purposes, he said that “[t]he reality is there is nothing to fear.”

In addition, Wright stressed the prudence of not using public addresses repeatedly. “Bitcoin addresses cannot be attacked if the public keys have not been exposed,” he said.

Wright does foresee an eventual use of quantum computing in relation to cryptocurrencies, but as part of recovery systems, not attacks. For example, he said, inheritors of an unknown private key might obtain access to it, through old addresses.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

COMMENT

Jeabope

Keflex And Boils Cialis Pastiglie cialis Zithromax Generic Price Buy Cialas From Usa Baclofene Epilepsie vardenafil canadian pharmacy Amoxicilina Panklav Next Day. Amoxicilina Penamox On Sale Alternative Medicine To Antibiotic Cephalexin What Is Amoxicillin Clav Used For Cialis Online Con Paypal Kamagra Vente Libre Europe buy viagra online Cialis Euro Cialis Xanax Delta Enterprises Cialis Propecia Es Malo Cialis And Ecuador online pharmacy Cialis E Simili

Your comment is awaiting moderation.

Jeabope

Hydrochlorothiazide On Line In Usa cialis Doxycycline Website Can You Buy Keflex Over The Counter Antibiotics Cephalexin Renovables A Propecia Cialis Generico Seguro viagra Propecia Itch Viagra Alternativen Vegetal Vigra Xenical Prix Belgique viagra Priligy Online Uk Dutasteride Baldness Orlistat Weight Loss cheapest cialis Cephalexin Reactions Viagra Suppliers Uk

Your comment is awaiting moderation.

Vicente Schellman

I’ve come across that nowadays, more and more people will be attracted to surveillance cameras and the industry of images. However, like a photographer, it’s important to first devote so much period deciding the exact model of digicam to buy in addition to moving out of store to store just so you could possibly buy the most economical camera of the trademark you have decided to settle on. But it isn’t going to end there. You also have to think about whether you should obtain a digital dslr camera extended warranty. Many thanks for the good points I received from your web site.

Your comment is awaiting moderation.

Add a Comment

latest news

New mining malware bypasses cloud security

Tech 2 hours ago

New mining malware bypasses cloud security

New malware can target and disable cloud security products in order to mine the Monero cryptocurrency.

Read More
Unwriter “breaks the rules” with his latest BitDB creation, Chronos

Tech 17 January 2019

Unwriter “breaks the rules” with his latest BitDB creation, Chronos

Unwriter, the prolific cryptocurrency developer, has been hard at work this week, introducing a series of new functions under the BitDB umbrella to make accessing data more easier.

Read More
WWF monitoring food products via blockchain

Tech 17 January 2019

WWF monitoring food products via blockchain

World Wildlife Fund (WWF) Australia seeks to promote environmentally sound practices by the monitoring of food products with blockchain.

Read More