Will the advent of quantum computing pose a threat to Bitcoin?

 if Bitcoin (CRYPTO: BTC) introduced a peer-to-peer (P2P) lending system enabled by its native token in 2009, the world was excited — and wary — about the merits of a decentralized financial system.

More than a decade later, BTC has not only become the world's largest cryptocurrency by market cap, but has also fueled the adoption of blockchain technology across numerous industries. It has also spawned a number of applications such as B. Decentralized Finance (DeFi) that are revolutionizing the way people conduct transactions.

However, with the advent of a new generation of quantum computing , the supremacy of blockchain-based protocols like Bitcoin could be challenged in the near future.

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What is quantum computing?

While traditional computers use bits to process and store information by alternating between 0 and 1, quantum computers use qubits that can exist in both states at the same time.

These computers can be millions of times faster than today's best supercomputers.

With this kind of computing power, malicious organizations could take advantage of quantum computing to launch attacks on protocols like Bitcoin in an attempt to steal funds from the millions of cryptocurrency users transacting over the internet today.

By using memory or transit attacks, bad actors could target vulnerable wallet addresses or even target transactions.

At the same time, they are processed on the blockchain. Memory attacks appear to be a greater possibility as they depend on how securely the tokens are kept by the various users, while transit attacks are beyond the reach of quantum computing in existence today.

Superiority under attack?

Currently, Bitcoin and other blockchain protocols are not particularly vulnerable to quantum computer attacks. That's because the processing capacity of quantum computers hasn't gone beyond 100 qubits. This limits the possibility of an attack on a protocol as large and secure as Bitcoin's.

But technology is advancing rapidly, and quantum computers with more than a million qubits could become a reality within the next decade.

With such computing power, the Bitcoin network in its current form would be difficult for cybercriminals to attack.

See also: Broken Record? JPMorgan CEO Continues to Rant Against Bitcoin, Calling It a 'Ponzi Scheme'

Projects to thwart future attacks on quantum computers

There are a number of projects working to improve or introduce new architectures that would make the protocols even more secure.

In fact, blockchain technology is constantly evolving as developers and entrepreneurs strive to innovate.

The move away from elliptic curve cryptography (ECC), which focuses on a set of public and private keys to encrypt data, will be one of the most immediate tasks for crypto developers.

Recognizing the need for more robust and attack-proof solutions, a number of projects are exploring alternative cryptographic methods to secure the next generation of Bitcoin and other protocols.

Some notable examples of quantum resistant technologies are:

• The block lattice method as used by the QAN platform
• Direct Acyclic Graph (DAG) technology as used in the Iota blockchain
• And Quantum Key Distribution (QKD), developed by Toshiba (OTC:TOSYY) and JPMorgan Chase & Co. (NYSE:JPM)

Each of these methods has taken different approaches to ensure their respective networks can withstand quantum computing attacks.

But the gist remains: the crypto developer community would do well to prepare for the risks of quantum computing.

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