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Google Claims That They Have Reached Quantum Supremacy

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

What Google’s Quantum Supremacy Means For Cryptocurrency

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


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What Google’s Quantum Breakthrough Means for Blockchain Cryptography

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 “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.
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Real Use Case of Blockchains

Matthew Di Ferrante, a developer at Ethereum Foundation, talks about the real use case of blockchains. To give our readers a perspective on this matter, Finrazor further provides an overview of current adoption of blockchains at enterprise level.

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Iran coin, Error in EOS, IOTA and Kontrol Energy partnership, France lowers tax, fixes its webpage, Sharding is coming, South Korea explores crypto industry, Alexis Ohanian's prediction, Telegram abandons public sale, Ripple faces UK Parliament, Google adds BigInt to V8, IMF report, Goldman Sachs will trade BTC, Cardano and Ethiopia partnership

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Bakkt Launches Futures Contracts, Bitcoin Price Falls

Bakkt, a subsidiary of New York Stock Exchange owner Intercontinental Exchange Inc (NYSE: ICE), launched its long-awaited physically backed Bitcoin futures Monday.  The first Bakkt/ICE futures contract changed hands at $10,115 and the number of contracts in the first hour stood at just five total, CoinDesk reported. It's widely belived in the ...Full story available on

Late Bloomer: Why Bakkt’s Slow Start Is No Surprise

Bakkt has finally opened its platform for physically-delivered Bitcoin futures, but the response has been underwhelming. Nearly a year after the owners of the New York Stock Exchange announced their foray into cryptocurrency, markets responded to the new institutional trading venue with another 1.8% price drop. First announced last August, the long-delayed launch “was an important step toward bringing trusted infrastructure to digital assets,” wrote CEO Kelly Loeffler. The physically-settled futures platform is expected to provide a crucial infrastructure for institutional trading in cryptocurrencies. But some pundits have expressed disappointment at today’s volumes. Four hours before the market closes, only $550,000 worth of BTC futures have exchanged hands. One well-known cryptocurrency analyst described volumes as “not great,” while CoinDesk said trading on Bakkt was off to a “slow start.”   Source: Bakkt   At face value, these low volumes might suggest that institutional investors aren’t very interested in cryptocurrencies. Based on today’s activity, Bakkt volumes are unlikely to rival the futures product from CME Group, which traded $470M in its first week. But there’s an important distinction. CME’s futures are all cash-settled, meaning that all the trading is done in fiat currencies. The underlying asset may be Bitcoin, but at no point does either side have to actually hold it. From a legal perspective, that makes CME futures much simpler for institutional investors, making them no different from a similar future in wheat, maize or gold. In contrast, Bakkt’s futures are all physically delivered, meaning that the underlying assets have to be transferred on a specified date. Institutional investors have to take custody of actual bitcoins, with a lot more hoops to jump. In order to regularly trade in Bakkt bitcoin futures, institutional investors will have to consult specialized legal counsel, acquire new insurance policies, and possibly update their investors, as well as find a custodian to for the digital asset. “[S]ome of [Bakkt’s] largest prospective clients still don’t have permission to trade physically-delivered futures contracts,” wrote analysts at BeQuant Exchange in a note. “As such, [the] build it and they will come mantra may not necessarily result in an influx of new, hot money, at least not right away.” It’s hard to know what the big institutional investors were thinking when Bakkt opened up shop for the first time. But, given the fact that the platform is dealing with a volatile asset class, which has a nebulous regulatory status, it’s no surprise that many high rollers are playing wait-and-see. If there’s one lesson to be learned from Bakkt’s trading today, it’s that the cryptocurrency space still has a tendency towards overblown expectations.  Institutional investors were never going to dive headfirst into an unfamiliar asset. A cautious start to Bakkt’s futures today is a good sign, indicating that the majority of investors are still playing it safe.   The post Late Bloomer: Why Bakkt’s Slow Start Is No Surprise appeared first on Crypto Briefing.

Bakkt’s Bitcoin Futures Goes Live: Should You be Excited?

Over the past few years, the Bitcoin futures ecosystem has grown at a remarkable pace, and it is something that is surely going to stay for years to come. Initially, these futures contracts had been launched by a handful of exchanges, but over the past year or so, the number has increased considerably. Futures Trade In a development that will come as another massive boost to the Bitcoin and cryptocurrency ecosystem, the New York Stock Exchange’s owners, ICE, through its crypto exchange Bakkt has decided to launch futures contracts that will pay out traders in Bitcoins. ... ﾿ Read The Full Article On Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
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Tezos [XTZ] Jumps Over 4% Amids Binance Listing; CZ Hints Tezos Staking

