A Bit More on Bitcoin & Quantum Computing’s Threat
While Bitcoin returns to ranging mode, industry concerns focus on security
In brief…
+ It may seem that exchange breaches have diminished this year, but the issue of endpoint security is always present. While the loss of personal keys are also a continuing problem, cryptographers are constantly fearing the rise of new quantum computers that could theoretically unravel the secrets of both the blockchain, as well as everything else that is encrypted on the planet according to the 128-bit Advanced Encryption Standard (AES).
Other experts in the field are convinced that the hype surrounding quantum computing has been overstated. Per Sabine Hossenfelder:
I’m not very optimistic that quantum computers will have practical applications any time soon. I’m quite worried that quantum computing will go the same way as nuclear fusion: that it will remain forever promising but never quite work. Nevertheless, quantum supremacy is going to be a super exciting event.
+ After the loss of billions of dollars to professional hacking gangs, the executives operating the 200+ crypto exchanges across the globe have moved to beef up firewalls and anti-compromise security tactics. The upgrades, however, are anything but consistent across the far-flung network of exchange platforms, but customers do have options to protect themselves – offline cold wallets. Many exchanges have adopted institutional-grade custodial services, but on an individual basis, only “accredited investors” have access to these avenues.
+ Are 128-bit AES standards and the blockchain really at risk? Yes, but not today and not anything that better standards cannot mitigate.
Chris Pacia, a crypto expert that has been quoted as an expert by Bitcoin.com, explains:
Quantum computing would likely double the size of a key that could be effectively brute-forced. That might cause AES-128 to fall, but AES-192 and AES-256 should still be safe.
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