Experts from Google participated in preparing the research, along with experts from academic institutions and the cryptocurrency sector, including the Ethereum Foundation.
Bitcoin and Ethereum are in danger
The problem is that future quantum computers may be able to use “Sure” software to solve a mathematical problem that is the basis for the security of these systems, which may allow, in certain circumstances, to extract the security keys for digital currencies.
This means that having a powerful enough quantum computer could turn one of the most important layers of protection in cryptocurrencies into a weak point.
But the most notable surprise in the study is the estimate of the resources required to carry out the attack. The researchers say that cracking the discrete logarithm problem on the secp256k1 curve requires a quantum computer power that is one order of magnitude lower than expected.
Does it mean the end of Bitcoin?
But the danger of the study is that it indicates that the technical requirements for an attack may be much lower than previously thought.
Researchers warn that the emergence of fast and sufficiently capable quantum computers may enable successful attacks on some digital currencies.
New encryption
Thus, the study does not declare the end of the era of cryptocurrencies, but it sends a clear warning: that the security that protects billions of dollars today may need to be rebuilt before quantum computing reaches maturity.
