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The researchers from Singapore, Australia and France say that scenario represents the worst case, and would see a quantum computer able to run Shor's algorithm against the cryptocurrency's protective elliptic curve signature quicker than the 10 minutes Bitcoin needs to record a transaction in the blockchain. There are two items of good news in the paper for Bitcoin: In their paper , which landed at arXiv in late October, Divesh Aggarwal and his collaborators say ASIC-based mining rigs are fast compared to even optimistic theoretical quantum computer clock speeds.
The extreme speed of current specialized ASIC hardware for performing the hashcash PoW, coupled with much slower projected gate speeds for current quantum architectures, essentially negates this quadratic speedup, at the current difficulty level, giving quantum computers no advantage.
Future improvements to quantum technology allowing gate speeds up to GHz could allow quantum computers to solve the PoW about times faster than current technology. As far as defeating hashcash goes, the numbers are daunting for quantum computer designers: Shor's algorithm, a quantum algorithm for factoring integers that's how it would attack cryptography , is a better path, they write.
Deploying a quantum computer against the secpk1 elliptic curve Bitcoin uses is much more dangerous: As with cracking the proof-of-work, the researchers assume quantum computers get big and fast relatively quickly, and even so, they fall slightly short: The Register - Independent news and views for the tech community. Part of Situation Publishing. Join our daily or weekly newsletters, subscribe to a specific section or set News alerts.
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