Binance recently announced the listing of Tezos with pairs of Bitcoin(BTC), Tether(USDT) and Binance Coin(BNB).  Will Binance Enable Tezos Staking? As Per a recent tweet by Binance, it has listed Tezos and it can be paired with USDT, BTC, and BNB. Following the announcement, users can start depositing Tezos on their accounts, while the launch of trading is scheduled for the 24th of September. Source- Twitter CZ then further created hype by asking the community that did they not what was coming next. A user suggested that does the move imply Tezos staking. While CZ didn’t give a definite answer, he expressed his excitement with a “happy” emoji.  Source- Twitter The Tezos official website defines Tezos as,  “ Tezos is a self-amending blockchain that can evolve by upgrading itself, with stakeholders being able to vote on amendments to the protocol, including amendments to the voting procedure itself.” Binance. US Opens Doors for Cardano, Ethereum Classic and Stellar  Today, Binance.US opened deposits for Cardano (ADA), Basic Attention Token (BAT), Ethereum Classic (ETC), Stellar (XLM) and 0x (ZRX). Trading for these coins will begin on September 25, 2019, at 9:00 AM EST /6:00 AM PST. The announcement further mentions that the coins are temporarily only available for deposits and withdrawals will not be enabled until trading is live. Source- Twitter Also, Binance.US will commence trading on September 24, 2019 at 9:00am EST / 6:00am PST. The launch will see Binance.US list Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB) and Tether (USDT). These coins will be available for trading across 13 fiat-to-crypto and crypto-to-crypto trading pairs.  Source- Twitter Binance Announces 6th Phase of Lending Products In yet another update, Binance announced its 6th phase of lending products. The launch will take place on the 25th of September. In the sixth phase of Binance’s lending initiative, users will be able to lend Binance Coin(BNB), Bitcoin(BTC), EOS, Ethereum Classic(ETC), Ethereum(ETH), ChainLink(LINK), Tether(USDT) and Ripple(XRP) to earn interests payable from Sep. 25 to Oct. 09.  Traders are in for huge benefit as Binance. US enables trading. Will Binance continue to keep the crypto community happy with its developments? Let us know, what you think? The post Tezos [XTZ] Jumps Over 4% Amids Binance Listing; CZ Hints Tezos Staking appeared first on Coingape.

Nicholas Merten: Now Is the Time for Ravencoin, BAT and Chainlink

YouTube star Nicholas Merten is a fan of crypto, but like everyone else, he’s noticed the gradual downplay of bitcoin as of late. Once again, bitcoin has dropped below the $10,000 mark and is trading for just over $9,800. While this isn’t a major fall, the currency seems to have wavered between this mark and $10,200 over the past month. Merten: Altcoins Are Making a Comeback Merten isn’t concerned by this. In fact, he’s looking to use the situation to his advantage, and advises others to do the same. As the host of YouTube’s “Data Dash,” arguably one of the most popular cryptocurrency channels on the streaming and video site, Merten claims that there are three specific cryptocurrencies that are likely to shoot up now that bitcoin is wavering if people are looking to invest. Those cryptocurrencies are Basic Attention Token (BAT), Raven Coin (RVN), and Chain Link (LINK). In a recent interview, he states that these three tokens are likely to grow heavily over the next 12 months, explaining:  At the current moment, looking at [bitcoin] market dominance, it does look like we’re starting to enter into a trend shift where altcoins can start to gain as we retest back towards bitcoin’s high of $20,000. The last two [altcoin cycles] that we had were at the end of the overall bitcoin cycle where bitcoin reached $20,000. The first one happened at the beginning of 2017 when bitcoin retested its high at $1,100. For the most part, altcoins have had a relatively rough year in 2019. Bitcoin on the other hand, has experienced steady growth since April, doubling its price since then from $5,000 to about $10,000. While many have focused on bitcoin as of late, Merten says he’s starting to see funds travel into smaller, competing coins. He says:  As bitcoin does increase over time, as we tend to see a general growth in bitcoin’s price, we tend to see more risk taking in different types of digital assets. As more liquidity has entered bitcoin, you have the ability now, through exchanges, for that liquidity to exit into other alternative investments. Sometimes, that can be rampant speculation, and in other cases, it can be driven through fundamentals. I believe this time around, in this cycle, we’re going to see more going toward fundamental developed projects that actually have real demand.  Why These Three and Not Others? Chain Link is big in that it’s joined software company Oracle to help blockchains connect with outside networks. Raven Coin is significant because it allows developers to establish their own tokens, while BAT is moving forward in that it is attached to the Brave browser, which seeks to block advertisements and trackers from following one’s searches and online activity. Merten is confident BAT will be very important in the field of privacy. The post Nicholas Merten: Now Is the Time for Ravencoin, BAT and Chainlink appeared first on Live Bitcoin News.
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