IBM Just Unveiled The First Commercial Quantum Computer, And What This Could Mean For Crypto
Quantum computers are very specific machines, operating in strict conditions (like frozen boxes, and so on) which are not using your regular 0/1 bit. Instead, they are using another computational unit, called qubit, which can be at the same time 0 and 1. Don't ask about the details of it, because they are mind bending.
These kind of computers have been around for a while, but only as research projects. Well, a few days ago, IBM launched its first commercial offer for such a computer. Because of the operating conditions, these computers cannot be actually bought and took home, as you would do with a laptop. Instead, they are operated remotely, being located in one of IBM facilities created for them. It's kind of like renting them, only you own them. Again, don't ask.
While the news is spectacular in itself and worth a mention, its potential consequences for the crypto world are even more interesting.
As you know, a very important part of a blockchain is made of computing intensive tasks. From hashing the Merkle tree, up to the Proof-Of-Work governance models, a blockchain uses a lot of computing power. And it so happens that a quantum computer can make these computing requirements seem insignificant, just like the invention of the transistor made the mechanical calculators obsolete. A quantum computer can solve some blockchain-related problems (not all, but a few relevant ones) way, way faster than a "normal" computer.
In particular, (some) cryptographic signatures can be vulnerable, and also PoW algorithms.
If these newly launched quantum computers can be used in crypto, their owners will have a significant advantage over the rest of the world. Imagine what would happen if, by using such a computer, one could compute your private key from your public key. I expect a few upgrades to the cryptographic libraries used in crypto as a result of this event, which will create quantum computer resistant public/private keys, but even in this case, we know there are thousands of public/private key pairs which are simply lost, at least on the Bitcoin blockchain.
I don't think we're very far from another very lucrative digital occupation (after mining Bitcoin, that is) one called "digital scraper". A digital scraper will try to compute the private key of a "lost" public address which has some Bitcoin in it, thus being able to seize it and move it in another, upgraded public/private key pair. Kind of like good ol' gold digger, only in the digital world.
We do, indeed, live very interesting times.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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This is one reason why I don't trust private info to a public blockchain; eventually the encryption will be broken. This is no big deal for account balances which I can just migrate to a longer keysize or different crypto algorithm, but for data where the value is in reading the data, upgrading the keys is insufficient. Sorry blockchain health records, no dice.
However, the quantum computing risk is a bit overstated. Apparently, it takes about 4096 qubits to break 2048 length RSA keys. There's probably a tradeoff where you could have fewer qubits in exchange for exponentially more compute time. The IBM offering is 20qubit. I think we might have some time.
No doubt about it. I don't think a major breakthrough will happen in the next 2-3 years, but something big will happen at some point, and all our computing infrastructure will have to adjust, somehow.
Maybe a quantum computer network will be the best choice for a new type of blockchain, who knows?...
The prices, speed and availabity of quantum computers all have to improve before they can contribute to a blockchain. In the short term we can make key lengths longer. After that we can switch to quantum proof cryptography. For now, any cryptography based on prime factoring is at risk.
My thoughts exactly.
I think it's the mining that's most relevant here. If these things were set to work mining, they could take the vast majority of the remaining amount and thus create a controlling stake very quickly. All mineable coins, not just bitcoin. Worrying times ahead in that respect.
However, as for the development of Quantum computers which are so finickity to run at their maximum efficiency error free, it reminds me of the time we were developing fibre optics which was so dependent on the interfacing of the fibres with the terminal translating equipment as well as the jointing of the fibres to create their most efficient results
In the early days we were losing 90% of the capacity but as time went on, more accurate terminations and splicing was possible thus vastly improving the bandwidth which was already hugely superior to copper transmissions.
Quantum computing has the theory and practical basics in place but still a long, long way off replacing your i7 I think :-)
Interesting few years to come though!
Mining?
Hmm.. I would use it, to get for every address the private key and cash out big:)
haha see? you still have the mindset of a witness lol ;-)
_
One of those things where you're happy to see tech progressing but not happy to see some of the implications, as noted in the comments below.
It's a nice step forward. We will have to see how companies start using them and of course the cost of renting them.
Interesting time are coming. What a concept breaking bitcoin keys by brute force. Now its not even really possible to break into an iPhone by brute force
What if this quantum machine would start mining, would it be able to force a 51% attack on the BTC Blockchain?
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Do you think Quantum Computing makes Proof of Stake projects more appealing?
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Not if they get your private keys..
Shit. I didn’t even think about that.
Gotta make a crypto quantum-proof
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What most here seem to miss is the point, that with quantum computing, your private keys can easily be computed out of your public key.
Asymetric cryptography broken, thanks for all you tokens :) no Adress would be save from harvesting
Precisely....
Only a matter of time until all blockchains will have to be quantum proofed.