Karagiannis said that using a modified version of a mathematical approach known as Shor's algorithm, it is possible to determine all of the ECC keys used by Bitcoin.
To protect Bitcoin, ECC is used to provide an address where the private key can be retrieved. With quantum computing, it should be possible to download the entire blockchain to retrieve the private key, Karagiannis said. He added that theoretically, a quantum computer could retrieve the private key for anyone who has ever made a Bitcoin transaction.
“Currently, Bitcoin and most blockchain-based currencies are romania whatsapp data to quantum computing,” Karagiannis believes.
There are already several initiatives underway to develop encryption that will be more robust in the quantum era. One such initiative is Open Quantum Safe, an open-source C library called liboqs that will act as a quantum-resistant encryption algorithm.
The first implementation of Open Quantum Safe is used in the open source project OpenSSL, which is widely used on the Internet today for SSL/TLS encryption. If we look at the future of cryptocurrency in the post-quantum world, there are also a number of open source initiatives, one of which is called Quantum-Resistant Ledger (QRL).
"We must be prepared for the coming quantum apocalypse," Karagiannis said.
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