To ensure the security of the network, Satoshi Nakamoto, the anonymous creator of the Bitcoin system, used cryptography to ensure that the network was not hacked or tampered with. That was over 12 years ago. And now with so many advances in the computing sector?
The threat from quantum technology is enormous, as it will be possible to reveal any secret from all governments, zero bank accounts and overburden nuclear power plants (Image: Freepik / macrovector)
One of the fears of the crypto community is quantum computers, equipment capable of performing millions of calculations quickly in order to detect fraud.
However, we know that, even if bitcoin was not created for illegal purposes, many use its cryptographic nature for evil and “tarnish” the reputation for those who do not know the technology.
We have already explained that, to receive or send bitcoins, you need to have a bitcoin wallet address that, instead of using a username and password, provides twelve random keywords that, entered in the correct order, give access to your bitcoins .
It is possible to lose access to your private keys if you forget the twelve words, but it is almost impossible to hack or decrypt a bitcoin wallet, thanks to Nakamoto’s strong encryption.
However, quantum computers can be a threat to this strong security. That’s because there are prototypes capable of discovering any encrypted password.
According to Decrypt, Google’s quantum computer will be available in stores in a decade. However, according to Andersen Cheng, CEO of cybersecurity technology company Post Quantum, this type of computer is already being developed in secret by governments and can be available in up to three years.
The threat of this technology is enormous, as it will be possible to reveal any secret from all governments, zero bank accounts and overburden nuclear power plants.
Thus, these machines could also destroy bitcoin, as a hacker could reverse engineer their private keys and discover their public keys and reset their bitcoin wallet.
To avoid a total catastrophe, both socially and economically, Cheng claims that his company Post Quantum has created a quantum-resistant encryption protocol, which can be used by banks and governments to encrypt their files, as well as blockchains to prevent people from hacking the network.
The protocol encrypts a message by filling it with redundant data and corrupting it with random errors. The recipient of the text encrypted with the correct key will know what the erroneous data is and how to correct any errors.]
“People can carry out an invasion using these quantum computers, but from what we understand now, they can do it, but it will take a long time,” says CJ Tjhai, one of the co-founders of Post Quantum. That’s because quantum computers were not designed to be as efficient at discovering these types of passwords.
Quantum computers appeared, it was inevitable that the Bitcoin network would be threatened by hackers, as it would be much more powerful than today’s computers. However, quantum computers are expected to take several years to build, and methods to resist these attacks are already being developed on the market.
Another important issue to be noted is regulation. More and more countries have started to introduce Bitcoin regulations, which affect the use of cryptocurrency and have related legal and tax implications. At the same time, with the new regulations, in addition to potential additional restrictions, it can also bring more security and transparency to Bitcoin users.
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