That begs the question: With the right means, are we set to watch private key secrecy fade away in the next decade? Replacing private keys with a quantum computer They are two entirely different things.”Ī functional quantum computer, which Cheng described as “a Frankenstein monster created in a lab,” is five to 10 years away. However, we are talking about a functional rather than a commercially available quantum computer. With that said, there are some quantum computing minds that can unpack exactly what threats the crypto industry faces.Īndersen Cheng, CEO of Post-Quantum, a company providing information solutions against current and future threats, told Decrypt : “The general consensus for a commercially viable quantum computer is 10-20 years away. Proof that a phenomenon and the capability to extract power from it exist, but still far from directed use toward useful things. My one-sentence impression of recent quantum supremacy stuff so far is that it is to real quantum computing what hydrogen bombs are to nuclear fusion. “My one-sentence impression of recent quantum supremacy stuff so far is that it is to real quantum computing what hydrogen bombs are to nuclear fusion,” he said. He was not convinced that the crypto industry has to worry about it-yet. So, do crypto holders have to worry? Can quantum computers speed up the time needed to pry open our crypto keys?Įthereum co-founder Vitalik Buterin tweeted about quantum computing in October 2019. Therefore, instead of working with 1s and 0s like regular computers, quantum computers can process exponentially more data. Quantum computing involves using quantum phenomena like superpositions to perform computer tasks in other words, quantum computers can perform calculations based on probabilities. īut what exactly do quantum computers do, and how do they function? The likes of Goldman Sachs and JP Morgan have invested in researching the technology, too no surprise, then, that the market for quantum computing is expected to hit $64 billion by 2030. The development of the technology is proceeding at a pace, with tech giants like Google and IBM competing with nascent start-ups like PsiQuantum. The crypto world has been eyeing quantum computing nervously for some time now. However, there may be some new technology around the corner that makes the challenge less daunting-a worrying prospect for holders of cryptocurrency. If a brute force attack on that scale sounds impractical to you, that's because it is. For perspective, that’s a 78-digit number that’s estimated to be greater than the total number of atoms in the universe.
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That means a brute force attack has to search for the right number between one and 115 quattuorvigintillion. In reality, brute force attacks on a Bitcoin private key are as close to mathematically impossible as it gets.Ī private key is a number between one, and 2^256. An exhaustive search of possible combinations is carried out before a private key combination is identified. Quantum computers are some years away from entering the mainstream, but they could eventually pose a risk to cryptocurrencies.Ī brute force attack on a Bitcoin private key is, in theory, much like a brute force attack on any regular password.Quantum computers, which can process data exponentially quicker than regular ones, might make these attacks possible.Brute force attacks on cryptocurrency private keys are almost statistically impossible with current technology.