As a seasoned crypto investor with over two decades of experience under my belt, I find myself constantly navigating the ever-evolving landscape of digital assets and their associated technologies. The recent headline about Shanghai University cracking RSA encryption algorithms has certainly piqued my interest, but not to the point where I’m rushing to sell my investments just yet.
Researchers at Shanghai University have been making news for allegedly cracking the RSA encryption codes used in banking, military, and cryptocurrency sectors. Yet, well-known YouTuber Mental Outlaw argues that this recent development in China may not pose a significant threat to existing encryption standards because of substantial computational and physical constraints it faces.
As a crypto investor, I’ve been following the advancements in quantum computing, and I recently came across an interesting research paper. This study showcases a quantum computer that factorized the integer 2,269,753, breaking previous records set by other quantum computers. However, it’s important to note that this achievement still falls short of the record set by classical computers.
The YouTube personality made it clear that the quantum computer managed to decipher a 22-digit code. To provide some perspective, the best classical computers had previously solved an 892-digit code, which took an astounding 2,700 years of combined processing power from thousands of physical cores to achieve.
For perspective, early RSA encryption used 512-bit keys, with modern standards adopted around 2015 ranging from 2048 to 4096 bits. Moreover, quantum computers cannot be combined to achieve greater processing power and overcome this limitation.
Quantum bits, or qubits, must be kept extremely cold, close to absolute zero, to maintain their stability for data processing purposes. This necessitates the use of advanced cooling systems.
The YouTube video emphasizes an important point: A significant portion of quantum bits within a quantum computing system are assigned for error correction purposes. Consequently, the bulk of the computational power that a quantum computer could potentially yield is employed in rectifying errors instead of addressing the primary issue presented to it.
A well-known YouTube personality determined that quantum computers currently don’t present a major risk to today’s encryption methods, however, they cautioned that the situation could evolve quickly as a result of technology advancing more rapidly than anticipated.
Tech companies rush to create quantum-resistant cryptography
Currently, tech companies are working proactively to keep encryption secure against potential quantum computing threats. For instance, in July 2023, financial institution HSBC publicly announced their exploration into quantum-resistant banking systems.
In September 2023, IBM Quantum and Microsoft joined forces to establish a quantum cryptography alliance, aiming to research and build secure encryption solutions for the future, post-quantum era.
In February 2024, Apple made a significant move by enhancing iMessage’s security features, making it resistant to attacks from quantum computers – a step that many tech firms have begun adopting.
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2024-10-19 20:13