February 23, 2025 • 36 mins
🔍 Quantum Computing vs. Cryptocurrencies: A Looming Threat?
Quantum computing is advancing fast—could it break Bitcoin’s security? In this episode, we explore how quantum algorithms like Shor’s and Grover’s could crack cryptographic defenses, putting cryptocurrencies at risk.
🎙 Topics Covered:
✔️ How quantum computing works & why it matters for crypto
✔️ When will quantum computers become a real threat?
✔️ How Bitcoin’s encryption could be compromised
✔️ Post-quantum cryptography & blockchain security solutions
✔️ What investors & developers should do to prepare
Are cryptocurrencies doomed, or will they evolve to withstand the quantum revolution? Tune in now to stay ahead of this game-changing technology!
Quantum computing is advancing fast—could it break Bitcoin’s security? In this episode, we explore how quantum algorithms like Shor’s and Grover’s could crack cryptographic defenses, putting cryptocurrencies at risk.
🎙 Topics Covered:
✔️ How quantum computing works & why it matters for crypto
✔️ When will quantum computers become a real threat?
✔️ How Bitcoin’s encryption could be compromised
✔️ Post-quantum cryptography & blockchain security solutions
✔️ What investors & developers should do to prepare
Are cryptocurrencies doomed, or will they evolve to withstand the quantum revolution? Tune in now to stay ahead of this game-changing technology!
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
[Music]
(00:20):
[Music]
(00:46):
All right, so welcome to the deep dive. Today we're going to be diving into some really fascinating stuff.
Yeah.
You guys have sent in some really interesting sources on the intersection of quantum computing and cryptocurrency.
Oh, yeah.
So we've got research papers, news articles, we've even got a YouTube video in here from Coin to Craft.
Nice.
And our mission today is to figure out, really, is your Bitcoin about to become the easiest target for hackers with quantum computers?
(01:14):
Right.
And trust me, some of the stuff we've uncovered here is both fascinating and maybe a little bit scary.
Yeah, it's true that quantum computing has the potential to really change the game when it comes to security and especially in this realm.
Think about it.
Like, at all of the encryption that's protecting your Bitcoin wallet, that could suddenly become obsolete.
(01:39):
Yeah.
Okay, so let's break this down because I'm seeing in some of these sources, some of these experts are predicting that quantum computers could crack current encryption methods way within the next decade.
Oh, wow.
Maybe even sooner.
Yeah.
That's a pretty tight deadline.
Yeah, that's really soon.
So what are we talking about here? What are the biggest vulnerabilities that we're looking at?
(02:00):
Well, I think that blockchain security, which is kind of the backbone of cryptocurrencies like Bitcoin,
it relies heavily on encryption methods that quantum computers could potentially break.
Yeah.
And one source even mentioned that, you know, Bitcoin's encryption could be vulnerable as early as 2027.
(02:22):
Wow.
Which is, you know, crazy to think about.
And if someone can crack that encryption, they could theoretically, you know, do all sorts of damage like altering transactions or even, you know, stealing coins.
Yeah, that's, I mean, that's a big deal, obviously.
Yeah, it's a big deal.
So, okay, so the clock is picking.
I mean, we're talking just a few years here, potentially.
Yeah.
(02:43):
So what are cryptocurrency projects doing about this?
Right.
Are they, I mean, are they working on solutions to this looming quantum threat?
Yeah.
Yeah.
There's definitely, I think, a sense of urgency in the crypto community.
Okay.
And there's several different approaches that are being explored.
So, you know, some researchers are focusing on developing, you know, entirely new blockchain systems.
(03:07):
Okay.
That are designed to be, you know, quantum resistant from the ground up.
Got it.
And then we've got other groups, you know, like, like NIST, they're working on what's called a post-quantum cryptography.
Okay.
Or PQC.
PQC, okay.
So post-quantum cryptography.
So is that, so instead of relying on quantum mechanics to kind of create new forms of encryption?
(03:29):
Right.
PQC is about building tougher algorithms that are resistant to these quantum attacks?
Exactly.
Yeah.
It's all about like finding, you know, mathematical problems that are just too complex for even, you know, quantum computers to solve efficiently.
Okay.
So for example, one area that's pretty promising is something called lattice-based cryptography.
(03:55):
Okay.
