Is crypto community ready for "post-quantum cryptography" era?

[MrSpasybo 1049]

"This achievement firmly established our country’s leading position in international quantum computing research," a team of researchers in China said in a statement alongside a paper published in the journal Science on Thursday, outlining how their Jiuzhang prototype quantum computer took just over three minutes to complete a task the world’s fastest traditional computer would take more than 600 million years solve—almost 100tn times faster than today's supercomputers.

"Quantum computers are posing a serious challenge to the security of the bitcoin blockchain," wrote blockchain and cryptography researchers at the consultancy Deloitte. "Quantum computers might eventually become so fast that they will undermine the bitcoin transaction process. In this case the security of the bitcoin blockchain will be fundamentally broken."

Despite the developments achieved by China and Google, this doomsday scenario is still some distance away, with Deloitte's team suggesting the risk of quantum computers to bitcoin could be offset by a "transition to a new type of cryptography called ‘post-quantum cryptography’, which is considered to be inherently resistant to quantum attacks."

Article: Forget Google—Could China Be About To Destroy Bitcoin?

According to the article, China's quantum computing is the biggest threat to Bitcoin as well as the entire crypto world. Until now, we still believe in the almost absolute security of blockchain because in order to hack blockchain, a hacker needs a computer system with at least the power of the whole blockchain and this is impractical with current technology. However, quantum superiority will completely change our conception.
Of course, the Chinese government will not only use quantum computers to mine and take all the block rewards of Bitcoin, but they can attack and manipulate the entire Bitcoin blockchain by that machine. The same can be said for other blockchains, regardless of POW or POS. So the crypto/blockchain revolution will completely fail.
Our hope at this point is: maybe that supercomputer is just a rumor and can't really put it into use, or the entire crypto community needs some effective technology to avoid the attack from future quantum computers. Compromising with governments is not what I suggest.

There used to be a few crypto projects related to this problem, but now I no longer hear about their development or product to contribute to a blockchain 3.0 capable of fighting quantum supremacy. The leader of the Altcoins world -  Ethereum, is still at phase 0 of ETH2.0. And it doesn't seem like we are ready for this era.

Do you believe that quantum superiority really exists? And what can we do to protect blockchains and the crypto world?

[Froshk 1828]

I baffles me when people talk about quantum supremacy especially as it affects cryptocurrencies, I think everything will align and synchronize when these powerful computers are finally put into use. 

[Frodler 943]

On 12/7/2020 at 9:15 PM, MrSpasybo said:

"This achievement firmly established our country’s leading position in international quantum computing research," a team of researchers in China said in a statement alongside a paper published in the journal Science on Thursday, outlining how their Jiuzhang prototype quantum computer took just over three minutes to complete a task the world’s fastest traditional computer would take more than 600 million years solve—almost 100tn times faster than today's supercomputers.

"Quantum computers are posing a serious challenge to the security of the bitcoin blockchain," wrote blockchain and cryptography researchers at the consultancy Deloitte. "Quantum computers might eventually become so fast that they will undermine the bitcoin transaction process. In this case the security of the bitcoin blockchain will be fundamentally broken."

Despite the developments achieved by China and Google, this doomsday scenario is still some distance away, with Deloitte's team suggesting the risk of quantum computers to bitcoin could be offset by a "transition to a new type of cryptography called ‘post-quantum cryptography’, which is considered to be inherently resistant to quantum attacks."

Article: Forget Google—Could China Be About To Destroy Bitcoin?

According to the article, China's quantum computing is the biggest threat to Bitcoin as well as the entire crypto world. Until now, we still believe in the almost absolute security of blockchain because in order to hack blockchain, a hacker needs a computer system with at least the power of the whole blockchain and this is impractical with current technology. However, quantum superiority will completely change our conception.
Of course, the Chinese government will not only use quantum computers to mine and take all the block rewards of Bitcoin, but they can attack and manipulate the entire Bitcoin blockchain by that machine. The same can be said for other blockchains, regardless of POW or POS. So the crypto/blockchain revolution will completely fail.
Our hope at this point is: maybe that supercomputer is just a rumor and can't really put it into use, or the entire crypto community needs some effective technology to avoid the attack from future quantum computers. Compromising with governments is not what I suggest.

There used to be a few crypto projects related to this problem, but now I no longer hear about their development or product to contribute to a blockchain 3.0 capable of fighting quantum supremacy. The leader of the Altcoins world -  Ethereum, is still at phase 0 of ETH2.0. And it doesn't seem like we are ready for this era.

Do you believe that quantum superiority really exists? And what can we do to protect blockchains and the crypto world?

