Quantum Threat. Will Quantum Computers Kill Cryptoindustry?

Recently we often read updates on quantum computers which in theory should be much more powerful that the classic ones.
Of course, this topic couldn't be bypassed by the crypto community which makes theories about the way quantum computers can impact crypto, blockchain and industry as a whole. I couldn't ignore such an important topic, so we will discuss it in this article. At first, let's disclose what are quantum computers?

What Is Quantum Computer?

Actually, we cannot say there are real quantum computers today. There are only prototypes developed at the moment, however, they are already used for calculations. They say that it would take 15-20 years - which can calm down crypto enthusiasts afraid of crypto apocalypse.

What we know for sure - quantum computer operates with qubits - the basic storage medium which can simultaneously store 0 and 1 unlike from bits that can contain only 1 or 0 at a moment. That means that quantum computer potentially have much stronger computational power. This can be a threat for crypto and all that is realized on blockchain.

Why Quantum Computers Can Threat Blockchain?

The reason quantum computers can threat crypto is the fact that thanks to the overwhelming computational power they can easily be used to hack cryptographic codes unlike the classic computers that need many years to do that.

Does that mean the blockchain should be abandoned? As it only takes 15-20 years till the moment they become extremely unsafe. In sober fact it's not.

Why Quantum Computers Can Threat Blockchain?

The reason quantum computers can threat crypto is the fact that thanks to the overwhelming computational power they can easily be used to hack cryptographic codes unlike the classic computers that need many years to do that.

Does that mean the blockchain should be abandoned? As it only takes 15-20 years till the moment they become extremely unsafe. In sober fact it's not.

How Developers Get Ready to Rebuff The Quantum Apocalypse Threat?

First of all, it should be mentioned that there is an opinion considering that quantum computers won't ever be developed. It is grounded by the fact that tech giants like IBM, Microsoft, Google did not manage to create a stable and reliable computer. However, Google made the best with a 72 qubit quantum computer, though the share of errors during computation is too high.

However, let's disclose the optimistic scenario which considers quantum computers will be developed. There are now two general options for developers:

  • making cryptography more complex and reliable in any way
  • creation of quantum blockchain
There are three companies that have concepts to debuff quantum threat:

  • Blockchain project Quantum-Resistant Ledger - company offers to use algorithm that allows to generate new key for each operation. For example, you made a transaction, at this moment it is reflected in blockchain and thanks to the new algorithm enforced some who wants to hack your wallet cannot bound it to the transaction you made, thus he cannot hack your wallet.
  • IOTA - is about to propose us solution for IoT and it realizes another option which considers complexing operations executed in blockchain to ternary instead of binary. For now realization of the solution is full of bag and demands too much computational powers.

DapCash - it is a quantum blockchain built on post-quantum algorithms. If it is hard to puzzle out with bitcoin exploiting PoW consensus algorithm, then it would almost impossible to puzzle out the way DapCash blockchain works as it is built on the multiple blockchain, exploits different tokens, different blockchains with different consensus algorithms executing at the same time.

Conclusion

We can imagine the way quantum computers work and their capabilities in basic terms. If our assumptions are correct and scientists and engineers manage to create a working and stable version of quantum computer the IT industry will change forever. Quantum computers will help us making breakthrough in AI, increase of internet connection, they will be able to complete computations much faster than computers we have now. Of course, they will also be able to create more stable protection systems, thus, it is obvious that all the measures we make to protect ourselves from crypto apocalypse today will be outdated when the quantum computers appear on the scene. Anyway, today we can make a conclusion that quantum computers can rather be a booster, than a threat for crypto industry.
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