A quick intro to the quantum threat:
Quantum Computing has the ability to break bitcoin, if we do not update bitcoin’s code, but it also has the ability to help us. We believe that the threat is much lesser than the gain. Quantum computers allow special algorithms to be run. These algorithms can solve certain problems a lot faster than normal computers. Shor’s algorithm is one of these. It can do prime factorization exponentially faster than classical supercomputers. This would render useless a type of encryption known as RSA. Other encryption schemes are under threat too.
The biggest threat to bitcoin from quantum computers is that no one’s funds would be safe. Quantum computers will be able to derive the private key from a public key, bitcoin address. This would make somebody able to steal bitcoin by just seeing the public key on the blockchain. Fortunately, bitcoin can be quantum proofed. All it will require is a small update to the software, a soft fork. I am not sure of the exact modification that will need to be done, just that it will be easy.
Why Quantum Computing Is Something To Like:
Although quantum computing might be a bit of a drag for bitcoin, it can help us humans also. Quantum computing will revolutionize scientific research, optimization, problem solving, mathematics, and much more. It is important to note that quantum computers will not replace regular computers, classical computers, that run on binary logic. According to BW BusinessWorld (businessworld.in), quantum computers can solve certain types of problems polynomial faster than classical supercomputers, but most problems are slower. For example, quantum computers will not be able to render video faster than classical computers. Quantum computers are only special because of the few algorithms that they can run well. They do not actually do calculations faster, they just solve certain problems in less steps.
These exotic computing devices have another ability: they can generate truly random numbers. They create a quantum superposition and then measure that superposition. The measurement is a truly random number. There is no telling whether the output of the measurement will be 0 or 1. An article will be written soon that will discuss truly random numbers and quantum computing.
The quantum random number generator, a program written by us, is a random number generator that uses real quantum computers at IBM for randomness. Click below to try this unique program for your self. No installation required!
You may also install this program locally onto your computer. The page with installation instructions can be found in the menu under ‘Quantum’.