How safe is bitcoin? They find a way to crack its cryptographic algorithm

https://mundo.sputniknews.com/20220128/how-safe-is-bitcoin-they-find-a-way-to-decrypt-its-cryptographic-algorithm-1120877508.html

How safe is bitcoin? They find a way to crack its cryptographic algorithm

How safe is bitcoin? They find a way to crack its cryptographic algorithm

A team of scientists from the University of Sussex, in the United Kingdom, has calculated how safe bitcoin can be against a possible attack by hackers… 01.28.2022, Sputnik Mundo

2022-01-28T14:58+0000

2022-01-28T14:58+0000

2022-01-28T14:58+0000

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The cryptographic algorithm has the function of protecting bitcoin from a computer attack, since each transaction must go through miners that are connected to a computer network and confirm it so that it adheres to the block chain, an immutable record of who owns what. During this confirmation process, each transaction is granted a cryptographic key. According to the study of scientists from the University of Sussex, cracking this key to seize bitcoins is impossible with an ordinary computer. According to the scientists’ calculations, cracking this key in a time span of 10 minutes would only be possible with a quantum computer with a capacity of 1,900 million quantum bits, while a computer with 317 million cubits would do it in one hour. And to do it in one day, the power of the computer would have to be 13 million qubits. Today, the most powerful quantum computer is from IBM and it only has 127 qubits. That is why the researchers believe that it is almost impossible that bitcoin could come under cyber attack for at least the next 10 years. While bitcoin may be secure in this regard, the study authors cautioned that there are concerns about other data. encrypted such as emails, where encrypted messages can be stored and decrypted in the future.

https://mundo.sputniknews.com/20191214/quantum-speed-what-the-fastest-computers-in-the-world-are-for–1089646974.html

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A team of scientists from the University of Sussex in the UK has calculated how secure bitcoin can be from a possible attack by hackers and what it would take to crack its cryptographic algorithm.

The cryptographic algorithm has the function of protecting bitcoin from a computer attack, since each transaction must go through miners that are connected to a computer network and confirm it so that it adheres to the block chain, an immutable record of who owns what

During this confirmation process, each transaction is given a cryptographic key. According to him study from scientists at the University of Sussex, cracking this key to seize bitcoins is impossible with an ordinary computer.
“Transactions are announced and there’s a key associated with that transaction. There’s a finite window of time where that key is vulnerable and that varies, but it’s usually around 10 minutes to an hour, maybe a day,” he pointed research co-author Mark Webber to New Scientist.

According to the calculations of scientists, crack this key within 10 minutes would only be possible with a quantum computer with a capacity of 1.9 billion bits quantum, while a computer with 317 million cubits would do it in an hour. And to do it in one day, the power of the computer would have to be 13 million qubits.

Today, the most powerful quantum computer is from IBM and only has 127 qubits. That is why researchers believe that it is almost impossible that bitcoin could suffer a cyber attack for at least the next 10 years.
Graphic illustration of a quantum computer - Sputnik World, 1920, 12.14.2019

Quantum speed: what are the world’s fastest computers for?

While bitcoin may be secure in this regard, the study authors cautioned that there are concerns about other encrypted data such as emails, where encrypted messages may be stored and decrypted in the future.

“There is great concern that we urgently need to change our encryption techniques, because in the future they will not be secure,” concluded Mark Webber.

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