Bitcoin uses Elliptic Curve Digital Signature Algorithm (ECDSA) which is a cryptographic algorithm to ensure the effective and secure control of ownership of funds. In cryptography, the Elliptic Curve Digital Signature Algorithm offers a variant of the Digital Signature Algorithm (DSA) which uses elliptic curve cryptography.
- Elliptic curve cryptography
Elliptic curve cryptography basicall uses theory revolving around elliptic curves.
Following are ways in which two points can be represented on curve
Shor’s algorithm can be used to break elliptic curve cryptography by computing discrete logarithms on a hypothetical quantum computer(soon coming in the near future). The latest quantum resource estimates for breaking a curve with a 256-bit modulus (128-bit security level) are 2330 qubits and 126 billion Toffoli gates. In comparison, using Shor’s algorithm to break the RSA algorithm requires 4098 qubits and 5.2 trillion Toffoli gates for a 2048-bit RSA key, suggesting that ECC is an easier target for quantum computers than RSA.
Quantum computers in the near future are predicted to be running the Shor’s algorithm very efficiently and quickly thus enabling them to break into the Bitcoin system if desired easily. If these quantum computers fall in the hand of the hackers around the world it would lead them to destroy the bitcoin system thus giving access to all the peoples assets.
Conclusion
At the end all I would like to say is that I hope that the advancements in Quantum computing and Bitcoin will be used to progress each other and humanity and not be used against each other… I say let them be friends !!.
