Quantum computing to make cryptocurrency encryption even stronger than it currently is
Perfect secrecy cryptography via mixing of chaotic waves in irreversible time-varying silicon chips, according to Nature Communications, a group of scientists, published on Dec 22.
Some renowned universities cooperated on analyzing the potential of quantum computing to make cryptocurrency encryption even stronger than it currently is.
Such a chip can eventually make Bitcoin an uncrackable currency. Of course, such a development will have an increasingly positive effect on Bitcoin’s value.
Quantum computing is soon going to be able to crack all current encryption associated with cryptocurrencies, according to the article.
Quantum cryptography is unclonable, but requires quantum installations that are more expensive, slower, and less scalable than classical optical networks.
The idea for this silicone chip was inspired by the patent for the one-time-pad (OTP). While OTPs have been proven to be uncrackable, they have some severe disadvantages. The most notable flaw of the OTP is that t needs to be verified by a huge key.
In cryptography, an OTP is a system in which a private key generated randomly is used only once to encrypt a message that is then decrypted by the receiver using a matching OTP and key. Messages encrypted with keys based on randomness have the advantage that there is theoretically no way to “break the code” by analyzing a succession of messages. Each encryption is unique and bears no relation to the next encryption so that some pattern can be detected.
Currently, this is the biggest barrier for hackers and it is also what makes Bitcoin trusted. However,many people still believe that cash is the safest option, and anything digital can be hacked or cracked.
If this new kind of silicone chip encryption provides a guarantee that assets will never be lost because of hacking, Bitcoin will quickly gain the trust of a large percentage of the mass.