A team of Google researchers has set a new expiration date for post-quantum cryptography migration, giving cryptocurrencies like Bitcoin just three years to adopt new techniques that are resistant to quantum attacks. This means Bitcoin must move away from its current cryptographic standards to protect against the threat of quantum computers.
The researchers’ paper explains how quantum computers can break some important cryptographic systems using far fewer resources than previously thought. This makes it possible for someone to build a quantum computer capable of deriving a Bitcoin private key from a public key, which would give them access to the person’s coins.
However, this doesn’t mean that someone can intercept transactions on the Bitcoin network. Instead, they could crack someone’s private key, and when you have someone’s private key, you have their coins. The researchers used Shor’s algorithm, a quantum algorithm developed in 1994, which makes it faster to break certain types of encryption with quantum computers.
The Bitcoin network does not use encryption, but some old addresses hold over one million bitcoins, making them a potential target for quantum attacks. Newer addresses can also be cracked, but only when they’re broadcasted within a transaction, giving a short window of time for someone to use the algorithm.
To mitigate this threat, Google suggests ways in which blockchains like Bitcoin could be updated to include post-quantum cryptography. This includes simple steps such as moving coins from old addresses to new ones if possible and updating protocols to include new cryptographic techniques.
Other cryptocurrencies, like Ethereum, are also vulnerable to these issues, and some have already published plans to address them before it’s too late. The Bitcoin community must take action now to ensure its long-term security and prevent potential attacks that could lead to significant losses or disruptions on the network.
Source: https://mashable.com/article/google-research-bitcoin-cryptography-broken