Blockstream Researcher on Monero and Bitcoin, Talks Bulletproof Tech and Quantum-Security
The crypto verse is increasingly becoming vocal on the prospects of quantum computers attacking crypto platforms in the coming years. Many in the community are fearful of the immense power possessed by quantum computing.
At the moment, the working theory is that the computers might be so powerful that they may eventually decode the algorithms in use by most platforms.
Jimmy Song, a renowned Bitcoin programmer, does not think that this will be the case. But not everyone in the crypto community holds this point of view. According to Andrew Poelstra, he believes that quantum computing may, in fact, pose a threat to digital assets such as Monero.
For Andrew, the question is not whether the Logarithm can be broken, but whether there will be a single machine that will be large enough to achieve this fete. The researcher, however, goes on to add that at the moment, this should not cause a lot of concern.
This is because it will take time for such a machine to be developed, which means that there is enough time to come up with a system that can withstand any future attacks. Andrew goes on to state that the situation will not be any different for BTC.
The reason for this being that the public keys currently being used to control the BTC coins in the network are already known to the public. 2/3rds of the keys are well-known, which means that it would not take long for a quantum computer to connect all these points.
The King Coin and the Transition Plan
When it comes to the issue of the King coin, the one thing to focus on would have to be the transition plan. A plan will need to be in place, in case a quantum computer is able to bypass the network.
A transition plan would come in handy as all that would be required would be to replace the logarithm used for the digital signatures. Replacing it would help make the network averse to attacks from a quantum computer.
This would be an easy fete for Bitcoin, but it would pose a challenge for Monero—the privacy coin. The challenge would be in the complexity of the replacement process. Replacing the digital signature would require that the Ring CT be replaced. This is an important part of the network.
Monero and the Ring CT Signature
The Privacy coin is increasingly reliant on the use of ring stealth addresses, ring confidential transactions, and ring signature. It needs all this to guarantee user anonymity when using the network.
Andrew Poelstra recently stated that he has been working on a ring signature scheme that would be logarithmic in terms of its size. He goes on to state that even though the scheme he is working on may not be groundbreaking, it will be a positive step towards improving the efficiency of the platform.
The researcher is, however, hopeful that there will be some tech breakthroughs in the coming years to help make things easier.