Quantum Computing, A Threat To Cryptocurrencies.

Why Mimblewimble-based cryptocurrencies are better protected.

Cryptocurrencies have revolutionized the financial world by enabling secure, decentralized digital transactions. However, the emergence of quantum computers now brings a new threat to security. Quantum computers have the potential to break traditional cryptographic algorithms, raising concerns about the security of cryptocurrencies. 

The security of cryptocurrencies relies heavily on cryptographic algorithms such as RSA and Elliptic Curve Cryptography (ECC). These algorithms provide encryption and digital signatures that protect the integrity and confidentiality of transactions. However, quantum computers are capable of solving complex mathematical problems much faster than classical computers, making these algorithms vulnerable to attack.

The underlying cryptographic mechanisms of cryptocurrencies can potentially be cracked by quantum computers in two ways: by factoring large numbers and by solving the discrete logarithm problem with elliptic curves. 

All current security methods on the Internet are based on the thesis that current computers need years to decompose a very large number - which is used for encryption - into its factors. This is no longer true for quantum computers. This factor task is trivial for supercomputers. And this is now becoming a problem for cryptocurrencies. 

In the future, these cryptographic vulnerabilities could lead to private keys being compromised, digital signatures being forged, and unauthorized access to assets being gained.

Asymmetric cryptosystems, so-called public-key systems, as used in blockchains, are primarily at risk. It does not matter whether the blockchains are public or private. As soon as the public address is known, the private key can be calculated from it. 

The collapse of the respective cryptocurrency would be guaranteed. It would not be necessary to crack and plunder wallets by the dozen. Rather, it should be enough if this happens in a few high-profile cases to destroy the trust and thus the entire cryptocurrency.

Now, a notable advantage of MimbleWimble-based cryptocurrencies is that, compared to traditional cryptocurrencies, they have no public addresses and are fundamentally protected from such attacks (known as “storage attacks”). 

By using quantum-resistant cryptographic consensus algorithms, such as lattice-based or code-based cryptography, MimbleWimble cryptocurrencies can further mitigate the quantum threat even during transactions (so-called “transit attacks”). These algorithms are designed to withstand attacks from both classical and quantum computers, ensuring long-term security.

Experts from the National University of Singapore examined the potential dangers of quantum computing on Bitcoin and reckon that a quantum computer could be able to crack the algorithm as early as 2027. 

We do not know how far development has already progressed in the laboratories. However, we can assume that due to the extremely high development costs, such systems will first be in the hands of those who feel their power is threatened by the spread of cryptocurrencies. The threat of coordinated destruction of all non-MW-based cryptocurrencies from this camp is at least conceivable. 

Among the MW-based cryptocurrencies, EPIC Cash with its polyphasic PoW once again occupies a special position. Different algorithms alternate in different time intervals and different sequences. However, a 51% attack requires not only 51% of the total network hashrate, rather 51% of each individual algorithm. A quantum-resistant algorithm, Crystals-Dilithium, is soon set to be deployed in the face of this potential threat situation without the risk of interruption.

Polyphasic PoW improves network security compared to monophasic PoW networks in terms of a 51% attack. It also allows the most diverse hardware to participate in the mining process, it additionally further drives decentralization when millions and millions of laptops, gaming computers, and smartphones are involved in the mining process.

Summary:

The development of quantum computing poses a real threat to cryptocurrencies. A potential vulnerability of traditional cryptocurrencies is primarily asymmetric cryptography, which raises concerns of so-called “storage attacks” directly on existing wallets via public addresses. While Mimblewimble based blockchains have complete immunity against this kind of attacks due to non-existing addresses, attacks during the execution of a transaction (“transit attacks”) are also conceivable with Mimblewimble, which can be prevented by quantum resistant algorithms during mining. EPIC Cash is also equipped for this with its polyphasic PoW and a ready-made quantum-resistant algorithm that can be deployed at any time.

For more information, visit: EpicCash.com  

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