Australian scientists: quantum computers will smash Bitcoin in a decade

Australian scientists: quantum computers will smash Bitcoin in a decade

Researchers from University of Technology Sydney predict Bitcoin failure to happen around 2027.

Scientists say that quantum computers will learn to crack hash – the core element of cryptographic code. The use of the technology can lead to the situation when hackers will be able to steal cryptocurrency funds and it will be impossible to catch them, as reported in the paper Quantum attacks on Bitcoin, and how to protect against them.

According to researchers, cryptographic proofs-of-work, used to verify the transactions in distributed ledger database of Bitcoin, will be more resistant to attacks generated by fast quantum computers.

Scientists believe that specialized application specific integrated circuits (ASICs), used by miners, will keep the mining process secure in the nearest future.

However, researchers stated that cryptocurrency holders should start preparing to attacks already now.

“The whole Bitcoin system, including accounts and transactions, is at risk within ten years. Therefore, we should start looking for solutions now,” head of the research group Dr Tomamichel said.

Scientists offered using Momentum, Cuckoo Cycle and Equihash instead of the current HashCash algorithm to protect Bitcoin against attacks from faster quantum computers.

Google is planning to finish the work on its quantum computer the next year.