MetaverseNFTCoins.com
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams
No Result
View All Result
MetaverseNFTCoins.com
No Result
View All Result

Quantum Computing Could Eat Bitcoin For Lunch But Regulation Can Save It 

December 7, 2021
in Regulations
Reading Time: 4 mins read
A A
Quantum Computing Could Eat Bitcoin For Lunch But Regulation Can Save It 
ShareShareShareShareShare

Backers of cryptocurrencies tout the digital tokens as the next evolution of currencies, pointing to the security features they offer.   

But experts say advances in quantum computing, which is poised to increase computing power by more than a thousandfold, could make light work of the security features of cryptocurrencies, upending the technology that many believe will disrupt finance. 

Cryptocurrencies enable quick and secure transactions through a technology that uses cryptography to create tamper-proof records.

Also read:

This technology, known as blockchain, works on a decentralised register – with millions of computers coming together to validate transactions. 

The process of validation, also called mining, uses immense power as computers rely on brute force to make complex calculations. 

But quantum computers, which use concepts from physics to process problems at a speed exponentially faster than conventional computers, could change the way cryptocurrencies work – for better or for worse. 

Here’s the worst-case scenario: a user with a quantum computer could easily break the encryption associated with cryptocurrency transactions allowing them to impersonate someone else on the network. 

“When the cryptography is broken, users could be losing their funds and the whole system will break,” Dawn Song, an entrepreneur and professor at the University of California, Berkeley, told the Collective

In 2019, Google created Sycamore, a 54-qubit quantum computer. (A qubit is the unit of power on a quantum computer.) Sycamore took 200 seconds to solve a series of complex calculations that would have taken 10,000 years for the most powerful conventional supercomputer to crack.  

It is not that the cryptocurrency industry is not aware of the threat posed by quantum computing. 

The rapid advances in quantum computing – the computing industry says mainstream quantum computers are less than a decade away – means regulation will be needed to protect cryptocurrencies such as bitcoin. 

For instance, makers of Ethereum, the world’s second-largest cryptocurrency, are working on developing what is called “post-quantum computing technology”. 

Post-quantum computing technology is an upgrade spearheaded by the US government’s National Institute of Standards and Technology (NIST). Experts say the upgrade is as massive as fixing the Y2K problem or upgrading the Internet from IPv4 to IPv6. 

Regulation for cryptocurrency is still being firmed up in many countries, including India. 

But as it is with technology, it will have to keep pace with evolving scenarios. 

For instance, as a CNET article points out, the very decentralised nature of cryptocurrencies could work against them when it comes to quantum computing. 

Major changes to any crypto blockchain require the permission of more than half of the users on the network. 

This means that decentralised cryptocurrencies could be at a disadvantage when it comes to evolving with the changing times. 

In fact, as the CNET article says, cryptocurrencies that have more centralised decisionmakers, such as the upcoming “central bank digital currencies” could move swiftly through upgrades such as post-quantum computing technology. 

 

(Edited by : Vijay Anand)

First Published: Dec 07, 2021, 08:29 PM IST

Credit: Source link

ShareSendTweetPinShare
Previous Post

BitTorrent Price at $0.00388 after 25.9% gains – How to buy BTT

Next Post

Right-Clicker Mentality and the NFT Critics | Ingram Yuzek Gainen Carroll & Bertolotti, LLP

Next Post
Right-Clicker Mentality and the NFT Critics | Ingram Yuzek Gainen Carroll & Bertolotti, LLP

Right-Clicker Mentality and the NFT Critics | Ingram Yuzek Gainen Carroll & Bertolotti, LLP

Leave a Reply Cancel reply

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

Weekly Updates

Australia Breaks Into Top 3 Nations for Crypto ATM

Australia Breaks Into Top 3 Nations for Crypto ATM

January 26, 2023
How Data Leak at one of the major Crypto Exchange makes new

How Data Leak at one of the major Crypto Exchange makes new

January 26, 2023
Uniswap moves onwards and upwards as increasing dominance spills into this area

Uniswap moves onwards and upwards as increasing dominance spills into this area

January 28, 2023
South African regulator mandates crypto ad risk warnings

South African regulator mandates crypto ad risk warnings

January 23, 2023
Bitcoin Tops $23.7K in Wednesday Comeback

Bitcoin Tops $23.7K in Wednesday Comeback

January 26, 2023
MetaverseNFTCoins.com

This is an online news portal that aims to provide the latest NFT news, crypto news, blockchain, regulations, scams, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch.

