Home
News
- 1 Quantum Bit functions like Bits in Classical computers but instead of representing information only as 0 or 1, Quantum Bits can exist as both 0 and 1 at the same time.
- 2 Qubits can empower hackers to break the encryption protocol of blockchains and access the private keys of crypto investors.
Crypto investors are concerned about the future of cryptocurrencies with the invention of quantum computers. Although these computers are still in their early stages of development, investors worry that access to this level of computing can overdrive blockchain’s security protocol.
What is Quantum Computing?
Quantum computing (or a quantum computer) is a computer that uses quantum mechanics to process information. This mechanics explores the behavior of the particles of light and matter. It believes that in their atomic and subatomic state, matter and light can exist in two forms at the same time. In quantum computing, the particles that are expermined are electrons and they are referred to as Quantum bits or Qubits.
What Is Quantum Bit?
Quantum bit (also called Qubit) is the basic unit for representing information in quantum computers. Due to the mechanics they are based on, more data can be represented in Qubits than in Bits of Classical Computers. For instance, if a Classical Computer has only 2 bit, data can only be represented in 4 states on the system (that is 00, 01, 10, and 11).
But if a Quantum Computer has 2 Qubits, there is an infinite number of states that the data can be represented as. This is because each of the Quantum bits can be represented as both 0 and 1 at the same time. So the ’01 state’ can be 01, 10, 11, and 00 states simultaneously.
What Are The Properties of Quantum Bits?
1). Superposition
One of the earliest descriptions of superposition is seen in the Schrödinger Cat experiment where a cat is given a poisonous substance that has the potency to either kill it or not within an hour. The poisoned cat is then placed in a sealed box for one hour. After an hour, the cat will be assumed to be switching states between being alive and dead until the box is unsealed and the cat is examined to find its exact state. In the same way, Qubits exist in multiple states until they are measured.
There is also a mathematical explanation for this. In the equation X²=9; X is believed to be 3 and -3 simultaneously until one of the states (3 or -3) is assigned to it. All the states in which a quantum bit exists are accurate; measurement randomly assigns a state to it.
But Why is This Important?
Superposition increases the computing power of quantum computers.
Computing power is determined by the number of 0s and 1s in a system. With more numbers, more data can be represented and the processing speed will heighten. This concept can be described using a maze.
If a Classical Computer with 2 bits wants to solve a maze, it can only go through 4 paths. If all 4 paths do not lead to the end of the maze, it will have to go back to the beginning and take another 4 paths.
This process wastes time. Now, if a Quantum Computer with 2 Qubits wants to solve the same maze, it can go through at least 8 paths at once. This shortens the time it will need to solve the maze when compared to the Classical Computer.
The power of superposition in Quantum computers increases with the number of Qubits. With more qubits, the system will have more 0s and 1s and can take more paths in solving a problem.
2). Entanglement
When a superposition quantum bit splits, each qubit will remain affected by each other. Such that, no matter the distance that is placed between them, if a change is made to one qubit, it will affect the others. It is just like watching Ballerinas, it is certain that all the dancers will be in the same position without looking at each other. This is still certain even if each dancer is placed at each end of the room.
Entanglement cuts the time and computation power that is needed to transfer data between qubits. If a piece of information is processed in one qubit, it is certain that its entangled partner will also have the result of the processed data. This increases the speed of quantum computers.
How Does Quantum Bits Affect Cryptocurrencies?
The current supply of quantum computers poses no threat to the blockchain industry because to attack the network, each computer would require millions of quantum bits to achieve enough processing power. Crypto investors however worry that if quantum computers start implementing enough qubits in the next decade, blockchains will be susceptible to the following attacks:
1) Mining Attacks
Proof-of-work blockchains require miners to solve complex mathematical puzzles to gain the right to add blocks to the network. This method keeps the blockchain decentralized as the puzzles consume time and computational effort to solve. But with quantum computers, miners will be able to solve the puzzles quickly. This will centralize the power to add blocks to the network to the miners who operate quantum computers.
2) Security Attacks
Blockchain transactions are made secure and trustless through encryption, hash function, and the use of private keys. Encryption involves creating a secret code for messages that are sent between two parties so that only the parties can understand what was sent. Although blockchains don’t use encryption for data stored on the network, crypto service providers use it to protect the private keys of their users.
Now, since quantum computers can solve complex problems through various paths simultaneously, a hacker operating from this computer will be able to break the encryption of crypto services and access the user’s private key. This flaw makes all cryptocurrencies stored with online wallet providers valuable to hacking.
Conclusion
Although hackers will need a computer with millions of quantum bits, the crypto industry is getting ahead and pushing for the development of quantum-resistant blockchains to protect investors from the possible threat of quantum computers.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
