Scientists breach cryptographic algorithms with quantum computer: SCMP

As a seasoned crypto investor with over a decade of experience under my belt, I’ve weathered numerous storms and embraced the ever-evolving landscape of digital currencies. However, recent reports about Chinese researchers breaching encryption algorithms using quantum computers have me scratching my graying beard in concern.

It’s been reported that Chinese scientists are said to have broken the encryption codes employed in banking and cryptocurrency transactions using a quantum computer, according to their claims.

A team of researchers at Shanghai University, headed by Wang Chao, stated they successfully employed a quantum computer manufactured by D-Wave Systems from Canada to break through algorithms via quantum annealing – a process that seeks the state with the lowest energy level. This achievement was reported by South China Morning Post on October 11th.

The researchers targeted the Present, Gift-64, and Rectangle algorithms — the foundation for the Substitution-Permutation Network (SPN) structure, which backs the advanced encryption standards (AES) widely used to encrypt cryptocurrency wallets.

AES-256, specifically, is widely recognized as one of the strongest encryption methods currently in use. However, scientists caution that quantum computers might potentially pose a significant risk to it in the near future. This potential development could significantly undermine traditional password-security measures.

In simple terms, Wang’s research explained that their method for quantum computing resembles a powerful AI algorithm, which excels at finding optimal solutions across the entire problem space.

Instead of following every possible route, quantum tunneling lets particles go through barriers instead of over them. This enables quantum computers to locate the minimum point more effectively by skipping challenges that conventional methods often have difficulty mirroring.

For the very first time, a genuine quantum computer has emerged as a tangible and significant risk to numerous advanced SPN (Substitution-Permutation-Network) algorithms that are currently in operation, according to Wang’s team.

The advent of quantum computing has long been seen as a potential turning point with potentially serious implications for the cryptocurrency sector. With these advanced computers, it may become possible to crack encryptions, which could result in substantial theft of users’ funds at an alarming speed.

Scientists breach cryptographic algorithms with quantum computer: SCMP

As an analyst, I’m sharing insights from recent research findings. Although quantum technology has made significant strides, it appears that certain constraints are still impeding a complete quantum hack at this moment. These obstacles stem primarily from environmental factors, hardware limitations, and the complex task of designing a unified attack algorithm effective against multiple systems.

Concurrently, researchers stated that the quantum computer attack didn’t disclose the particular passwords utilized in the tested algorithms; yet, they surpassed previous accomplishments by making greater advances.

It was observed that future advancements might lead to stronger quantum-based threats, uncovering potential hidden weaknesses within current encryption methods.

The findings were recorded in a peer-reviewed paper published on Sept. 30 in the academic journal, the China Computer Federation (CCF) Chinese Journal of Computers.

Vitalik Buterin, one of Ethereum‘s co-creators, has previously suggested a method to minimize potential risks from quantum computing advancements. In a blog post published in March, he explained that a straightforward software update, or “hard fork,” could address this concern effectively.

According to Buterin, the blockchain needs to undergo a hard fork, and users will be required to install updated wallet software. However, most people shouldn’t worry about losing their funds in this process.

Additionally, he believes that, hypothetically speaking, construction on the essential infrastructure for carrying out the hard fork on the Ethereum blockchain could potentially commence as early as tomorrow.

2024-10-14 06:13

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