Now cryptography based on algorithms of elliptic curves (ECC), in particular ECDSA and ECDLP, provide protection of private keys and signing transactions in the bitcoin network. However, quantum computers using the Schora algorithm are theoretically able to solve the problem of calculating the private key from the public, the organizers of the competition said.
According to the Project Eleven, to hack the ECC algorithm, a quantum computer with approximately 2330 cubes and 126 billion logic tuffoli (TOFFOLI Gates) is required to attack a 256-bit key for reasonable time. If successful under threat Millions of bitcoin addresses can get hacking and theft of assets, especially those whose public keys are already disclosed.
Current quantum computers, such as IBM Heron (156 Cubes) and Google Willow (105 Cubes), are far from the necessary 2000 logical cubes that allow the 256-bit ECC key. Nevertheless, the rapid progress of quantum technologies and access to them through cloud platforms (IBM, AWS, Google) causes concern about experts Project Eleven.
Earlier, developers working on the SOLANA blockchain presented a repository for cryptocurrencies called Winternitz Vault. The creators of the solution claim that it will help protect user assets from theft using quantum technologies.
Source: Bits
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