@Freakytainment It is difficult to predict exactly how long it would take for a quantum computer to launch a successful quantum 51% attack, as it depends on a variety of factors, including the capabilities of the quantum computer, the specific blockchain being attacked, and the resources and strategies of the attacker.
The encryption protecting Bitcoin could potentially be broken by a quantum computer in under 10 minutes. However, this does not necessarily mean that a quantum computer could launch a successful 51% attack within that timeframe.
To launch a 51% attack, the attacker would need to control a majority of the mining power on the network, which would require a significant investment in resources. In addition, the attack would need to be sustained for a period of time in order to overtake the âhonestâ chain and gain control of the network.
One potential remedy to this situation would be to increase the gap between the search time and the settlement time, which could make it more difficult for an attacker to launch a successful 51% attack. Other potential remedies could include increasing the security of the cryptographic protocols used by the blockchain and implementing measures to detect and prevent attacks.
It is important for blockchain developers and users to carefully consider the security and resilience of their systems and to continually assess and monitor their defenses against potential attacks, including
As an addition to the response from other peopleâs, It is true that there are still many challenges ahead for post-quantum cryptography, and that future quantum computers may be able to defeat current encryption. The discovery that a promising algorithm created to defend against these sophisticated attacks could be compromised in as little as four minutes is certainly concerning.
However, it is important to note that research in the field of post-quantum cryptography is ongoing and that efforts are being made to develop robust and secure algorithms that can withstand the threat of quantum computers. These efforts involve a wide range of approaches, including the development of new cryptographic techniques and the use of error-correcting codes and multivariate polynomials.
It is also important to remember that quantum computers are still in the early stages of development and are not yet widely available. While it is important to be prepared for the eventual arrival of quantum computers and the potential impact on encryption, it is also important not to panic or overreact. Efforts are being made to address the challenges posed by quantum computers and to ensure the security and confidentiality of information in the post-quantum era.
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It is worth noting that there are some cryptographic systems that are believed to be resistant to quantum attacks even with the use of current quantum computers. One example is the McEliece cryptosystem, which is based on the hardness of decoding random linear codes. Another example is the NTRU cryptosystem, which is based on the hardness of finding short vectors in lattices. These cryptographic systems are not widely used at present, but they may play a role in providing secure communication in the future.
It is also important to consider the fact that the development of quantum computers is not the only threat to the security of modern encryption. There are also other challenges, such as advances in classical computer hardware and software, as well as social engineering attacks that rely on human rather than technological vulnerabilities. Therefore, it is important for organizations to adopt a multi-faceted approach to security that addresses a range of potential threats, including those posed by quantum computers.
As published by S Akash (Quantum Hacking: Hacking Bitcoin Wallets with Quantum Computer), To be precise Quantum hacking is the use of quantum computers to carry out malicious actions. it is performed by modern cryptographic strategies which often use private and public keys to encrypt and decrypt data through a mathematical equation.
HOW TO PROTECT BLOCKCHAINS FROM QUANTUM ERA.
Castle Island ventures founding partner Nic Carter highlighted that quantum breaks would be gradual rather than sudden. " We should have plenty of warnings if quantum computing was reaching the stage of maturity and advancement at which which it began to threaten our core cryptographic primitives". It wouldnât be something that happens overnight. There is also the fact that community knows that it is coming, and researchers have been in the process of building quantum-safe Cryptography. âThe National institute of science and technology(NIST) has been working on a new standard for encryption for the future thatâs Quantum-proofâ, said Thiel. NIST is running that selection process now, picking the best candidates and standardizing them. Experts say the quantum hacking is only preventable is quantum cryptography encryption keys are so entangled that even the most advanced quantum computers cannot break them. The only drawback to this is that continual encryption would lead to very lengthy keys that would ultimately slow down the process.
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