Why the Threat to Bitcoin from Quantum Computing is Fixable.
The threat to blockchain boils down to: (1) After a Bitcoin (a cryptocurrency) transaction is broadcast to the network, it is at risk. (2) Using a quantum computer, the secret key could be derived before transaction placement on the blockchain. (3) Malicious intent could permit the broadcast of the secret key with a new transaction to the malicious actor’s own benefit. (4) Placing the new stolen secret key-enabled transaction on the blockchain before the original transaction permits grand theft of all the bitcoin “behind the original”.
June 5, 2018
