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Bitcoin Is Inevitable In A Battle With “Quantum Supremacy” In The Future

On October 23, in the special issue of the 150th Anniversary of ”Nature”, the ”Quantum supremacy using a programmable superconducting processor” was co-authored by 77 authors. It was published, and Google’s “quantum
supremacy ” was fully displayed.

In Google’s view, this is a landmark event in the quantum field that resembles “Hello World.” In an interview with the media, Google CEO Sundar Pichai believes that this achievement is comparable to the Wright brothers’ first flight in 1903.

The emergence of “quantum supremacy”, whether bitcoin is conquered is a sword of Damocles hanging over its head.

In the article “Quantum supremacy with Programmable Superconducting Processors,” Google claims to successfully demonstrate “quantum supremacy.” Among them, it uses its experimental quantum computer, which takes about 200 seconds to complete the calculations that the traditional supercomputer can complete in 10,000 years.

In the field of cryptography, it has always been a battle between the encryption party and the decryption party.

“The blockchain puts many advanced cryptography theories into the application.” Because of this, in the eyes of the currency circle, Bitcoin is the first application scenario of blockchain technology. Quantum computing can impact Bitcoin’s proof of work (PoW) and payment process. He further pointed out that there are two encryption algorithms for Bitcoin, namely asymmetric encryption algorithm for digital signature (Elliptic Curve Encryption Algorithm ECDSA) and SHA-256 as a hash function. The former is mainly used to generate public and private keys, and is mainly used to generate a wallet address from a public key and a PoW of a mining process.

Quantum computing can impact Bitcoin’s proof of work (PoW) and payment process.

There are two encryption algorithms for Bitcoin, namely asymmetric encryption algorithm for digital signature (Elliptic Curve Encryption Algorithm ECDSA) and SHA-256 as a hash function. The former is mainly used to generate public and private keys, and is mainly used to generate a wallet address from a public key and a PoW of a mining process.

In theory, theoretically, quantum computers can use the Shor algorithm to solve the ECDSA and use the Grover algorithm to crack the SHA-256.

Although in theory quantum computing will have an impact on public key cryptosystems and even spread to the security of blockchain systems such as Bitcoin, this threat seems to be far away from us.

In other words, to achieve the theoretical number of qubits that can break through the Bitcoin network, it is a long story.

At the same time, Peter Todd, a former developer of Bitcoin Core, also wrote that Google’s quantum breakthrough is aimed at the primitive type of quantum computing, which is far from breaking the level of cryptography. We don’t even know if it is possible to extend quantum computers, and adding quantum bits is likely to lead to double the cost increase.