Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on December 07, 2020, 04:43:34 PM
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"This achievement firmly established our country’s leading position in international quantum computing research," a team of researchers in China said in a statement alongside a paper published in the journal Science on Thursday, outlining how their Jiuzhang prototype quantum computer took just over three minutes to complete a task the world’s fastest traditional computer would take more than 600 million years solve—almost 100tn times faster than today's supercomputers.
"Quantum computers are posing a serious challenge to the security of the bitcoin blockchain," wrote blockchain and cryptography researchers at the consultancy Deloitte. "Quantum computers might eventually become so fast that they will undermine the bitcoin transaction process. In this case the security of the bitcoin blockchain will be fundamentally broken."
Despite the developments achieved by China and Google, this doomsday scenario is still some distance away, with Deloitte's team suggesting the risk of quantum computers to bitcoin could be offset by a "transition to a new type of cryptography called ‘post-quantum cryptography’, which is considered to be inherently resistant to quantum attacks."
Article: Forget Google—Could China Be About To Destroy Bitcoin? (https://www.forbes.com/sites/billybambrough/2020/12/05/forget-google-could-china-be-about-to-destroy-bitcoin/?sh=7c972f5d7d66)
According to the article, China's quantum computing is the biggest threat to Bitcoin as well as the entire crypto world. Until now, we still believe in the almost absolute security of blockchain because in order to hack blockchain, a hacker needs a computer system with at least the power of the whole blockchain and this is impractical with current technology. However, quantum superiority will completely change our conception.
Of course, the Chinese government will not only use quantum computers to mine and take all the block rewards of Bitcoin, but they can attack and manipulate the entire Bitcoin blockchain by that machine. The same can be said for other blockchains, regardless of POW or POS. So the crypto/blockchain revolution will completely fail.
Our hope at this point is: maybe that supercomputer is just a rumor and can't really put it into use, or the entire crypto community needs some effective technology to avoid the attack from future quantum computers. Compromising with governments is not what I suggest.
There used to be a few crypto projects related to this problem, but now I no longer hear about their development or product to contribute to a blockchain 3.0 capable of fighting quantum supremacy. The leader of the Altcoins world - Ethereum, is still at phase 0 of ETH2.0. And it doesn't seem like we are ready for this era.
Do you believe that quantum superiority really exists? And what can we do to protect blockchains and the crypto world?
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I do not have much confidence in the existence of a quantum computer at the moment, especially since that information comes from China. If that happens, I believe the power of the crypto community will help find an effective solution to protect blockchains from the interference or attacks of quantum computers.
At present, we have many alternatives such as: the quantum resistant ledger, increasing the complexity of the cryptography. And the crypto community is not alone, countries will also be forced to develop an anti-quantum solution to protect their data. And when a solution is verified, I believe it will also apply to blockchain.
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In my country, the media reported a few days ago that a quantum computer had already been created in China. This puzzled me a little. Despite the vigorous statements that the invention of quantum computers is still far away and that the world will certainly come up with something to counter the new capabilities of these computers, the situation is really getting more complicated. So far, I see that this problem is one of the biggest threats to the existence of cryptocurrency.
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IMHO, I believe that quantum computing capability is a serious threat to Bitcoin and the existence of cryptocurrencies, and I'm already aware of it, But in that report that Chinese scientist has already achieved the quantum computing supremacy, I doubt it because it's too early to say that even in the Google's researched they admit that it's too complicated for now because of a missing" Ingredient" what I believe was its only a propaganda but not existed in reality.
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IMHO, I believe that quantum computing capability is a serious threat to Bitcoin and the existence of cryptocurrencies, and I'm already aware of it, But in that report that Chinese scientist has already achieved the quantum computing supremacy, I doubt it because it's too early to say that even in the Google's researched they admit that it's too complicated for now because of a missing" Ingredient" what I believe was its only a propaganda but not existed in reality.