Which uses the complexity of multi-dimensional grids to create more resilient encryption keys.
So, okay.
So let's say I'm holding Bitcoin.
Yeah.
Is this something, is lattice-based cryptography?
Is this something I should be looking for?
Yeah.
Like, you know, in a crypto project or--
Yeah.
It's definitely something to, like, you know, pay attention to, you know, like if you're, you know, cryptocurrency investments, you know, utilize this type of encryption.
(04:23):
They stand, you know, a better chance of staying secure against, you know, quantum attacks.
Okay.
So I'm starting to see why this is such a big deal.
Yeah.
But it's not just about, you know, creating these new types of encryption, right?
Right.
It's about actually implementing these solutions and getting everyone on board.
Right.
And one of the sources even mentions this concept of crypto agility.
(04:47):
Yeah.
Yeah.
Which, can you explain that a little bit?
What is crypto agility?
Yeah.
So, crypto ability basically refers to the ability of systems to quickly switch between different encryption algorithms as needed.
Okay.
And, you know, this is essential because we, you know, we don't know for sure which algorithms are really going to, you know, stand the test of time.
(05:10):
Right.
As quantum computers, you know, continue to evolve.
So it's almost like, I don't know, like upgrading your phone's operating system.
You know, to stay protected from new security threats.
Yeah.
You need to be able to adapt and evolve to stay ahead of the game.
Exactly.
Yeah.
Flexibility is key.
Okay.
But how do you, I mean, how do you get everyone on board with these upgrades?
(05:32):
Right.
Especially in a decentralized system like blockchain.
Right.
You know, where you can't just force everyone to update their software.
Yeah.
It's a real challenge.
You know, imagine trying to get, you know, millions of people to agree on.
On a single upgrade for their phones, right?
Right.
Right.
(05:53):
It's not easy.
And in the blockchain world, you know, disagreements over these upgrades can even lead to, you know, what are called hard forks.
Oh, yeah.
Where the network basically splits into two incompatible versions.
Digital divorces.
Yeah.
Yeah.
It's messy.
Okay.
So you saw collaboration's key here.
Yeah.
But, I mean, collaboration between who needs to be working together to make this transition to a quantum resistant future as smooth as possible.
(06:17):
Well, I mean, we're talking about, you know, cryptographers, blockchain developers, you know, government agencies, even everyday, you know, cryptocurrency users.
Yeah.
And everyone, everyone has a role to play here.
So it sounds like it's not enough to just, you know, rely on hardware wallets and stay informed.
Right.
What other, are there any other practical steps that people can take, you know, today to start preparing for this quantum future?
(06:41):
Well, I think, I think, you know, one thing is, is, is diversification, right?
So, you know, don't put all your eggs in one basket.
Okay.
And, you know, maybe, maybe look for projects that are specifically, you know, talking about, about quantum resistant solutions.
Got it.
You know, support, support projects that are actively, you know, addressing this threat.
Okay.
(07:02):
Because, you know, this isn't, this isn't a one-time fix.
Right.
It's an ongoing process.
Okay.
So we've got the potential threats.
We've got, you know, this race to develop solutions, the need for collaboration and individual action.
Yeah.
But I think it's important to remember that, that quantum computing isn't just about risks, right?
Right.
I mean, our source is also highlight, you know, some potential benefits of this technology in the realm of cryptocurrency.
(07:27):
Absolutely.
Yeah.
And those benefits could be huge.
I mean, imagine, like, you know, faster and more efficient transactions.
Okay.
You know, potentially eliminating those long wait times that, you know, that you mentioned earlier.
Yeah.
And then, you know, entirely new types of cryptocurrencies that are inherently, you know, more secure and resistant to any type of attack.
(07:50):
So there is a potential upside to this quantum revolution.
Oh, yeah.
Absolutely.
It's not all doom and gloom.
No, it's, it's a classic case of disruption, really.
There's both risk and opportunity.
And the key is to, you know, be prepared and informed.
Okay.
So we've got kind of the basics laid out.
Yeah.
Quantum computing poses a serious threat to cryptocurrency.
(08:11):
Right.
But there are solutions in the works.
Yeah.
I'm wondering though, like, how far along are we in building these, these co-breaking quantum computers?
Right.
Like, is this a threat that we need to be worried about right now?
