Chances are you may have heard about quantum computing or not. This is a new and more powerful computing system, which is set to change the world of technology as we know it.
The crypto community is also concerned about how they can embrace this technology and still safeguard their interests.
In the recent past, Stefan Thomas, a German trader made news when he forgot the password to his digital wallet. His wallet had 7,002 coins, which are worth more than $260 million.
There have been arguments that if he was using Quantum computing, he would have cracked the password code effortlessly.
While this would have been good news for the German crypto trader, it means that Quantum computers can be used to crack Bitcoin digital wallets easily, which raises serious security concerns. Experts have confirmed that the Quantum computers have lighting speed and are way faster than regular computers.
There are companies like Google and Microsoft who are working tirelessly to help bring these advanced computers to use.
Studies show that within a decade, quantum computers could easily break and bypass cryptographic security. This is a serious worry as this means your bank accounts, cell phones, emails, and digital wallets can be cracked.
With this in mind, the cryptographers are working around the clock to ensure that they have the right encryption protocol to prevent any cases of quantum hacking.
What Quantum Hacking Means
If you are not a programmer or a computer system analyst, there are things that you do not worry about. It is important to have a basic idea of how things work in the world of technology.
Currently, asymmetric cryptography is what runs the digital world. This is what will give access to all your internet-based accounts including crypto wallets. Every time you login in the data is supported by asymmetric cryptography. Sadly, this can easily be hacked by quantum computing.
What has changed is the fact that there will be digital signatures which will be produced with the private key. This needs to be verified by a public key, which pairs up with the private one.
When you are trading with your Bitcoin on platforms like bitcoindigital there is a digital signature known as the Elliptic Curve Digital Signature that protects your transactions.
This ensures that only the rightful owners will spend the coins. However, quantum computing makes it possible for hackers to forge your digital signature and can wipe your digital wallet clean.
Enhancing Bitcoin Wallets Security
The good news is that cryptographers have assured the crypto community that there is nothing to worry about quantum hacking.
For instance, it has been established that quantum computing will be introduced gradually and not a sudden move. As such, there will be countermeasures that will be provided to fortify the Bitcoin wallets.
The other advantage is the fact that quantum computing is not a secret – people are aware of its happening, which gives enough room to get ready.
The National Institute of Science and Technology has been working tirelessly on a new and improved encryption that will safeguard your interests against quantum threats. This is a technical problem and can only be resolved using a technical solution, which is on course.
There are many standardization processes which are in the testing phase meant to safeguard the digital signatures. By 2024, there will be a full-proof post-quantum encryption which will allow traders to transact without any worry.
With new changes, there may be new challenges. However, the good news is that by the time quantum is taking full effect, there will be corresponding security upgrades to protect your digital wallet. The cryptographers are committed to keep up with the changes in the digital world.