Or are they a threat? If you’ve heard about quantum computers and their great successes in the field of computation, you have probably wondered if quantum computers could be used in cryptocurrencies.
Let’s take a look at if quantum computers could be more of a threat.
What is a quantum computer
When I say computer, many of you imagine a desktop or laptop, or a phone, or maybe a watch. Quantum computers are still in their infancy and are currently in the form of quantum chips. However, even these quantum chips are many times more powerful than the most powerful supercomputers in the world. Computations that can take hundreds of years for these supercomputers, a quantum computer is able to compute in a matter of seconds. But how is this possible?
A classic computer works on the basis of bits, which means that the information is written in zeros and ones, or as true or false. The bit can thus have only one of the two values in the final phase. A quantum computer works on the basis of qubits, which include both true and false, as well as all superpositions. It thus acquires the final values exactly at the moment of measurement. Thanks to this, the quantum computer is able to go through all the measurement options at once and not sequentially, like a classical computer.
What could that mean for the cryptoworld
We get to the point where you are probably beginning to guess where today’s topic is heading. Today, we do not have a quantum computer advanced enough to function normally in the long run. Many physicists believe that a fully functional quantum computer cannot be built. But what if there is a way to make it work? For the world in general, this could be a huge step forward, but also potentially a big threat, because a computer with such computing power can break all global encryption with the flick of a finger.
Every topic needs to be thought about from all sides. Quantum computers could certainly greatly speed up and improve both the real world and the cryptocurrency world. But at the same time, it is necessary to take into account those who will try to use them to their advantage and thus get money and property that does not belong to them. A threat or a beautiful future – it all depends on how we approach the development of these computers today.