“Let’s say one day we actually did discover a quantum algorithm that could solve this faster. Bitcoin is designed to adjust the difficulty if we mine blocks too fast. So even if we found this quantum algorithm, the difficulty would just get harder.”
Nevertheless, the quantum physicist cautions that quantum computing can definitely create a major problem for cryptographic algos which ensure safety of cryptos and the internet at large.
“There’s two common cryptosystems – RSA and elliptic curve encryption and these are affected by quantum computers. When you’re online, information that you send is encrypted, often with these two. Both of these are vulnerable to attacks by quantum computers which means a large enough quantum computer will be a problem for anyone online… There actually is a quantum algorithm to break RSA and elliptic curve encryption. Bitcoin does use elliptic curve encryption (ECC) to generate the public key, which is created from the private key which authorizes transactions… That means that someone with a large enough and coherent enough quantum computer, with coherence meaning the length of time the quantum information can be stored, can actually get your private key from your public key and that’s a very serious problem… That private key can then be used to authorize transactions that the owner doesn’t want to have happen. So as quantum computers become better and better, the security of RSA and elliptic curve is no longer effective.”
Cryptocurrency enthusiasts are tracking the development of quantum computers. They are perceived to have the ability to break cumbersome mathematical issues utilizing quibits (quantum bits), which can retain a “superimposition” by remaining in two levels at the same period.
While crptos future may face issues, Marchenkova opined that cryptocurrency assets can adjust to advancements that can defend from quantum based hacking attempts in a successful manner.