Or is it something that's still years away?
Well, I mean, one, one example that shows just how powerful these computers are getting is, is the Google willow chip.
(08:32):
Okay.
You know, this, this chip can perform calculations in minutes.
Wow.
That would take a classical supercomputer like Septilians of Europe.
Septilians?
That's, I mean, that's practically an eternity.
Yeah.
It's a long time.
So these quantum computers are becoming incredibly powerful.
But, I mean, how, how close are they to actually cracking cryptocurrency in tription?
(08:53):
Yeah.
That's, that's the million dollar question.
And, and the answer is it's kind of a, it's kind of a moving target.
There's no, there's no clear consensus on, on the exact timeline.
But, but the general consensus is that it's, it's not a matter of if it's a matter of when.
This, this, this crypto apocalypse scenario, this isn't just science fiction.
This could actually happen.
Yeah.
I mean, the threat is real.
(09:14):
Wow.
And the clock is ticking.
But, but that doesn't mean we're helpless, right?
Right.
We, we have time to prepare.
Okay.
And there are, you know, there are brilliant minds working tirelessly to, to develop solutions.
So it's a, it's a race against time.
Yeah.
Trying to build those defenses before the attackers get their hands on a quantum code breaker.
Powerful enough to kind of wreak havoc.
(09:36):
It's, it's a challenge for sure, but it's also an opportunity to, to push the boundaries of technology and, and create a more secure and innovative future for cryptocurrency and beyond.
Okay. So we've covered the basic problem.
Yeah.
Potential solutions and the fact that this quantum threat is something we need to take seriously.
Yeah.
But let's get a little more specific.
(09:57):
What exactly are these quantum resistant solutions?
Right.
That researchers are working on.
Well, I mean, one, one promising area is, is something called post quantum cryptography or PQC.
Hold on.
Let's take a quick break and we'll dive into PQC and other potential solutions when we come back.
Okay.
So welcome back to the deep die.
Before the break, we were talking about this race against time to develop quantum resistant solutions for cryptocurrency.
(10:21):
And I'm, I'm really curious to, to learn more about some of the specifics here.
Yeah.
But one promising area that, that researchers are, are really focusing on is something called post quantum cryptography or, or PQC for short.
Okay.
And, and this basically it leverages, you know, existing cryptographic principles, but it relies on mathematical problems that are thought to be, you know, way too complex for, for, for even quantum computers to talk.
(10:50):
So instead of like inventing entirely new cryptographic methods, PQC is about like building tougher verbi,
building tougher versions of what we already have.
Yeah, exactly, exactly.
It's, it's kind of a practical approach that, that builds on, you know, decades of, of cryptographic research.
Got it.
And there's, there's several different, you know, families of, of PQC algorithms that are being explored.
(11:12):
Okay.
Each, each with their own strengths and weaknesses.
Can, can you, can you give us an example of, of one of these PQC families?
Yeah. Yeah.
So we, we already touched on lattice based cryptography a little bit early.
Right.
And, you know, which is, which is, you know, a leading contender in this race for, for quantum resistant encryption.
Right. And you were explaining how it uses the complexity of, of multi-dimensional grids.
(11:33):
Yeah.
Can you, can you break that down a bit further? Like, what, what makes it so difficult for even quantum computers to crack?
Yeah. So imagine like, you know, a vast multi-dimensional grid, right?
Okay.
With billions, even trillions of points, right?
Okay.
And the, the security of, of lattice based cryptography, it relies on the difficulty of finding a, a very specific point.
(11:58):
Okay.
Within this, this incredibly complex structure.
Okay.
And it's, it's a problem that's, that's relatively easy to describe, but it's, it's just incredibly hard to solve.
Okay.
Even, even with the power of, of quantum computers.
So it's like searching for a, a single grain of sand on a, on a massive beach.
Yeah. Exactly.
It's possible, but it would take an astronomical amount of time and resources.
(12:20):
Right.
Okay. That makes sense.
Yeah.
So are there any other PQC families that, that we should know about?
Yeah. So there's, um, there's also code based cryptography, which, which uses complex error correcting codes to obscure data.
And then there's also multi-variate polynomial cryptography, which, which relies on the difficulty of solving, you know, systems of equations with, with multiple variables.
(12:45):
Got it.
