Saturday, May 7, 2022

The end of crypto

Cryptography entails making a message secret; blockchain entails making it (perhaps paradoxically) so public it cannot easily be deleted. Crypto-currency is one result of the marriage between the two.

Currently crypto-currency is enjoying much favour on account it might even be superior to government-backed scrip, on account it cannot (easily) inflate. You own a prime number, best I can tell. It's difficult to print more of these. Like it's difficult to print more physical gold. It is also difficult to hack (although the people running the exchanges sometimes figure out ways).

Suppose someone owns a quantum computer tho'? Roger Grimes published a warning a year and a half back, Cryptography Apocalypse. He explains quantum-mechanics, best he can (almost as best ANYONE can); then lines up what, in theory, a quantum computer can do; why these computers are difficult to build (error is a thing, they need supercooling, etc); and how long it might take for them to catch up with standard crypto algorithms.

It's a Y2k-level crisis which needs preparation-for, he concludes. Y2k was a nothingburger but that was only because we (I was there) did prepare for it. Quantum computing will crash all crypto-currencies as are not, themselves, quantum.

On that day I can see national governments basically being the only form of cash-exchange, as being the only entities with the clout to own a quantum computer. By "national" I mean they'll pretty much be the only governments to maintain their sovereignty, any other declared-independent nation being no nation at all.

So, if you own some poocoin you bought from an ad on 4chan, you might want to do some homework on how well it will stand up to what's coming.

No comments:

Post a Comment