A new computing software could free Bitcoin and cryptocurrencies from powerful quantum computers that have the potential to violate public key cryptography.
According to the MIT Technology Review, the researchers are working on the development of a new measure known as lattice-based cryptography that promises to make crypto technology more “quantum proof”.
Bitcoin and Cryptocurrencies will be Protected
Lattice-based cryptography can neutralize the enormous computational capabilities of quantum computers by hiding data inside complex geometric structures containing a grid of infinite dots spread over thousands of dimensions. The security measure seems almost impenetrable, even with the use of powerful quantum computers, unless the key is in hand.
The advent of quantum computing machines is often brought to the fore as it poses a threat to cryptocurrencies such as Bitcoin as well as cryptographic algorithms that keep the internet generally safe. The World Economic Forum explains how quantum computers can violate current encryption standards as follows.
“The full computational ability of a sufficiently powerful and error-corrected quantum computer means that public-key cryptography is” doomed “and will compromise the technology used to protect many of today’s fundamental digital systems and activities.
MIT Technology Review says the solution is promising, although the current iterations are not yet ready to be implemented. Ripple CTO David Schwartz says that developers believe it will take at least eight years before the technology that uses the properties of quantum physics to make quick calculations becomes sophisticated enough to crack the cryptocurrency.
“I think we have at least eight years. I have very high confidence that quantum computing needs at least ten years to pose a threat, but you never know when there might be progress. ”