Have you heard it on the streets? Have you listened to what neighbors news talk? Rumors on their way and flooding again Twitter, Facebook, Linked In, and other channels. Everyone shout it out:
A quantum computer will take down Bitcoin in 2022 !
This is a dream for every government to recalculate a public key, get the private key out of this and use the private key to confiscate bitcoin funds from a wallet. Wow!!! And more this will kill Bitcoin people won’t use it anymore it is insecure everyone can do with knowledge. Great hacks will be seen and more… What sounds like a nightmare to Bitcoin enthusiast is only for them who got no knowledge of Bitcoin – and this discussion shows that is near 95% of the business in banking, government and so-called “Blockchain” environment which is in reality only a tuning word for a distributed database of a centralized world with accessibility to Excel macros what we call today Smart Contracts.
Bitcoin has a Blockchain and could not be replaced from this. Bitcoin is also based on “Chains on blocks” from miners instead of one single chain subject. As you see, knowledge of Bitcoin is something different from the DLT industry.
And so quantum computing doesn’t Bitcoin from the beginning. But let us discuss this step by step:
1) The Public key and the Bitcoin address
People always think the Bitcoin Address is the Public Key, or in other words, if you talk about a public key, you speak in reality about the Bitcoin Address. What is the difference?
The Public key is hidden in a separated Merkle tree and address string INSIDE THE BITCOIN SYSTEM and will be created when you handle the Bitcoin Address. The information from the Bitcoin Address will be connected now to the actual public key.
Private key signs tx Bitcoin Address reach tx Bitcoin address take part of himself and PK and a Private key-related Public Key is be written inside the Blockchain system of Bitcoin connecting now the funds to the Private Key of the new wallet. So the bitcoin address is leading to the creation of the receipt public key. So in easy terms, you send funds to a bitcoin address. This is shouting to the receipt wallet, “Hey, we are ready to give me a public key of yours, and I will connect the funds to” At the moment that happens, the information to the Private sender Key is emptied and disconnected from the Bitcoin Address.
Et voilá if you use your Quantum Computer to recalculate the Public Key, you get a 0 value. No private key.
2) The time hashlock system and the magic of a logarithm.
As you know, Bitcoin core implementations and all of the accessibility make it for Core Coders a hard time because you are connected to a block time. This means you can only every ten minutes (every new block added to the main chain) jump in and insert code. Bitcoin is not based on an algorithm. This is only a part of the protocol. The central system is working on a logarithm. Logarithms are different because they can change by logical detection – algorithms only change by search and result strings. Easy said a logarithm detects errors and fix them by logical complexes – algorithm changes by inputs from the system managers or coders. Since Bitcoin is a system with a kind of smart contract in the form of this logarithm, you can only guess a number in ten minutes – as said only at the moment of the newly confirmed block added to the main chain.
Your whole quantum computer speed is useless. You need the same time as any other computer, and since every 10 minutes, the logarithm is changing the sha256+ (yes, it’s a different shakey), you would have a hard time guessing the key by accident. And remember you have only one try; otherwise, the whole chain key logic change, and in the next ten minutes, you cannot go in because the system shutdowns the opt-in function.
What does this mean? Everyone knows back in the days the computers will become faster. That was not a mystique or something you can’t foresee. Quantum computing dreams exists since the 1970’s years- so you believed Bitcoin had not prevented this.
Even a tx which you can see in a block you can’t recalculate. The signature is not the PK itself, only a part of it.
3) Schnoor signatures
Because of all the fear from scientist around without necessary, they implemented .
Schnoor Signatures. We know them since the 1990`s years. They are proof-able quantum resistant. And now they are used for connecting multiple tx in one, which gives a hard time tracking.
FINALLY, BITCOIN IS AT THE SECUREST PLACE ON EARTH!
Written by : Prof. (Dr.) h. c. Joerg Molt