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Coinspeaker Google Claims That They Have Reached Quantum SupremacyEver since Google announced that they are working on a Quantum super-computer the world has been eager to see the results of such a scientific and technological breakthrough. Last year in March, they presented the super-computer which boasted a 72-qubit computing power. Since then the word quantum computing has become very popular and nations around the world cannot wait to get their hands on this remarkable discovery. But why?The main reasons might be the fact that quantum computing can solve issues ranging from artificial intelligence (AI) to even healthcare and drug development. But while others are only dreaming about it, Google is making these dreams reality. Now they are proud enough that they can declare that they have reached “Quantum Supremacy”.When trying to describe what Quantum Computing is, the very short definition would be – a very tremendous computing power. Basically, while today we know that all the computers are using the binary code, or binary bits, which consists of 0’s and 1’s, then Google’s Quantum Computer uses a completely different processing power approach, using qubits. These qubits can be connected in a group in a way that allows for significantly more processing power than the same with binary bits.Many experts say that Google Super-computer is way more powerful than some of the world’s super-computers. They even did a test where they put Google’s super-computer and IBM‘s Summit, which is commercially known as the world’s most powerful computer, to complete a calculation. The results of this test were astonishing. While IBM’s Summit would’ve completed this task in about 10,000 years, Google’s super-computer solved the calculation in 3 minutes.“To our knowledge, this experiment marks the first computation that can only be performed on a quantum processor,” stated Google researchers.Google described the achievement as a “milestone towards full-scale quantum computing.”So What Does This Google’s Quantum Supremacy Mean For Blockchain?One of the main topics, when speaking about quantum computing and crypto or blockchain in the same sentence, is about the fear that these super-computers could potentially threaten all well-known encryption algorithms, for example, Bitcoin. That is why many blockchain developers are talking about quantum-resistant blockchains. While some are talking, others are doing. For example, QANplatform already has developed a quantum-resistant blockchain called QAN.“The most popular public-key algorithms are theoretically at risk of being broken by a quantum computing breakthrough. Most encrypted data intercepted and stored today could be decrypted by quantum computers in the near future,” the CTO, Johann Polecsak commented.However, he also says that while this all sounds very dramatic, the reality is that “it’s hard to gauge the significance at this time,” he adds.But not all are so optimistic. Andrew Yang, the pro-tech Presidential candidate, expresses his concern about the new technology and encryption standards as such:“Quantum computers, using qubits, will theoretically be able to perform the calculations necessary to break our current encryptions standards in under a day. When that happens, all of our encrypted data will be vulnerable. That means our businesses, communications channels, and banking and national security systems may be accessible.”However, in reality, the current cryptographic encryption standards are actually really high, says Chris Pacia from Openbazaar. He writes:“If every one of the 7 billion people on Earth had 10 computers testing 1 billion key combinations per second, it would take the entire population 77,000,000,000,000,000,000,000,000 years to find a single 128-bit AES key.”In case of something going wrong – we would just need to switch to a different Encryption Standard. That also applies to Bitcoin. If a quantum computer would try to crack the SHA-256, the obvious solution would be to switch to a stronger encryption algorithm of the same family – SHA-512.The conclusion is that this still is very early to judge, but at the moment, it still is science fiction, which wouldn’t have many practical applications in the world which we know now. Google Claims That They Have Reached Quantum Supremacy

The threat of quantum computing has long loomed over classical cryptography which provides the security behind most current blockchain networks. Search giant Google recently claimed it has reached a milestone in quantum computing which could have serious implications for cryptocurrency. Does it Pose a Real Threat to Cryptocurrency? In a new scientific publication, tech giant Google claims to have reached ‘quantum supremacy’ with a 53-qubit quantum computer. This definition means that the machine has solved a problem that no classical computer could solve within a reasonable timeframe. The implications of this could be so far reaching that NASA removed the paper which it had originally published here. It has been reproduced here in a partially readable format. According to reports, the new quantum processor took just 200 seconds to complete a task that would normally take thousands of years for a regular supercomputer to do. Google researchers wrote “To our knowledge, this experiment marks the first computation that can only be performed on a quantum processor,” In theory this means that the computer could break 53 bit cryptography in seconds. Breaking Bitcoin? Bitcoin’s cryptography is currently 256 bit encryption (SHA-256) while Elliptical Curve Digital Signature Algorithm (ECDSA) is used in to create private and public key pairs. It will be a while yet before any computer, quantum or otherwise, can crack this but scientists at the search firm estimate it may be possible in the next few years. The report added that the number of qubits, the basic unit of quantum information in a two-state quantum mechanical system, could double at least every year. This would outpace Moore’s Law and give the company a computer capable of breaking military encryption by 2024. An increase to SHA-512 or stronger encryption algorithms would prevent the search giant ‘breaking cryptocurrency’ within the next decade but essentially the technology needs to evolve to maintain its security. There are already a number of quantum resistant blockchains in existence so the FUD headlines are really just that. Bitcoin is not about to be broken by Google. A more concerning notion is the growing power that this company has. Google already dominates data flows across the planet and practically dictates what makes it into the news and what doesn’t. It is the grand overseer of the internet and operates with virtual impunity. The company that said ‘don’t be evil’ is already more powerful than most governments and with quantum computing technology at its fingertips, no piece of data on the planet will be safe. Will Google take over the world with its quantum computers? Add your thoughts below. Images via Shutterstock The post What Google’s Quantum Supremacy Means For Cryptocurrency appeared first on Bitcoinist.com.

