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Step back into the 1980s, and people will find that quantum computing was nothing more than a theory. Just a bit more than four decades into the future, Microsoft’s Majorana 1 chip has already made a quantum “leap” toward this form of fast computing.
For the world of technocracy, it is good news. But for Bitcoin and other cryptocurrencies—not so much.
With their old and archaic encryptions that rely on technologies that have gotten too old too soon, Bitcoin and other cryptos aren’t strong enough to tackle the threats that emerge from this new technology. A shake-up is needed, and Bitcoin.ℏ is here to provide it.
Why Traditional Cryptos Probably Don’t Stand a Chance Against Quantum Threats
The first emergence of cryptocurrency technology was seen as a beacon of innovation. Fast-forward a decade, and this niche is ripe with complacency in a bid to develop assets quickly to compete with other assets. This creates four reasons why traditional cryptocurrencies aren’t equipped to deal with quantum threats.
They Depend Too Much on Elliptic Curve Cryptography
Traditional cryptos rely on ECC — Elliptic Curve Cryptography — to generate private keys as well as verify transactions. It is something that quantum computers can deal with easily using Shor’s algorithm. In fact, the code can be broken in polynomial time, leading to loss of private keys quite easily.
Exposing the Address as Part of Transparency
When it comes to the world’s largest cryptocurrency, the public key is revealed when spending from an address.
Quantum computers could get powerful enough with time to derive the key, replace the transaction, or steal the funds before the next block is mined.
Essentially, cryptos could become victims of the old “grab-and-go” attack, and they won’t be able to counter it properly.
SHA-256 Hashing is Not Quantum Resistant
The PoW algorithm adopted by the BTC leverages SHA-256 hashing. Even though it is more powerful than ECC, it isn’t fully quantum resistant. A powerful-enough quantum computer can brute-force its way through security using Grover’s algorithm, which turns 256-bit security into 128-bit. While it is strong, it is not exactly future-proof.
Technical Debt Associated with Current Projects
Most traditional cryptocurrency projects have emerged quickly, which means developers have taken shortcuts to put them out as fast as possible, planning to focus on the costs later on. This means they are born out of short-term solutions and, infrastructurally, they aren’t secure enough.
As a result, they aren’t quantum resistant.
Bitcoin.ℏ – Focusing on New Cryptography To Make its Ecosystem More Quantum Resistant
Bitcoin.ℏ has been highlighted as a better alternative to traditional cryptos—one that’s not only more environmentally friendly, but reinforces blockchain security through its own brand of cryptography and architecture.
There are two core attributes of this project that make it better at handling quantum threats as they emerge in the future.
SHA-384 Hashing Algorithm
With SHA-384, users get part of the SHA-2 family, which the NSA developed and NIST standardized.
This cryptographic hash function is more robust than what’s available traditionally because it produces a 384-bit output hash by compressing the input data into a fixed-length digest.
This creates encryption that only works one way, is unique, and is resistant to collisions.
As a result, it has stronger resistance to Grover’s algorithm. Since Grover’s algorithm halves the security, SHA-384 offers 192-bit security after being attacked through this algorithm, which makes it much stronger.
With this form of encryption, Bitcoin.ℏ essentially has high level of security.
Hedera Hashgraph Infrastructure
Not being a traditional blockchain, Hedera Hashgraph focuses on a Directed Acyclic Graph (DAG) consensus mechanism. This leads to records being stored in a graph structure, not relying on chaining blocks linearly.
Since its core structure is based on Asynchronous Byzantine Fault Tolerance, even one-third of the nodes being compromised won’t stop Bitcoin.ℏ from working. It makes the project resistant to quantum threats that involve attempts to control the nodes and forge messages.
Furthermore, Hedera Hashgraph doesn’t involve mining, which naturally means Bitcoin.ℏ doesn’t have an exploitable PoW to begin with. Add to that, the Hashgraph reaches finality within seconds, which means a quantum-powered threat will only have a very small window to rewrite transaction history. And since the transaction gets mathematically locked when consensus is reached, there are no threats anymore.
Conclusion
Bitcoin.ℏ has been able to address each and every pain point associated with quantum threats through its architecture. The implementation of the SHA-384 hashing algorithm means stronger transaction storage, and thanks to the Hedera Hashgraph architecture, operations will happen too fast for quantum-powered threats to keep up.
This is how the project is much more suited to deal with quantum threats than traditional cryptocurrency projects.
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