A Chinese Breakthrough In Quantum Computing Puts Crypto Security At Risk!

The shadow of quantum computing now looms over the world of crypto. While Chinese researchers have reportedly reached a key milestone by using a quantum computer to circumvent traditional encryption systems, a crucial question arises: Is the security of Bitcoin and other cryptos truly threatened? Quantum computers, capable of performing calculations that no classical machine could solve, are seen by some as a Damocles’ sword hanging over current encryption protocols.

The Advances of Chinese Researchers and the Potential Threat

Research conducted by scholars at Shanghai University has triggered a wave of concerns in the crypto sector. According to a report published by the South China Morning Post on October 11, these researchers allegedly succeeded, using a D-Wave quantum computer, in bypassing several sophisticated encryption algorithms, notably utilized to secure bank accounts and crypto wallets. This breakthrough, described as a “real and substantial threat” by the university’s scientists, marks the first time a quantum computer has attacked complete large-scale encryption systems.

However, several experts, including Massimiliano Sala, a professor at the University of Trento, urge caution. They emphasize that the study’s results remain vague, particularly concerning the size of the RSA keys supposedly broken. “No evidence shows that these researchers succeeded in breaking keys the size of those currently used by banks,” Sala explains. If that were the case, it would represent a major upheaval for the crypto industry.

The Real State of the Quantum Threat to Bitcoin

Although the work from Shanghai raises a legitimate question about the future of encryption system security, it is essential to understand that the quantum computers used so far, like D-Wave, are not general-purpose machines capable of massively breaking keys in the crypto domain. Takaya Miyano, a professor at Ritsumeikan University in Japan, specifies that the Chinese researchers only factored an integer of 22 bits, far from the 1,024 or 2,048 bits used in modern RSA systems. “The D-Wave is a quantum simulator, designed to solve specific optimization problems, but it is not yet capable of quickly decomposing large RSA numbers in the real world,” Miyano explains.

This means that, for now, the private keys of Bitcoin and other cryptos are safe. Nevertheless, this advancement in quantum computing should not be ignored. Vitalik Buterin, co-founder of Ethereum, has already mentioned the idea of a “hard fork” in response to a potential quantum attack. “We are already well-positioned to launch an update in the event of a threat,” he stated. However, many experts, such as Samuel Mugel, technical director of Multiverse Computing, believe that such a fork would be complex and would require broad consensus within the community.

Ultimately, the threat posed by quantum computing to Bitcoin and the blockchain is one to watch closely, but it is not yet an immediate urgency. The Chinese researchers have made an important step forward, but current encryption systems remain robust against the limited capabilities of today’s quantum computers. Nonetheless, the industry must prepare for a future where more powerful machines may emerge. The adoption of post-quantum encryption is becoming a necessity to protect the crypto ecosystem and ensure its resilience against tomorrow’s technological threats.