Technology Race: Quantum Computing vs. Cryptography
Cryptocurrency is built out of cryptography technology. It is a core technology that makes cryptocurrency secure through encryption and decryption processes.
Cryptographic hash function
It is a mathematical algorithm that converts a piece of data with arbitrary size into a fixed size. It is a one-way function that is impossible to reverse.
Cryptocurrency transaction is a form of encrypted communication
The way cryptocurrency works are that it relies on two-point communication from the sender to receiver through a secure message hand it from one party to another. The sender will encrypt the message, pass through the communication line to the receiver and the receiver gets the message and decrypt it.
Collision resistance
A good hash function requires collision resistance or there cannot exist two messages that produce the same hash result.
Avalanche effect
You also need cryptography hash functions to be as randomized as possible without ever being able to predict the input.
Brute-force attack
The easiest way to crack the hash function is to exhaust all possible combinations of the hash sum.
SHA-1, SHA-2, and SHA-3
SHA-1 was attacked in 2005 with less than 2 to 69th power of operations. SHA-2 was practically attacked in 2016 with less than 2 to 40th power of operations. SHA-3 is still safe for now but with the advance of technology on computing power, it is likely to be attacked in the near future.
Quantum computing
One of the advantages of quantum computing is to increase dramatically on computing power. It turns brute force requires time from 2 to n-th power to 2 to n/2-th power. It makes attacker even feasible to crack the most advanced hash function in the life span.
A potable quantum computing device
If a quantum computing device can sustain in the room temperature and install in your laptop or even your cell phone, it may change the game on cryptocurrency and makes it obsolete.
Continue improving on the hash function
No to mention that the new version of the hash function will continue improving in a way that it is possible that the entire universe of data can be hashed into one string of randomness texts.
In conclusion
The technology race is ever more intense and the lack of technology advanced by resulting in the collapse of the entire system.
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.
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