‘Quantum’ as soon as we hear this word we imagine a scenario that is futuristic and mysterious. Adding ‘computing’ to it feels like something out of a sci-fi thriller where machines ultimately take control of every digital infrastructure. For the crypto industry, quantum computing can equally be fascinating and daunting.
Let us imagine that you have made a fortune in crypto and have locked it inside a digital vault secured by the toughest lock. Every hacker has tried to crack it, but failed. Not even in a billion years will they be able to scratch its surface. That is what Bitcoin and other cryptocurrencies are – tough like an invincible vault.
Now let us imagine another scenario. What if in near future someone invents a ‘magic key’ which can unlock not only your, but every vault in existence. Then what will you do? That is the fear quantum computing builds because of its impact on crypto security.
This brings us to our core question, Will quantum computing break crypto security as we know it?
Crypto’s dependence on the ‘unbreakable math’
Math is the heart and soul of every crypto. The algorithms that run crypto are so strong that even supercomputers give up cracking them. These algorithms are so strong that every transaction done on the blockchain is secure, wallets are private and the network stays decentralized. There are two pillars holding this system.
First is ‘Public Key Cryptography’. It’s like having a mailbox that everyone knows and can drop mail but only you have a password to access it. These public keys allow users to share their address with the world when only you can spend the funds present inside it.
Second is ‘Hash Functions’. These are like digital fingerprints, one-way functions that secures blockchain records. Once data is hashed, it becomes irreversible. This keeps blockchain records immutable.
Together, they keep crypto safe. With these rules in play, it is almost impossible for a high-end computer to crack your private key. However, quantum computers don’t abide by the same rules.
What is the cheat code of Quantum computing?
A classic computer works on a process called ‘bits’. It can be in only one state at a time, with 0 or 1. It’s like flipping a coin, it can be either heads or tails as it lands. A quantum computer works on ‘qubits’. Now, this qubit is like a mutant which can be in a state of 0, 1 or both at the same time. This phenomenon is called superposition. It is that blur phase of flipping a coin where it can be either heads or tails or both while still in the air. This superposition, when scaled, makes quantum computers exponentially more powerful at solving mathematical problems. It takes far less time in coming up with a solution as it explores many possible solutions simultaneously.
Quantum computers have core weapons that can make the fiercest crypto algorithms sweat. First, Shor’s Algorithm. This is no exaggeration in calling it a quantum superweapon as it can easily break the cryptography behind Bitcoin wallet. In short, what can take a billion years for a normal computer to crack can take just a couple of hours or less for a quantum computer to solve. Second is Grover’s Algorithm. This one is a huge threat to the hashing functions. It has the potential of weakening a blockchain hashing, making it easier to manipulate block data. It can also accelerate brute-force attacks on wallets, signatures, and even on mining puzzles. In simple terms, if a quantum computer is powerful enough, then it could make super secured digital locks look like cheap padlocks.
Shall we panic-sell?
Not immediately. No matter the robustness of the theory, quantum computers are still in their infancy. The most advanced machines are noisy, error-prone and have only a few hundred qubits. Not powerful enough to get through crypto security.
As per the experts, it takes millions of stable qubits to crack crypto encryption. This level of advancement requires years or decades to achieve. So you can be at peace. Also, it is unlikely that the crypto world will not work upon securing itself from a possible threat.
The crypto countermove
The crypto developing community is not sitting around waiting for the threat to grow big enough to create a ruckus. Researchers are already exploring possibilities of post-quantum cryptography. They are strategizing using Lattice-based cryptography which uses complex math puzzles that even quantum computers might find mind-boggling.
Then there are Multivariate quadratic equations, which can be another quantum-proof approach to secure keys and signatures. Finally, there are Hash-based signatures which can make blockchain more secure against Grover’s Algorithm by making brute-force even harder.
These countermoves are being standardized by NIST and are likely to be adopted by blockchains in the coming future.
Quantum can also be a blessing in disguise.
There is a chance that quantum computers may emerge as crypto’s next big opportunity. If integrated properly within the crypto ecosystem they can create highly encrypted, most secure algorithms to rely on. This will attract institutional investors like Wall Street, who otherwise were skeptical of crypto.
Quantum-powered blockchains will be much faster than the current ones, making them quicker with transactions, handling more complex smart contracts, and having better scalability. Another thing that can make quantum a hero is narrative. Imagine promotional hypes like – ‘ first quantum-resistant crypto’, it can be an ultimate bull run.
Quantum computing is not an immediate crisis to brace ourselves from, but yes, it is like a storm on the horizon. There is a huge possibility of traditional cryptography crumbling under quantum machines. However, the industry is not sitting quiet. It knows the intensity of the upcoming threat and is already preparing to counter it. By the time quantum computers are strong enough of a threat, we might have quantum-proof blockchains in place.
So, there is no need to worry but it is important to keep an eye on quantum breakthroughs. Because it is not just crypto security that we should focus on, but it is about staying one step ahead of quantum innovation.