Quantum Mechanics is not only the most significant component of modern physics, but it is also responsible for technological advances that influence our everyday lives. As one of the up and coming industries, blockchain can also be impacted by quantum mechanics. To be more specific, quantum computing can pose threats to cryptographic algorithms that blockchains are now using. This report will introduce some basic concepts of Quantum Mechanics and discuss how the applications of Quantum Mechanics can affect blockchain security, taking Bitcoin as an example. In the meantime, GateChain is also exploring its innovative approach to defend against Quantum Computing attacks.
- In the late 19th century, as scientists discovered phenomena that could not be explained by classical mechanics, the idea of “quanta” was postulated. Theories such as Schrodinger’s wave mechanics and Heisenberg’s matrix mechanics were proven as the study of quantum physics gradually established itself.
- Nowadays, quantum mechanics is applied in many fields. The technology of Quantum Key Distribution (QKD), which involves particle polarization and uncertainty principle in quantum mechanics, is one of the most advanced cryptographic protocols.
- With the improvement of modern scientific research, the computational power of traditional computers can no longer meet the demand of simulations at a microscopic level. Therefore, the need for high-performance quantum computers, based on quantum mechanics, has emerged. Many tech giants and governments have already entered the race of next-generation computing.
- Quantum computing has posed severe threats to blockchain cryptography, wherein hash algorithm and other private keys encryption algorithms could possibly be cracked. In particular, Grover’s algorithm and Shor’s algorithm are proven to be able to crack the elliptic curve cryptography and SHA256 algorithm efficiently.
- Currently, using quantum-proof algorithms is an effective way to resist quantum computing attacks, but it is likely to cause the problem of node centralization. In the meantime, GateChain will try to discover innovative approaches to defend itself against quantum computing attacks while maintaining network security and capacity.
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Disclaimer: Based on the due diligence and objective analysis by internal staff, the research draws a conclusion based on the literature and research that has published. However, it should not be treated as the sole basis of any investment.
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