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Quantum Computing – Risk for Cryptography And Bitcoin? - LeapRate

Published 2 years ago

Quantum Computing – Risk for Cryptography And Bitcoin? - LeapRate

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Quantum computing may be the next big thing. The concept of quantum computing comes from the fact that unlike the bit in the classical silicon computer, which is basically a binary choice of either one or zero, a qubit (the core of quantum computers) will alternate between one, zero or a position of in-between these two. The major advantage of quantum computing will not be speed, but entering another dimension of analysis and access to data. One of the features of quantum computers will be cracking the Public Key cryptography or PK. This is a lengthy, time-consuming process, but with the advent of quantum computing, the PK cryptography should be a normal task. Thus, since Bitcoin’s structure (its blockchain) is based on Elliptic Curve Cryptography or ECC, which is in fact, a PK cryptography system that finds numbers on an elliptic curve. What quantum computing can do is track the entire blockchain and thus get the private key for each person that transacts with Bitcoin. At the Open Source Summit in Los Angeles, Karagiannis, quantum computing may be on its way to crack what we now know as modern cryptography. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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