What’s New Here!

  • Will Jim Cramer’s Bitcoin Price Prediction Be Wrong Again?
  • Cryptocurrency might be the greatest Ponzi scheme of all time
  • Hector Network launches its NFT marketplace on Fantom (FTM), Solana (SOL) price enters correction territory after 80% gains, Snowfall Protocol (SNW) price growth becomes the highest so far in 2023

Subscribe Now

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2021 - metaversenftcoins.com - All rights reserved!

No Result
View All Result
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams

© 2021 - metaversenftcoins.com - All rights reserved!

  • bitcoinBitcoin (BTC) $ 23,508.00 2.33%
  • ethereumEthereum (ETH) $ 1,611.36 1.75%
  • tetherTether (USDT) $ 1.00 0.25%
  • usd-coinUSD Coin (USDC) $ 0.999698 0.01%
  • bnbBNB (BNB) $ 315.88 2.87%
  • xrpXRP (XRP) $ 0.414590 0.76%
  • binance-usdBinance USD (BUSD) $ 1.00 0.11%
  • cardanoCardano (ADA) $ 0.390525 1.3%
  • dogecoinDogecoin (DOGE) $ 0.090211 0.31%
  • matic-networkPolygon (MATIC) $ 1.16 3.47%
  • okbOKB (OKB) $ 39.77 3.3%
  • solanaSolana (SOL) $ 24.43 0.67%
  • staked-etherLido Staked Ether (STETH) $ 1,609.76 1.72%
  • polkadotPolkadot (DOT) $ 6.60 1.73%
  • shiba-inuShiba Inu (SHIB) $ 0.000012 0.27%
  • litecoinLitecoin (LTC) $ 95.60 8.1%
  • avalanche-2Avalanche (AVAX) $ 20.65 1.56%
  • tronTRON (TRX) $ 0.063616 1.34%
  • uniswapUniswap (UNI) $ 6.91 2.12%
  • daiDai (DAI) $ 1.00 0.11%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 23,408.00 2.09%
  • cosmosCosmos Hub (ATOM) $ 13.52 0.99%
  • the-open-networkToncoin (TON) $ 2.49 3.05%
  • chainlinkChainlink (LINK) $ 7.42 1.46%
  • leo-tokenLEO Token (LEO) $ 3.67 1.6%
  • moneroMonero (XMR) $ 184.92 2.12%
  • ethereum-classicEthereum Classic (ETC) $ 22.43 2.66%
  • aptosAptos (APT) $ 18.33 4.57%
  • bitcoin-cashBitcoin Cash (BCH) $ 136.87 2.71%
  • stellarStellar (XLM) $ 0.093732 0.32%
  • apecoinApeCoin (APE) $ 6.16 1.47%
  • quant-networkQuant (QNT) $ 150.90 0.54%
  • nearNEAR Protocol (NEAR) $ 2.56 0.9%
  • crypto-com-chainCronos (CRO) $ 0.082124 0.54%
  • filecoinFilecoin (FIL) $ 5.39 0.98%
  • lido-daoLido DAO (LDO) $ 2.28 0.72%
  • algorandAlgorand (ALGO) $ 0.260057 1.34%
  • vechainVeChain (VET) $ 0.024744 1.95%
  • internet-computerInternet Computer (ICP) $ 6.12 3.78%
  • hedera-hashgraphHedera (HBAR) $ 0.068668 0.89%
  • axie-infinityAxie Infinity (AXS) $ 11.74 0.21%
  • decentralandDecentraland (MANA) $ 0.733796 4.85%
  • aaveAave (AAVE) $ 86.93 0.47%
  • fantomFantom (FTM) $ 0.477855 3.13%
  • eosEOS (EOS) $ 1.11 1.42%
  • the-sandboxThe Sandbox (SAND) $ 0.755212 1.23%
  • flowFlow (FLOW) $ 1.10 0.86%
  • elrond-erd-2MultiversX (EGLD) $ 45.08 0.48%
  • theta-tokenTheta Network (THETA) $ 1.11 1.92%
  • tezosTezos (XTZ) $ 1.18 5.97%