Bitcoin and Quantum Computing
Date: 2022-12-05
Source: https://craigwright.net/blog/academics/bitcoin-and-quantum-computing
This paper addresses recently raised concerns that cryptocurrency protocols are not quantum computer proof. We present clear evidence that attacks on bitcoin using quantum computers are not viable in terms of economic costs.
Extracted Insights (12 total, showing top 10)
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Quantum computers are hypothetical machines that are based on several postulates from quantum mechanics in physics. If such hypotheses from Deutsch (1985) and others prove to be true, then it is possi...
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As with all undeveloped but potentially promising technologies, the scientists creating them oversell the near-term capability. And so is to be expected. Without funding, they would never come to exis...
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The reality is that the arguments are spurious at best; at worst, they are intentionally designed to deceive. In a paper, we demonstrate the flaws in such arguments, and show that systems (such as Bit...
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The truth is that Bitcoin was always quantum resistant. It stems from the scripting language, and the vary part of Bitcoin that allows it to be safe from any future attack is also one of the things th...
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Economically, it thus merely becomes viable to attack well-known and reused Bitcoin addresses that have exposed public keys and which hold large amounts of value for periods longer than 30 days. Even ...
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privacy can still be maintained by breaking the flow of information in another place: by keeping public keys anonymous
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In the script above, we have added a hash puzzle to a key we use merely once. I would like to see others think; so rather than detailing the possible scripts, I shall leave suggestions that others cou...
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The value that represents the signature can itself be modified in script. ECDSA plus a hash is immune even in theory to such so-called quantum-computer attacks (that do not exist). A developer can cre...
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Next, we can create conditional branches that are based on such options. Now, if we look at how we can link ECDSA keys homomorphically and create additive structures from them, we start to see that we...
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If it was ever an issue, the simple addition of an indexed hash to a Bitcoin script completely mitigates all of the theoretical quantum attacks.
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