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We’ve been warned for years that a quantum computing breakthrough is just around the corner. When that day comes, we’re told, it could render existing encryption standards obsolete, threatening the security of every major blockchain. It seems that day has finally arrived, with Google achieving “quantum supremacy.” Impressive as the feat is, however, it doesn’t signal game over for crypto networks – and least not yet. Also read: How Merge Mining and Anchored Blockchain Projects Capitalize on Bitcoin’s Security Model They Actually Did It, the Absolute Madmen On Friday, the FT published a story claiming that a paper published by Google researchers described a major computing breakthrough. Using a quantum computer, the team managed to perform a calculation in just over three minutes that would take the world’s most powerful supercomputer 10,000 years. In an industry that’s characterized by incremental improvements, that sounds like a leap that warrants comparisons with the Big Bang. Quantum supremacy, which the researchers claim to have attained, refers to the moment when a quantum computer outperforms the world’s best classical computer in a specific test. Google described the achievement as a “milestone towards full-scale quantum computing,” and predicted quantum computing capacity to expand at a “double exponential rate,” outstripping the exponential rate that Moore’s Law has described so faithfully for decades. On the face of it, this technology sounds in danger of destroying everything we hold dear, starting with Bitcoin. The reality, as is so often the case, is more nuanced: predictions of Bitcoin’s death at the hands of quantum computing have been greatly exaggerated. Cryptography and the Rise of Quantum-Resistant Blockchains Fearing that a quantum breakthrough is just around the corner, threatening the sanctity of all known encryption algorithms, cryptographers have been striving to develop quantum-resistant blockchains that can withstand a Cambrian explosion in quantum computers. Johann Polecsak, CTO of quantum-resistant blockchain QAN, told news.Bitcoin.com: “The most popular public-key algorithms are theoretically at risk of being broken by a quantum computing breakthrough. Most encrypted data intercepted and stored today could be decrypted by quantum computers in the near future.” On Google’s quantum computer, believed to be called Sycamore, Polecsak ventured: “The notion of Google achieving a quantum breakthrough sounds very dramatic, but in reality, it’s hard to gauge the significance at this time. How can we be sure that Google’s quantum computer is more powerful than D-wave’s, for example, which surpassed 1,000 qubits four years ago?” All signatures and hashes within QAN’s protocol that might be susceptible to quantum algorithms (typically Shor or Grover algorithm searches) are protected by post-quantum cryptography. Just as it sounds, this is a school of cryptography dedicated to protecting networks in a world of quantum supercomputers. There are numerous models of post-quantum cryptography, with QAN favoring a lattice-based approach; other variants of the six primary schools of post-quantum cryptographic research include hash- and code-based cryptography. Andrew Yang Suggests the Threat Is Real One of the hardest things when discussing quantum computing is separating fact from fiction, fears from fear-mongering, and theory from practice. It is a sector of computing in which FUD and FOMO are in constant supply – which might explain why the quantum threat has resonated so strongly within the cryptosphere. Just how “justed” Bitcoin and other cryptocurrencies are in the event of a quantum breakthrough depends on who you want to believe. For example, pro-tech presidential candidate Andrew Yang explains in his policy on quantum computing and encryption standards: Quantum computers, using qubits, will theoretically be able to perform the calculations necessary to break our current encryptions standards in under a day. When that happens, all of our encrypted data will be vulnerable. That means our businesses, communications channels, and banking and national security systems may be accessible. As for when this will happen, Yang notes that “Some estimates put the timeline for this at a decade or less. In short, this is a problem that has to be fixed now … First, and immediately, we need to invest in and develop new encryption standards and systems, and immediately shift to using these quantum computing-resistant standards to protect our most sensitive data.” Andrew Yang Bitcoin Isn’t Broken Yet While advancements in quantum computing warrant close scrutiny, there is no evidence to suggest that BTC and BCH private keys are in danger of getting popped any time soon. To illustrate just how secure current cryptographic standards are, Openbazaar’s Chris Pacia wrote a blog post in 2013 in which he discussed the commonly used 128-bit Advanced Encryption Standard (AES), concluding: “If every one of the 7 billion people on Earth had 10 computers testing 1 billion key combinations per second, it would take the entire population 77,000,000,000,000,000,000,000,000 years to find a single 128-bit AES key.” As for how quickly a quantum computer could achieve the same feat, Pacia confesses to being no expert, but ventures: “Quantum computing would likely double the size of a key that could be effectively brute-forced. That might cause AES-128 to fall, but AES-192 and AES-256 should still be safe.” Bitcoin mining uses SHA-256, while ECDSA (Elliptical Curve Digital Signature Algorithm) is used in the cryptography to create private and public key pairs. In the event of quantum computers cracking SHA-256, for example, an obvious solution would be to switch to a stronger encryption algorithm of the same family, such as SHA-512. As Wikipedia’s post-quantum cryptography entry notes, “While the quantum Grover’s algorithm does speed up attacks against symmetric ciphers, doubling the key size can effectively block these attacks Thus post-quantum symmetric cryptography does not need to differ significantly from current symmetric cryptography.” In other words, even if quantum computing does materialize at scale, it’s unlikely to require redesigning our cryptography from the ground up; rather, we’ll just need to enforce more robust versions of existing algorithms that incorporate more bits. As Sabine Hossenfelder concluded in a video on quantum supremacy in June, “I’m not very optimistic that quantum computers will have practical applications any time soon. I’m quite worried that quantum computing will go the same way as nuclear fusion: that it will remain forever promising but never quite work. Nevertheless, quantum supremacy is going to be a super exciting event.” Do you think quantum computers will threaten Bitcoin in the next decade? Let us know in the comments section below. Images courtesy of Shutterstock. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post What Google’s Quantum Breakthrough Means for Blockchain Cryptography appeared first on Bitcoin News.