Bitzite

Cryptocurrency News

Bitcoin is Safe, Even though Quantum Computers Continue to Increase

Quantum computers have long been an interesting topic for the crypto world, the technology allegedly can destroy Bitcoin. Currently the most powerful 72 quabits owned by Google, but IBM said if the power of the computer is doubling every year.

IBM already has a quantum 28 quabit computer with a score of 32 based on Quantum Volume named Raleigh that IBM uses. Quantum Volume is a metric used to describe the complexity of problems that can be solved by a quantum computer.

Quantum Volume can be used to compare the performance of different quantum computers and IBM has managed to double this value every year, since 2016.

Although IBM’s latest progress can be considered a significant advance, the computer can currently only be used for very specific tasks, but cannot be used in general.

Thus concerns about this technology that can solve the cryptography used to secure cryptocurrency like Bitcoin, are still unfounded. At least for now, Bitcoin is still safe from the technological threat.

Quantum Computer Concerns Destroy Bitcoin

Quantum computers have long been hailed as one of the most important innovations of the 21st century, with potential applications in almost every industry from health care, artificial intelligence to financial modeling and more.

The computer has recently entered the development stage, but cannot yet be considered practical. The first bona fide quantum computer was knocked out by Jonathan Home in 2009.

Since then, the development of this computer continues to increase and increasingly rapidly. With the industry currently in control are technology giants like Google and IBM.

Blockchain, a fully built Bitcoin network that is entirely cryptographic. Of course it is only natural to worry that there will be a quantum computer that is strong enough and can finally break the encryption used to generate the Bitcoin private key.

However, according to a paper published by Martin Roetteler and several other writers in June 2017, it takes around 2,500 quabits of processing power to break the 256-bit encryption used by Bitcoin.

So that it still takes a few more years for this technology to destroy Bitcoin. As a result, there are currently efforts being made to ensure that Bitcoin is resistant to potential quantum computing attacks.

Leave a Reply

Your email address will not be published. Required fields are marked *