Cryptocurrency

What are the cryptocurrencies threatened? – Breaking News

Quantum computing is one of the issues of greatest concern to the advocates of the new form of digital money. So much so, that important characters are regarded as an element that could threaten the cryptocurrencies.

This is the case of David Schwartz, CTO of Ripple, for whom this advanced form of computing is a risk. According to his words, the security of the network of Bitcoin and other cryptocurrencies, could be threatened.

You must take into consideration that the speculations in this field, often accompanied by the fear-mongering. It is important to keep in mind that, in the near future, the cryptocurrencies are not threatened.

Does the quantum computing threat to the cryptocurrencies?

According to the opinions of Schwartz in Modern CTO Podcast, quantum computers will bring problems. This is not a threat against the cryptocurrencies, but also against the Internet itself.

“From the point of view of the designers of systems based on cryptography conventional, quantum computing is a risk. The work that you do with computer is not so complex,” she reasoned.

In this sense, he assured that the algorithms such as SHA-2 and ECDSA, are not extremely complex. However, if the same fall, with them would collapse the entire system and the future of the cryptocurrencies.

According to your point of view, quantum computers would have the ability to affect the digital currencies, which transforms them into a serious threat.

IBM is one of the first firms to submit a prototype of quantum computer. These could jeopardize the future of the cryptocurrencies according to the CTO of Ripple.

A dangerous weapon against the digital currencies

One of the most important features of the cryptocurrencies in general, and Bitcoin in particular, is that they are decentralized. This has allowed them to gain huge popularity.

Decentralization is the basis of all the structure of the digital currencies. Up to now, we can ensure that the network Blockchain is inviolable. But, for analysts such as Schwartz, this could change with the threat of quantum computers for cryptocurrencies.

For this reason, he highlights that these new and powerful tools, they can determine who owns Bitcoins and interfere with the success of the transaction. It is for this reason that warning of not to do an evaluation to depth, the existence of the cryptocurrencies could be committed.

On the other hand, believes that the developers of the main criptos, from now on, have a span of about 8 years to counter this threat.

Trust in spite of everything

At the same time, Schwartz also ensures that you have confidence in the potential of the Blockchain to overcome.

The cryptocurrencies are, currently, one of the few tools of the people to dodge the measures constitute a violation of privacy of governments. For this reason, it is not surprising that states are looking for ways to keep them under control.

What are quantum computers?

Those supercomputers that according to Schwartz threaten the future of the cryptocurrencies, are powerful computers that are still in development.

According to the agency BBC World, there is a strong competition to define the winner of this race for quantum computers. These teams, on the other hand, have a great capacity for the development of new forms of medicine and education.

There is not a consensus of how to be the best model of quantum computers. However, experts say that there are four fundamental varieties. In the near future it will be known the best of them.

Data to be taken into consideration

According to the views of David Schwartz, CTO of Ripple, quantum computers threaten not only the future of the cryptocurrencies, but also to the Internet.In these moments are measured for four types of quantum computers: those based on particles of light, traps ionic, cúbits superconductors and centers of nitrogen-vacancies in diamonds.The high capabilities of these devices, that could compromise the security of the transactions and even the privacy of the owners of cryptocurrencies.In the hands of governments drivers, quantum computers could threaten to break down all the confidence built around the cryptocurrencies.

Reliable sources

The information of this content has been taken from reliable sources which are detailed below:

1 – professional Management of content by the authors of CriptoTendencia.
2 – external Sources: Moderncto.io, Daylihodl.com, Colaborativo.net and BBC.com.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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