Are Quantum Resistance Blockchains About To Boom?
With all the news about a major breakthrough in Quantum computers which I wrote a bit more in detail on my article titled: Willow Quantum Computing What's Next It shouldn't come at a surprise that the next things to talk about would be.
Is Bitcoin Safe from Quantum Computing?
Are there blockchains that are already Quantum computing resistant?
And if there are what are they and will we see a increase in price?
Is Bitcoin Safe from Quantum Computing?
For now yes, however at this rate in the next 5-10 years it's very possible that a quantum computer could break the blockchain algo of bitcoin and hack into wallets just from the public key. To think it wont ever happen I think is a big under sight and a issue if bitcoin and other cryptos/blockchains don't take it seriously.
Are there blockchains that are already Quantum computing resistant?
There are however it's important to not that most if not all of these haven't actully been tasted by a real quantum computer. It's just all theory case at the moment. And before you think that a quantum CPU can mine blockchain blocks well it's can't that's not what it's designed for.
Maybe one day but right now it simply wouldn't be able to mine any blocks. Instead it's just great at taking input and spitting out a solution very quickly after testing trillions of failures can coming up with a solution all at the same time.
Another important point is just because a blockchain says it's quantum resistant doesn't actully mean anything. Again it's all theory at this point and nothing has really been tested. Plus as we know there are plenty of scams etc in the crypto world and they could just be saying that to capitalize on a trend and fear.
What Crypto/Blockchain Looks Promising
*This article is for entertainment purposes only and is not financial advice. Do your own research before investing and understand the risks.
There are a few blockchains from what I've been able to find that might be good options.
ALGO - It's stated that Algorand is a quantum-secure. It uses a tech known as Falcon to secure the history of the blockchain so after 256 blocks it's then cryptographed with a system that quantum computers can't break. Take note of this as it's only the history of the chain and not current. This is still important though so that a quantum computer couldn't go back and alter the blockchain transactions for past transactions.
HBAR - Now this one has been on my radar for a while and is one I have indeed invested into. HBAR seems like it's got a lot going for it and they are also a blockchain that said they are quantum resistant as well. They also stated that it's secure for hashing and encryption and that the network can evolve to counter quantum threats in the future. This is based on the assumption however that SHA-384 which is what they use is quantum resistance but it's not proven as of yet. Another big plus for me on this blockchain is the amount of building that's happening on it which is always a good thing. Without further development happening on top of the chain it's honestly dead.
Bitcoin - Yes in a way bitcoin is but right now the solution to it is a simple upgrade to the network. The issue is old wallets of dead people or inactive people who don't do the upgrades to their wallets will in fact most likely have their wallets hacked by quantum computers. This brings up the fact that we could in fact see the resurgence of all 21 million BTC and non will have been lost as a quantum computer or two would have hacked them all and removed the bitcoin out of them.
With all the drama around Quantum computers I have to be honest I feel like it's well blown out of proportion and people don't understand how they work or would be used.
Posted Using InLeo Alpha
This post has been manually curated by @steemflow from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating to @indiaunited. We share more than 100 % of the curation rewards with the delegators in the form of IUC tokens. HP delegators and IUC token holders also get upto 20% additional vote weight.
Here are some handy links for delegations: 100HP, 250HP, 500HP, 1000HP.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @steemflow by upvoting this comment and support the community by voting the posts made by @indiaunited.
I wonder how something like Monero would do... It would take a while before the SHA256 would be cracked, I am thinking more along that 10 year mark, but I assume it would be possible. My thing is, how many of these chips are going to be out there and would there be enough to be able to attack BTC, being it is the biggest network? I don't know, but it is something that has always been a concern of mine since I entered the space. It's only a matter of time I guess.
I can tell you this, I know that the Core devs would have to get off their ass and actually do something if they want to protect their fortunes, if not, then it will go to zero.
Stuff like this is why I still go into silver and eventually into gold when the ratio is right. Well that and bullets, lol. You can never have enough of those, lol.
With the way a quantum computer works it would be nearly instant for the crack to take place or a few minutes. Plus it depends on how large (many) quantum's there were and how long they could stay in that state.
Yeah, some people way smarter than I need to be trying to come up with a solution for that. But at the same time, they could be just trying to FUD to get people to dump their crypto so they can pick it up cheaper, so I don't know, lol. Guess only time will tell.
Fascinating post. Quantum computers aren't really as big a threat as people think, just like you said. I agree the people who don't keep things updated will be the first victims. The world is going to change dramatically in the next ten years, 2014 seems like the stone ages now!
Threat in the next 5-10 years? What has to be done by Hive programmers to develop such quantum-resistant capability?
I just read an article on crypto.news about HBAR. It's one of the four trending altcoins now.