2021-06-13

4You Dialy

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Quantum computers can hack cryptocurrency wallets – protection is already being developed

2 min read

Although quantum calculations are still at the very beginning of its life cycle. Governments and some private companies, such as Microsoft and Google, work on their development and widespread implementation. And now there are projections that during the decade quantum computers can become powerful enough to crack the cryptographic protection of smartphones, banking systems and even cryptocurrency wallets.

CNBC

Fred Thil (Fred Thiel), General Director of Marathon Digital Holdings, which specializes in the mining cryptocurrency, is confident that with sufficient investments in this direction, after eight years, quantum computers will be able to hack wallets on the blockchain. That is why cryptographs around the world work on new encryption protocols that are resistant to quantum computers.

Now most of the world uses the so-called asymmetric cryptography, which uses a combination of closed and open keys to access, for example, to e-mail or the same cryptocurrency wallet. This method of protection is vulnerable to hacking using a quantum computer. A pair of open and private keys allows the user to create a digital signature using its private key that can be checked by anyone who has the appropriate open key. Theoretically, using quantum calculations, you can reconstruct a closed key, fake a digital signature and dispose of bitcoins from a hacked wallet as your own. Experts fear that it is digital signatures that protect cryptocurrency wallets will be hacked first when it comes to it.

CNBC

CNBC

However, safety experts do not sit back. Specialists are already actively working on the creation of quantum sustainable cryptography. They argue that quantum computers will not start hacking topical encryption types overnight. This moment will approach gradually, and, in parallel with the development of quantum computing, cryptography will be improved.

The National Institute of Science and Technologies of the United States is already working on the standard encryption of the future. At the moment, the institution takes the selection of the best candidates for work on the project. It is reported that the first standards of protection, invulnerable to quantum computers, will appear in 2024, that is, long before the hacking of cryptocurrency wallets will be possible. It is reported that as soon as a new type of encryption will be designed, users will immediately be able to take it into service.

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