IPQC Founder Linchun Li: There is no doubt that “Bitcoin will be cracked”!
Li Linchun, Founder of the International Post-Quantum Cryptography Institute
The fundamental security of digital currency, first of all, is the signature algorithm. To simplify, if the anti-quantum signature is used, a signature algorithm with maximum consensus that can be used efficiently and safely for a long time, then exposing the public key or not, there is actually no need to worry about quantum cracking. In the case of elliptic curve signatures, exposing the public key is the individual problem, and using elliptic curve signatures is the fundamental group problem.
This involves whether bitcoin can be updated from the current ecdsa or schnorr to a “secure, stable, and efficient digital signature algorithm with universal long-term global consensus”. Assuming this algorithm is available, bitcoin will also have to solve the problem of how to deal with the three to six million bitcoins that have exposed their public keys before adopting the segwit signature in 2017, and how to deal with the bitcoins that have exposed their public keys after activating taproot in November this year.
These bitcoins with exposed public keys are naturally the easiest live targets for quantum cracking.
Has turned to the address without exposed public keys, even quantum computers, there is no way to crack, because the premise of quantum cracking is: get the public key, natural can all solve the problem, again, this is the solution to individual problems, not the solution to the problem of the bitcoin group, or the system problem.
This 2019 paper by Craig GIDNEY of Cornell University, “How to decompose 2048-bit RSA algorithm integers in 8 hours using a quantum computer with 20 million noisy quantum bits,” was revised on April 21, 2021.
Which is harder to crack, the 2048-bit RSA, or the ECDSA or SCHNORR signatures of Bitcoin?
Bitcoin core developer Mark Friedenmach, opposed to Bitcoin activating taproot because Bitcoin had to expose the public key to activate taproot this November, and Bitcoin is more likely to be cracked by a quantum computer after exposing the public key. More and more bitcoin core programmers are starting to worry about quantum computers cracking public keys. You all are is the circle of big names, professors, PhD more should be aware of this early
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