By Nathan Ferguson
A quantum physicist working at the University of Sussex – Mark Webber – states that the encryption of Bitcoin would be cracked by utilizing the futuristic supercomputers, according to some reports. At present, the crypto’s flagship is secure. The existing instruments do not have enough power to hack the system of Bitcoin. Quantum computers utilize qubits rather than bits, to be able to process infinitely additional data contrary to the usual computers.
In November, IBM – a tech giant based in the United States – introduced a chip for quantum computers with a capability of 127-qubit (which is well above the barrier of 100 qubits for the initial time). Webber as well as the colleagues thereof assessed that any of the quantum computers would require a minimum amount of nearly 13 million qubits to break the encryption of Bitcoin almost in a day.
It is noteworthy that the researchers consider 300 million qubits to be sufficient for achieving the respective target in the coming days for the quantum computers, and this will present a hazard to the biggest token in the crypto world.
Webber is of the view that Bitcoin can carry out a hard fork to turn into quantum-resistant to fix the supercomputer issue in the impending time, however, he additionally cautions regarding the issues of network scaling. It was assured by the doctoral researcher that the presently available techniques for encryption are sufficiently secure. The community of the cryptocurrency is in advance worried as there’s a possibility to save the encrypted messages at one time and then decrypt them at some other time.
The hashing algorithm which is utilized by Bitcoin is called SHA256 and it has been developed by the NSA (National Security Agency) which is seemingly considered to be a strong encryption method. Bitcoin (The primary crypto token which has reached 13th year in this January since the creation thereof) has been remarkably resilient across the recent years along with proven to be a successful decentralized method of payment.
Nevertheless, The present reports are indicating that the respective status would not possibly be sustained by the token if some required advancements are induced in the latest computing devices. Dan Kaminsky – who is considered to be a well-known security expert – has recently acknowledged to be incapable of hacking the encryption of BTC (Bitcoin) in 2013.