The researchers concluded that the proof-of-work (PoW) algorithm used by the largest cryptocurrency (Bitcoin) gives a fair amount of protection against the quantum computers. This is mainly due to ASIC miners, which are much faster than quantum computers of near future designed to be. Only those Bitcoin which utilizes Elliptic Curve Digital Signature Algorithm (ECDSA) are more vulnerable to attack and could be cracked by quantum computers within ten years. The researchers stressed on the need to find a solution to secure the systems from future computing power. The report says: “The key cryptographic protocols used to secure the internet and financial transactions of today are all susceptible to attack by the development of a sufficiently large quantum computer. One particular area at risk are cryptocurrencies, a market currently worth over 150 billion USD.” Dr Marco Tomamichel, part of the team and from the Centre for Quantum Software and Information at the University of Technology Sydney said: “It is a very exciting time to be working in quantum information now that simple quantum machines, like the Google and IBM devices, are a reality.

Understandably, there is a lot of nervousness in cryptocurrency communities about whether their digital assets can resist future attacks by very fast quantum computers.” Quantum computing challenges the limit of classical computing by taking advantage of quantum bit or qubits that exist in any superposition of values between 0 and 1 and are able to process much more information than 0 and 1. With this huge processing power, then it will be possible to generate a private key from the corresponding public key. If any individual could generate a private key from the corresponding public key then even the secure form of traditional public key cryptography could be brought down. HIGH RISK WARNING: Trading cryptocurrencies carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade on cryptocurrencies, carefully consider your investment objectives, experience level, and risk tolerance. Educate yourself on the risks associated with trading cryptocurrencies, and seek advice from an independent financial or tax advisor if you have any questions.

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For more on spin, check out: This video was supported by TechNYou: A quantum computer works in a totally different way from a classical computer. Quantum bits. Can quantum computing improve Bitcoin mining? Imagine you have a quantum computer and a classical computer each with a black box which takes the same time to.