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| Hacking Bitcoin wallets with quantum computers |
We recently heard from German programmer Stefan Thomas. He forgot the password to his digital bitcoin wallet, which contains 7,002 bitcoins. It looks like quantum computers can solve his problem.
Bitcoin in Stefan Wallet is worth more than $250 million. However, he cannot access his coins because the e-wallet password cannot be retrieved.
On the other hand, quantum computers are a million times more powerful than ordinary personal computers. These devices can crack wallet encryption and then take advantage of Stefan, but this poses a threat to millions of people around the world.
Quantum computers and bitcoin
Quantum computing technology is still in its infancy. However, many government and private companies such as Microsoft and Google are working hard to develop this technology.
And that within ten years. Quantum computers can decrypt the encryption technology that protects cell phones, bank accounts, email accounts, and even digital bitcoin wallets.
Fred Thiel, CEO of cryptocurrency mining company Marathon Digital Holdings, said, “If we have digital computing technology now, and have enough attention and resources, blockchain wallets can be hacked in just eight years.
On the other hand, development and interest is not only focused on quantum computers, but digital encoders around the world are also developing resistant cryptographic protocols for quantum computers.
quantum penetration
It uses a technology known as asymmetric coding that enables individuals to have two authentication keys, one public and one private, and relies on that technology to perform authentication and login operations across multiple authentication and registration processes.
Every login or identity verification process on your smartphone, bank account or any other account relies on this encryption technology. If a quantum computer could decipher it, it would threaten the entire world.
Public and private keys allow users to obtain a digital identity, especially in the field of digital currency. This digital identity is known as the Curved Digital Signature Algorithm. It is the identity that ensures that the coin is disposed of only by its owner.
In theory, anyone with a quantum computer could reverse engineer your key, create a digital identity similar to yours, and then retrieve all of your cryptocurrency.
Bitcoin wallets, etc.
These hacks only happen when a person can't find a solution to them. For example, when it comes to Bitcoin and other digital wallets, experts are not worried about this technology.
Nick Carter, co-founder of Castle Island Ventures, described Quantum Hackers as no surprise. On the contrary, it will be completed gradually and it will be clear to the target person or party what provides the opportunity to solve the problem.
It is worth noting that the scientific community and the crypto community understand the details of the new technology. This gives them the opportunity to develop a secure encryption technology for quantum computing over the next few years.