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Quantum Computing And Bitcoin Security

Rapid progress in quantum computing is predicted by some to have essential ramifications in domains utilizing public-key cryptography, such because the Bitcoin ecosystem.

Bitcoin’s “asymmetric cryptography” is primarily based on the precept of “one-way function,” implying {that a} public key might be simply derived from its corresponding non-public key however not vice versa. This is as a result of classical algorithms require an astronomical period of time to carry out such computations and consequently are impractical. However, Peter Shor’s polynomial-time quantum algorithm run on a sufficiently-advanced quantum pc might carry out such derivations and thus falsify digital signatures.

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