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Quantum calculations are usually feared because of its potential to make bitcoin obsolete through breaking his cryptography. However, one analyst argues that there can be a much simpler way: defeating bitcoin in your own game.
The Quantum Threat
An average publication theorized on the capabilities of the "Sycamore," quantum computer, Google's latest quantum breakthrough. Sycamore, which has allegedly given Google "quantum supremacy," apparently succeeded in computing a benchmark in 200 seconds ̵
Almost instantaneously after this news, panic flared in the crypto community, talk of obsolescence was on the table, and discussions about how to deal with this new quantum threat were discussed for a long time.
In case you missed it: @aantonop on Google for "Quantum Supremacy" https: / /t.co/GHk1E5lPd1 records19459002Sense – Francisco Memorial (@FranciscoMemor) [November192019] .
Although for the most part the concerns were suppressed, and hyperbole seemed to be what it is, so far
Based on Google benchmarking tests, the publication suggested that the remaining 3 million are bitcoin, still remaining can be retrieved from Sycamore in less than 2 seconds.
However, the deleted publication has gone astray. First, the calculation made by the author suggests that 1 BTC is produced every 10 minutes. This is wrong. In fact, the network currently fetches 12.5 BTC approximately every 10 minutes. Only this miscalculation would throw out the theory to some extent.
Still, there are other obvious gaps. The post does not include the difficult readjustment that happens on every 2016 block. If the quantum computer manages to dig all the blocks of 2016, the network will simply correct the difficulty, hampering further attempts by Sycamore. Yet, in reality, the likelihood that the Bitcoin network will be able to create a difficult setting at this level is incredible.
Quantum computers can "break" bitcoin
However, the author is right in a sense. Any attempt by a quantum computer to excavate BTC can lead to credible results in network degradation. This is because a level of difficulty set to fit the quantum computer would make it so that only another – a more powerful machine – would be able to compete to retrieve the remaining BTC; that is, as long as the initial attempt does not completely devastate the network in the first place.
Regardless, the idea of Sycamore or any other quantum computer targeted at cryptocurrency is quite ridiculous. In addition, Andreas Antonopolos, a Bitcoin advocate who is relatively vocal on the subject, suggests that bitcoin is not a problem we need to worry about.
If we get quantum computers that can make thousands of cubes without correction and consistent results, we have a much bigger problem. The bigger problem is that all classified communications in the world, confidential communications, financial systems, etc., all depend on cryptography today.
In order to protect against any threat, communications around the world must be upgraded to a quantum stable standard. Ironically, this is much easier for cryptocurrencies than it would be for global communications systems.
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