Saw a comment on a banking thread that said that Quantum Computing will kill crypto, I assume because it would be able to edit the blockchain and thus killing the entire point of bitcoin, but how exactly would it do this? How does it work and why does it mean all current encryption would become useless?
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Quantum computers can factorize numbers much faster than traditional computers.
This would enable them to sign break the elliptic curve cryptography part of bitcoin.
This has been known for a long time by the bitcoin community.
Bitcoin is not fixed to using ECC. The plan is to change Elliptic curve cryptography for any other public/private key system which is not vulnerable.
The reason they do not do it now is that every replacement would take up more space on the blockchain.
Do you happen to know when quantum computers will become a thing that can be used outside major corporations? The videos I watched looked to be something that was still a long way away.
There needs to be consumer utility for them to be attempted. I haven't heard of a practical use for normal people for quantum computers.
Neural renderers could be one, but such a software doesn't even exist as a prototype.
Or a war with a major power. Decryption tech would instantly become a priority.
For consumers?
The computer needs 4000 qubits.
currently the largest has 256 qubits
https://phys.org/news/2021-07-team-quantum-simulator-qubits-largest.html
What's stopping them from plugging in 16 of them together to make 4000 qbits.
Physics.
No one knows that. For all we know the technology exists within governments, and they're just not letting on.