I think that the real success in the creation of quantum computers will not be widely disseminated. Moreover, in the first place they will fall into the hands of criminals. Therefore, the fact that they were created and their good computing capabilities, most likely, we will find out when they massively hack our wallets with cryptocurrency. It will be good if I'm wrong. However, the incoming information about the success with their development makes you think a lot.
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When I opened the link provided this is what it shows
(https://i.imgur.com/Hz1v5Xu.jpg)
Maybe you put the wrong link because I checked it twice and plus 2 to make sure what is the content.
To OP's post.
Well every year crypto is always facing difficulties besides government, hacked issues, fud, and now quantum computer.
If this computer is a serious threat to destroy or could kill cryptocurrency. Then we are at missed. However, change might happen as long as the days are passing. Crypto can manage to overcome that quantum computer threat. This is a game of intellectual digital aspect. How crypto can overcome? I don't know for now but pretty sure there is a solution.
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Maybe you put the wrong link because I checked it twice and plus 2 to make sure what is the content.
To OP's post.
Well every year crypto is always facing difficulties besides government, hacked issues, fud, and now quantum computer.
If this computer is a serious threat to destroy or could kill cryptocurrency. Then we are at missed. However, change might happen as long as the days are passing. Crypto can manage to overcome that quantum computer threat. This is a game of intellectual digital aspect. How crypto can overcome? I don't know for now but pretty sure there is a solution.
Thank you +1, my error, I copied wrong link. I corrected it, you can refer to the article :)
I refer to many solutions but the fact is that because we don't have a real quantum computer, it is difficult to test the effectiveness of those solutions.
For now we can only hope that the entire crypto community will find some viable solution in case the quantum computer is truly complete.
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Maybe you put the wrong link because I checked it twice and plus 2 to make sure what is the content.
To OP's post.
Well every year crypto is always facing difficulties besides government, hacked issues, fud, and now quantum computer.
If this computer is a serious threat to destroy or could kill cryptocurrency. Then we are at missed. However, change might happen as long as the days are passing. Crypto can manage to overcome that quantum computer threat. This is a game of intellectual digital aspect. How crypto can overcome? I don't know for now but pretty sure there is a solution.
Thank you +1, my error, I copied wrong link. I corrected it, you can refer to the article :)
I refer to many solutions but the fact is that because we don't have a real quantum computer, it is difficult to test the effectiveness of those solutions.
For now we can only hope that the entire crypto community will find some viable solution in case the quantum computer is truly complete.
My pleasure. ;D
Well, for now let as enjoy our freedom in cryptocurrency while the real threat is not yet to come.
When the actual scenario between quantum computer and cryptocurrency happens. I think some blockchains are 50% ready to face the obstacles. This is just my theories. Hahaha
Will visit the article now.
Thanks
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Do you believe that quantum superiority really exists?
According to the article quantum computer is superiorChina's development as further evidence that quantum computer research is accelerating and could soon have real-world ramifications.
And what can we do to protect blockchains and the crypto world?
If this is the ability of quantum computer, I think we cannot protect crypto world. quantum computer took just over three minutes to complete a task the world’s fastest traditional computer would take more than 600 million years solve—almost 100tn times faster than today's supercomputers.
This statement will calm our worries.
Don't dump your bitcoins yet," Dragos Ilie, a quantum computing and encryption researcher at Imperial College London, said in the aftermath of Google's quantum computer announcement last year.
China may have taken a "leading position in international quantum computing research" but bitcoin is still safe—for now.
bitcoin is safe for now.
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I would believe the existence of quantum computers when they are already at use and has already put a screeching halt to Bitcoin and cryptocurrency in general. I am sure that by the time this can happen we are already far advanced that an antidote for the challenge has already been set up. Anyway, it is exciting to see the race for the development of super computers and with China so eager to show to the world that they are already at the top and other countries not easily willing to give that recognition.
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If so, the biggest threat to cryptocurrency. However, I learned in a statement that China had invented a quantum computer. Which will accomplish much more successfully. But since then I have not heard any updated news. Something good must be done to avoid the threat to cryptocurrency.