Um, and so each of these approaches, you know, presents unique challenges for, for quantum computers.
It sounds like cryptographers are really pulling out all the stops here.
Yeah. They're, they're definitely working hard to stay one step ahead.
Yeah. Yeah.
But it's, it's not just about the algorithm of themselves, right?
Right.
You mentioned this idea of crypto agility earlier.
Yeah.
Um, can you remind us what that is and why it's so important in, in a post quantum world?
(13:10):
Yeah. So, so crypto agility, it refers to the ability of systems to, to switch between different encryption algorithms, you know, quickly and seamlessly.
Okay.
And, and this is essential because, you know, we, we don't know for sure which algorithms are, are going to stand the test of time as, as quantum computers continue to evolve.
(13:31):
So it's like having a, a toolbox full of different locks and being able to swap them out quickly if a new kind of lock bit comes along.
Exactly. Yeah. You always want to have a backup plan.
Okay. But how do you, I mean, especially in a decentralized system like, like blockchain?
Right.
How do you implement this crypto agility? Like how do you get everyone to agree?
(13:53):
Yeah. It's, it's a challenge. I mean, you know, it's incredibly difficult to get everyone, you know, on, on a blockchain network to, to agree on, on new cryptographic standards.
Right. It's, it's like hurting cats, right? Yeah.
Yeah. And, you know, and, and disagreement over these upgrades can lead to those, those hard forks that we mentioned earlier.
(14:16):
Right. Those are those digital divorces. Yeah.
Yeah. We're, we're the network splits into two separate versions.
Yeah. They sound messy.
Yeah. So besides crypto agility, are there any other key strategies that, that are being explored to, to make cryptocurrency more quantum resistant?
Yeah. Absolutely. So another, another really fascinating area is, is actually quantum cryptography itself.
(14:38):
Okay.
So, so this is, this is a way of, of using quantum mechanics to actually enhance security rather than just trying to, to defend against quantum attacks.
So, so instead of like building stronger walls, we're using the strange rules of quantum mechanics to, to create an entirely new kind of fortress.
(14:59):
Yeah. Exactly. Yeah. I love that idea.
Yeah. So, so one, one prominent example of this is something called quantum key distribution or QKD.
Okay.
And, and this leverages the, the principles of, of quantum mechanics to create and, and share encryption keys that are, that are virtually unbreakable.
Quantum key distribution. I mean, we, we talked about this, this earlier. Yeah.
(15:20):
It's, it's like having a, a built in alarm system that goes off if someone tries to intertip those keys.
Exactly. Yeah.
But, how does it work in practice? Yeah. So, QKD, it, it exploits a, a fundamental principle of, of quantum mechanics.
And that is that, that observing a, a quantum system inevitably alters its state.
Okay.
So, if, if someone attempts to, to eavesdrop on, on a quantum key exchange.
(15:45):
Right.
The very active observation disrupts the process. Got it.
And, and alerts both parties to the, to the intrusion.
That's incredible. So, so it's like those, those encryption keys are self protecting.
Yeah. In a way. Yeah.
Okay. So, are there, are there companies or, or projects out there that are, that are already using QKD to, to secure their communications?
(16:06):
Oh, yeah. Yeah. Yeah. Absolutely.
In fact, there are several companies that are, that are specializing in QKD solutions.
You know, for, for governments, financial institutions, even research organizations.
Okay. That's, that's really exciting to hear.
Yeah.
And, it's like, like, quantum cryptography really has the potential to revolutionize cybersecurity as we know it.
(16:27):
Yeah. I think so.
But let's, let's shift gears for a moment here.
We've, we've talked a lot about, you know, the threats and, and the potential solutions.
Right.
But what about the opportunities?
Yeah. That's an important point. It's, it's easy to kind of get, get caught up in, in the doom and gloom scenarios.
But, but quantum computing also has the, the potential to, to unlock incredible benefits.
(16:48):
Okay.
You know, for cryptocurrency and, and beyond.
So you mentioned the possibility of faster transaction speeds earlier.
Yeah.
Can you, can you elaborate on that?
Because I know anyone who's ever waited for, for a Bitcoin transaction to go through knows that, that speed is, is definitely a major issue.
Oh, yeah. Absolutely. So, so imagine a world where, where cryptocurrency transactions are, are processed, you know, almost instantaneously.
