There is information that is shaking the world of Crypto and also the beliefs of Cryptosias (crypto enthusiasts) for some time now. There are several people who believe that the advent of quantum computers will put an end to the existence of Crypto. This is the reason that causes concern within the cryptographic community.
What is a quantum computer?
A quantum computer is a type of computer that uses the principles of quantum mechanics, such as superposition and entanglement, to perform calculations. Unlike classical computers that use bits (0 or 1), quantum computers use quantum bits, or qubits, capable of representing multiple states simultaneously.
What is its relation to Crypto 🔒
The major concern is that a sufficiently powerful quantum computer (often referred to as a 'Quantum Computer') could break a large part of the public key cryptography systems used today.
Specific Threat: Shor's algorithm is a quantum algorithm that could factor large numbers very quickly. The security of widely used cryptographic systems, such as RSA and Elliptic Curve Cryptography (ECC) (used by Bitcoin and many other cryptocurrencies), relies on the difficulty for classical computers to solve this mathematical problem.
Consequence for Crypto: A functional quantum computer could potentially derive the private key of a cryptocurrency wallet from its public key, jeopardizing funds and the integrity of the blockchain. However, will these computers be there only for cryptocurrency?
Who should be concerned?
It's the entire financial and cybersecurity sectors that should be concerned, and not just the cryptocurrency world.
Financial Domains (and others): Asymmetric cryptography (RSA, ECC) secures not only cryptocurrencies but also:
Online banking transactions.
Secure connections (HTTPS) to all websites.
The security of governments, the military, and critical infrastructures.
Personal and confidential data (health, trade secrets).
Note: blockchain is as scalable as all sciences. Developers will find a solution to this. I think the advent of quantum computers will lead the masses to adopt blockchain, including banks and others.