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This day was published long ago. Re-published at the present time. I know that china made a quantum computer. Time is a threat to cryptocurrency. But it should be resolved with a decision very soon.
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This day was published long ago. Re-published at the present time. I know that china made a quantum computer. Time is a threat to cryptocurrency. But it should be resolved with a decision very soon.
I haven't heard of that at all. But if this is really so, then I think everything will still be fine. It seems to me that the era of cryptocurrency will not end, but on the contrary, it will develop even further.
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Quantum computer has much progress to make. There are some quantum computers that are capable of working. But they have very little power. To make the real quantum computer is still needs many years.
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IMHO, I believe that quantum computing capability is a serious threat to Bitcoin and the existence of cryptocurrencies, and I'm already aware of it, But in that report that Chinese scientist has already achieved the quantum computing supremacy, I doubt it because it's too early to say that even in the Google's researched they admit that it's too complicated for now because of a missing" Ingredient" what I believe was its only a propaganda but not existed in reality.
I think that the real success in the creation of quantum computers will not be widely disseminated. Moreover, in the first place they will fall into the hands of criminals. Therefore, the fact that they were created and their good computing capabilities, most likely, we will find out when they massively hack our wallets with cryptocurrency. It will be good if I'm wrong. However, the incoming information about the success with their development makes you think a lot.
Mate, Dont just easily believe in a piece of paper! Just remember that we are living in the era of global superpower competition, with lots of propaganda have surfaced in most area, like defense, Space, and breakthrough, etc. How could we believe if they dont have shown it to the public for me the "quantum supremacy" is a complex idea that needs to understand more in order to bring it into reality. thats why I dont believe it for now! Bitcoin and other cryptocurrencies will stay in the race for sure.
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IMHO, I believe that quantum computing capability is a serious threat to Bitcoin and the existence of cryptocurrencies, and I'm already aware of it, But in that report that Chinese scientist has already achieved the quantum computing supremacy, I doubt it because it's too early to say that even in the Google's researched they admit that it's too complicated for now because of a missing" Ingredient" what I believe was its only a propaganda but not existed in reality.
I think that the real success in the creation of quantum computers will not be widely disseminated. Moreover, in the first place they will fall into the hands of criminals. Therefore, the fact that they were created and their good computing capabilities, most likely, we will find out when they massively hack our wallets with cryptocurrency. It will be good if I'm wrong. However, the incoming information about the success with their development makes you think a lot.
Mate, Dont just easily believe in a piece of paper! Just remember that we are living in the era of global superpower competition, with lots of propaganda have surfaced in most area, like defense, Space, and breakthrough, etc. How could we believe if they dont have shown it to the public for me the "quantum supremacy" is a complex idea that needs to understand more in order to bring it into reality. thats why I dont believe it for now! Bitcoin and other cryptocurrencies will stay in the race for sure.
I won't call this propaganda, they was an article that I read sometimes last year that Google also is making huge head way with quantum computing. Even without quantum computing attack some of these POW Altcoins are suffering 51% attack ETC recently. I think the only coin in the space people need to watch out for is Bitcoin, if Bitcoin is successfully attacked that is the end for all the space but I have a feeling we will cross the river when we get there
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I would believe the existence of quantum computers when they are already at use and has already put a screeching halt to Bitcoin and cryptocurrency in general. I am sure that by the time this can happen we are already far advanced that an antidote for the challenge has already been set up. Anyway, it is exciting to see the race for the development of super computers and with China so eager to show to the world that they are already at the top and other countries not easily willing to give that recognition.
Previously, forums tried to prove that it will take many more years to create quantum computers. But I already read a long time ago that quantum computers of low power have already begun to be delivered to schools in China so that students have an idea of quantum computing. If the very principle of quantum computing works, then the creation of a high-power quantum computer is a matter of little time.
It seems that humanity is not yet ready at all to eliminate their threat to cryptocurrency and other problems. When our wallets start to be hacked, without effective countermeasures, the cryptocurrency may lose its current value.