These is existing and also fascinating, I think the quantum computers Will also give way for newer developments of cryptocurrencies that will operate under the quantum computer principles 

[Upright 2688]

The current technology at which blockchain is using is built on top the existing computing power in which the existing ones can't hack down a blockchain totally down, as perhaps as the quantum eventually comes there will be adaptive and sophisticated mechanics on how blockchain will as well work on fighting such attacks

[yenniferamos14lsv 45]

Just now, NesMarket said:

@MrSpasyboI read that news a few days ago and I had not paid much attention to it, I think we should wait and not worry so much, I do not think that the Chinese government seeks to eliminate bitcoin, that would imply it affects a large number of people worldwide, including allied governments to them, we must try not to pay much attention to alarmist news, also that technology may help to evolve the btc and not destroy it

@NesMarketI support your idea, I think we should not worry about that super computer and what it can do with blockchain technology, I think it could be a myth, there is no palpable proof that the computer actually performed certain tasks at that speed, we just have to wait , and if it is from China, then with more reason we must wait, because speculation abounds in that place

[Ridam 7455]

These prototype Quantum machines that China and Google Showing are just in their preliminary phase untill being available to the customers.

It would take long time for them to release and yes if they became available then every encryption technologies can get harmed from them. Bitcoin won't be the single one to be affected.

On 12/8/2020 at 2:00 AM, MrSpasybo said:

Do you believe that quantum superiority really exists? And what can we do to protect blockchains and the crypto world?

Yes, there is a project based on Blockchain and they claims they are Quatum Resistant. It is "Quatum Resistant Ledger" . Their Blockchain is powered by XMS so it could resist the Quantum attacks.

You can look the coin at CMC

https://coinmarketcap.com/currencies/quantum-resistant-ledger/

[cryptovlek 2597]

On 12/7/2020 at 10:15 PM, MrSpasybo said:

Of course, the Chinese government will not only use quantum computers to mine and take all the block rewards of Bitcoin, but they can attack and manipulate the entire Bitcoin blockchain by that machine.

Of course the first thing they will do with a quantum computer would not be to start attacking other networks. Why would they do that anyway? Has Bitcoin threatened China in any way or they are so evil that they would attack the blockchain and feel happy afterwards they achieved something? 

When a quantum computer is produced it will have a trillion better things to do than try to destroy something that was working well until then.

[Froshk 1828]

Its just a matter of time that the quantum computational computers would be unleashed to the world and i believe cryptocurrencies developers are working round the clock to align the crypto technology in such a way that a transition will be smooth and indestructible. 

[Sykkuno 2887]

Of course the crypto community is not ready for quantum computers, as this kind of technology will make the current programming and code of cryptocurrencies obsolete immediately, however this is not going to be until many years later, and if there will be any working quantum computer it will be too far from today, maybe we will not even see one in this lifetime.

[Obliv0n 333]

Quantum computers are not a threat to the cryptographic world due to the purpose for which they have been created, in fact I believe that they cannot be used for cryptocurrency mining and their cost is too high, to the point that only governments or institutions private individuals can indulge in having one.

[yonkii 3205]

Quantum computers are too far and we don't fully understand the potential or impact they will have. Since this is something that is science fiction for our time, we can only compare it with robots using AI taking over the planet. Because this is the state of quantum computing today, it is behind robotics and artificial intelligence. 

[MrSpasybo 1049]

On 1/25/2021 at 2:43 PM, Sykkuno said:

Of course the crypto community is not ready for quantum computers, as this kind of technology will make the current programming and code of cryptocurrencies obsolete immediately, however this is not going to be until many years later, and if there will be any working quantum computer it will be too far from today, maybe we will not even see one in this lifetime.

I am also very afraid that we are not really ready for the quantum era, especially when we cannot fully imagine its power. Quantum resistance solutions have been proposed, but we still cannot verify their reliability in this regard. It is very likely that we will have to receive many surprises in this issue in the future.

[selfmade 7]

To be honest I'm scared for cryptocurrencies future for such a threat, especially with the fact that governments does not like cryptocurrencies, they could use this a weapon to destroy cryptocurrencies.

Cryptocurrencies developers should real come up with something here.

[Whited35 15285]

On 12/8/2020 at 2:00 AM, MrSpasybo said:

"Quantum computers are posing a serious challenge to the security of the bitcoin blockchain," wrote blockchain and cryptography researchers at the consultancy Deloitte. "Quantum computers might eventually become so fast that they will undermine the bitcoin transaction process. In this case the security of the bitcoin blockchain will be fundamentally broken."

If high-tech quantum computers come into the existence and dramatically go for the mainstream mass-adoption trends then it will be serious challenge for the current cryptography as they will be capable of breaking the encryptions. Developers have to work very hard to improve the blockchain architecture to ensure the security and to make the technology compatible with Quantum computers.