It will take several years before the current network security technology is about to collapse. Time is running out. Although this attack is expected, it will be fatal if a solution can not be taken for the upcoming quantum computer attack. Bitcoin, or one of the other online currencies, is likely to be the first currency to be attacked by quantum criminal companies.
In 2016, Paul Revere, who graduated from the Institute for quantum computing at the University of Waterloo, warned that the tools used to create public key cryptography could be broken by 2026. Michele Mosca, co-founder of the Institute, said today’s decision to deal with the threat was crucial.
He believes that by 2026, the chance of cracking public key cryptography is one in seven. By 2031, the probability will increase to 50%.
“At present, our network immune system is not ready for quantum threat,” Mosca said on CSO, a network security website. “This is an imminent and deadly attack, and there is not much time to design and deploy a cure until the threat is recognized. This threat is likely to target bitcoin.
Canary in the coal mine
Bitcoin has certainly won the dubious title of “canary in the coal mine,” because many financial analysts predict that the first goal of quantum computer crime will be to mine the entire bitcoin vein; it is a big and juicy goal.
According to coinmarket cap, the market value of cryptocurrencies around the world is now just over $250 billion. Previously, cryptocurrencies reached the $800 billion ceiling in early 2018 before falling off the cliff.
Bitcoin, however, is only the tip of the iceberg. Bitcoin’s vulnerability is also reflected in online merchants and banks. Both use similar encryption security schemes. For example, once quantum computing enters this field, AES and sha256 encryption may become weaker.
Quantum thieves can sneak in and steal bitcoin funds without being found, which can easily destroy the trust of the market compared with the bitcoin.
Cryptocurrencies now rely on Algorithms for moving and storing bitcoin. These algorithms allow users to generate encrypted private and public keys. The public key is used to receive the cryptocurrency, and the private key allows the user to use the cryptocurrency. This public / private key generation provides security.
Connect these points
Quantum computers will be able to unravel these digital signature algorithms as they pass through the Internet, thereby exposing private keys. In theory, quantum computers will have the ability to find and connect private and public keys. The task of password security experts is to replace digital algorithms with more secure solutions.
So the question becomes: will the sheriff’s team arrive in time to stop the bad guys from crossing the mountain with trillions of dollars of stolen goods?
As early as 2013, bitcoin magazine published an article by vitalik buterin on how to stop the bad guys who destroy bitcoin. Simply put, bitcoin’s defense involves removing all bitcoins from the address where they are received and moving them to a new, unused address.
The move brings stronger encryption guarantees. In this article, the author claims that bitcoin is now secure and will not even be subject to quantum attacks. Now, what about spending bitcoin stored in unused addresses?
Bitcoin transactions are necessary and anyone can use them. This means creating a signature and a public key to verify bitcoin ownership from the private key. Unfortunately, doing so frees up all the information a quantum user needs to simulate a bitcoin owner.
The magazine proposes a possible solution to protect bitcoin by using Lamport signature and Merkle signature. The scheme allows signatures to be used thousands of times before exiting the private key.
Ready for attack
Now, suppose an evil Dr. doomsday suddenly takes a quantum computer out of his broombox and announces that he will consume all bitcoin accounts in two weeks, years before the expected quantum attack.
Bitcoin magazine recommends that bitcoin holders move their bitcoin between addresses that Lamport plans to generate and addresses that are not used. The developer will be responsible for creating a Lamport patch for bitcoin holders and will call for an immediate upgrade. This will create a temporary safe harbor. Trusted companies can provide additional security for bitcoin transactions by implementing Merkle signature schemes as nodes.
Another promising project is quantum resistant ledger (QRL), which positions itself as “safe not only for today’s computers, but also for tomorrow’s quantum computers”.
Other security possibilities of bitcoin on the network may involve a scheme called ideal lattice cryptography. It will resist quantum attacks and have a carefully designed privacy feature. The ideal lattice should have a hidden address and an unlinked ring signature. However, the programme is so complex.
Cryptocurrency researchers have repeatedly stressed that cryptocurrency traders should be prepared to pay close attention to market trends. Quantum computer attacks are going along this trajectory, but no one knows exactly when they will arrive.
Mosca warned in an equally brief and emphatic way: “at present, our network immune system is not ready for quantum threats. It’s an imminent and deadly attack, and there’s not much time to design and deploy cures until the threat is recognized. “