(17:16):
Right. I mean, quantum computing could, could make that a reality.
It could also lead to the development of, of entirely new types of cryptocurrencies.
Okay.
With, with enhanced security features and, and functionality that, that we can't even imagine yet.
It's, it's mind-boggling to think about the possibilities.
It is, yeah.
(17:37):
It's like, we're, we're on the verge of a whole new era of digital finance.
Yeah. Absolutely.
But, before we get too carried away with the potential upsides. Right.
Let's, let's circle back to, to the threats for a moment here.
Okay.
How, how vulnerable are current encryption methods?
Really?
And what, what kind of timeline are we, are we looking at before quantum code breakers become a serious problem?
(18:01):
Yeah. So, I mean, there, there is a degree of uncertainty there.
But, but one, one source cited a study at, at, at, mating that,
certain widely used encryption keys could be cracked with, with a few thousand qubits.
Okay. A few thousand qubits.
But, I mean, how, how far along are we in, in building quantum computers with that kind of power?
(18:24):
Yeah. That's, that's a, that's a question with a, with a constantly changing answer.
Right.
You know, quantum computing is advancing rapidly.
But, there are, there are still significant technical hurdles.
Okay.
So, the, the development of, of stable and, and scalable quantum computers is, is still a work in progress.
So, there's, there's no definitive answer to that wind question.
(18:47):
Right. Right. Right.
But, but the general consensus is that it's a matter of time.
Yeah.
Before quantum computers pose a serious threat to cryptocurrency.
Yeah. I think so.
So, what does that mean for, for everyday crypto users like myself?
Yeah.
What, what can we do to start protecting our, our digital assets?
Yeah. Well, one, one practical recommendation is to, to use hardware while we're in the world.
To use hardware while it's.
(19:08):
Okay.
So, these, these devices store your, your private keys offline.
Okay.
Which makes them, you know, much less vulnerable to hacking.
Of even, even from quantum computers.
So, it's like keeping your, your cryptocurrency in a, in a physical safe.
Yeah, exactly.
Rather than, than leaving it exposed out there in the digital world.
(19:29):
Exactly. Yeah. It adds, it adds an extra layer of security.
Okay.
And then it's also important to, to diversify your, your crypto holdings.
Right. Don't put all your eggs in one basket.
Right. Exactly.
So, spreading your investments across, you know, different types of, of cryptocurrencies can, can help mitigate risk.
Got it.
If, if one becomes vulnerable to quantum attacks.
(19:51):
Okay.
And then of course, you know, staying informed is crucial.
Because knowledge is power.
Absolutely.
Especially in a, in a world where, where the technological landscape is changing so rapidly.
Yeah. So, so keep an eye on, on developments in both quantum computing and, and quantum resistant cryptography.
So, be cautious. Do your research and don't believe anyone who claims to have a, you know, a quantum proof solution right now.
(20:14):
Right.
Because as you said, this, this field is still evolving.
It is. Yeah.
There's, there's no silver bullet.
Yeah. It's, it's an ongoing process.
Okay. So, we've covered the potential threats, the solutions in development and, and the practical steps that, that individuals can take.
Yeah.
To prepare for this quantum future. Right.
But I'm, I'm also fascinated by the real world examples of how this technology is already being used.
(20:37):
Yeah. Absolutely.
It's, it's important to, to kind of move beyond the hypothetical and, and look at some, some concrete examples of, of quantum computing in action.
Perfect. Yeah. And, and, and I know our sources, you know, they mentioned the Google willow chip.
Right.
Which apparently can, can, can perform calculations in minutes that would take a classical supercomputer.
So, tillions of years. Yeah. It's incredible.
(20:58):
I mean, that, that just blows my mind. But, but besides just, you know, raw processing power.
Right.
How is this technology actually being used in the real world?
Yeah. So, so that incredible speed and power is, is being harnessed for, for a variety of applications.
Okay.
You know, the, the Google willow chip, for example, is, is making significant strides in, in error correction.
(21:21):
Which is, which is crucial for, for building more, more reliable and scalable quantum computers.
Error correction. Why is that so important in the quantum world?
Yeah. So, pobets, the, the building blocks of, of quantum computers, they're, they're incredibly sensitive to, to, to their environment.
Okay.
