The arrival of Willow, Google’s quantum chip, has sparked significant concern. It promises to solve tasks in just five minutes that would require a supercomputer more time than the age of the universe to complete. This breakthrough has prompted a serious reevaluation of whether current cryptographic systems can withstand the future challenges posed by quantum computing. Naturally, attention has turned to bitcoin: Is the encryption of the bitcoin network at risk?
SHA-256 is no rival for quantum computing. The mining algorithm used in the bitcoin network relies on a 256-bit hash algorithm known as SHA-256. This algorithm ensures security based on the difficulty of finding collisions. Additionally, the network employs the so-called Elliptic Curve Digital Signature Algorithm to secure transactions.
Both algorithms are considered practically unbreakable by brute force using classical computers. However, with quantum algorithms like Grover’s, a quantum computer could theoretically pose a threat. While this scenario remains a distant possibility and is still beyond current technological capabilities, it’s a concern that can’t be ignored.
The bitcoin industry is already taking notice. Carlos Perez-Delgado, a researcher at the University of Kent in the United Kingdom, told Fortune, “If I had a large quantum computer right now, I could essentially take over all of bitcoin.”
A recent paper highlights that quantum computers present a legitimate threat to the bitcoin network and could compromise its security within the next decade.
There’s a solution. The study outlines the risks associated with bitcoin encryption. It also details what’s needed to enhance security and estimates the time required to prevent the network’s security from being compromised.
To protect the bitcoin network from potential threats posed by quantum computers, the research team believes an upgrade to its encryption is necessary, although it involves a costly upgrade process.
305 days. If this upgrade were done directly with a complete shutdown of the network, it would take approximately 76 days. However, this scenario is unthinkable because it would cost around $912 million.
The alternative the University of Kent team proposes involves allocating 25% of the servers to updating the protocol. While this would impact mining speed, it would enable the network to update its encryption. As such, researchers estimate it would take approximately 305 days to upgrade the bitcoin network’s encryption system and secure it against quantum computers.
While Bitcoin may not be the first cryptocurrency to face this challenge, it must consider its future. The focus here is on the bitcoin network, but it’s important to note that many current encryption algorithms will be affected by the rise of quantum computers. Although widespread use of these technologies isn’t expected for several years, researchers have been developing quantum cryptographic solutions for some time.
As with any technology that aims to remain relevant for decades, it’s crucial to anticipate the arrival of potential threats. Thanks to the recent study, the crypto sector now has a clearer estimate of the costs associated with updating the encryption of the world’s most popular cryptocurrency.
Image | Vasilis Chatzopoulos
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