And, and even the, the slightest disturbance can, can cause errors in, in calculations.
(21:43):
Okay.
Leading to, to inaccurate results.
So, so error correction techniques are, are essential to, to counteract this inherent instability.
Got it.
And, and ensure the, the reliability of, of quantum compulations.
So, it's like having a, a quantum spell checker.
Yeah. Exactly.
Possibly working in the background to make sure those computations are, are accurate.
Exactly.
Okay. That makes sense.
(22:04):
Yeah.
What, what other real world applications are, are we seeing?
Yeah. So, another exciting error is, is quantum simulation.
Okay.
Which is, which is being used in fields like, like, biofarm, for example, to, to study the, the behavior of molecules.
And so, so companies like, like, sandbox, AQ, they're, they're leveraging this technology to potentially revolutionize the way that we, we design and develop new drugs.
(22:30):
So, instead of spending years and millions of dollars in the lab.
Right.
Scientists can use quantum computers to, to test out drug candidates virtually.
Yeah, potentially.
Yeah.
Sounds incredible.
Yeah. It's, it's cutting edge science with, with the potential to, to dramatically accelerate drug discovery and development.
Wow.
And, and this is just, this is just one example.
Quantum simulation holds, holds promise in a variety of fields from, from materials, science, to financial modeling.
(22:57):
Wow.
It really seems like quantum computing is poised to transform, like, countless industries.
Yeah, it really does.
It's, it's an incredibly exciting time to be following these developments.
It is.
It's not just about, you know, scientific advancements.
It's also about expanding the horizons of, of human creativity and ingenuity.
Yeah, I agree.
So, amidst, amidst all this technological advancement.
(23:19):
Yeah.
It's, it's important to remember that quantum computing raises some significant ethical and, and societal questions too.
Yeah, absolutely.
So, what are, what are policymakers doing to kind of foster innovation while addressing these, these potential challenges?
So, so governments worldwide are, are recognizing the, the strategic importance of quantum computing, both, both in terms of its, its potential benefits.
(23:43):
Okay.
And its potential risks, right?
Right.
And so, they're, they're investing heavily in, in research and development.
Right.
Creating, creating national quantum initiatives and, and even enacting legislation to promote, you know, the growth of this industry.
So, it sounds like there's a, there's a global race for quantum supremacy underway.
There's, there's definitely an element of competition.
(24:05):
Yeah.
But there's also, there's also a growing recognition that, that international collaboration is crucial.
Okay.
For, for navigating the, the complexities of this technology and ensuring its responsible development.
Because no single country can solve this, this quantum puzzle alone, right?
Exactly.
Yeah.
So, the, the technical challenges, setting ethical guidelines and, and ensuring that the benefits of, of quantum computing are, are widely shared requires, requires a little effort.
(24:34):
Okay. That makes a lot of sense.
Yeah.
So, so governments are investing, they're collaborating, they're working on ethical guidelines.
Right.
What about the private sector?
Yeah.
What, what role are, are companies playing in, in shaping this, this quantum landscape?
Yeah.
So, so companies are really at the forefront of, of quantum innovation.
Okay.
You know, developing, developing new hardware, software, applications.
(24:55):
Okay.
They're also investing in startups.
Okay.
Partnering with, with research institutions and really driving the, the commercialization of, of quantum technologies.
So, it's, it's kind of a dynamic partnership between, between government and industry.
Yeah.
Each pushing the boundaries of, of what's possible.
Exactly.
And I imagine there's, there's a whole ecosystem of, of startups popping up.
(25:17):
Oh, yeah.
So, to, to capitalize on, on this emerging technology.
Absolutely.
Yeah. We're, we're seeing a surge in, in quantum startups, attracting venture capital and, and really pushing the, the boundaries of innovation in, in areas like quantum software, algorithms and, and cloud computing.
(25:38):
It's, it's fascinating to see how this technology is attracting such a, a diverse range of, of players.
It is, yeah.
From tech giants to, to scrappy startups.
Yeah. And that diversity is, is crucial for, for fostering competition, accelerating progress and, and ensuring that the, the benefits of, of quantum computing are, are broadly accessible.
(25:59):
Okay. So, we've covered the roles of governments, companies and startups.
Yeah.
But, but one crucial aspect that I think often gets overlooked is, is, is the role of, of education and public awareness.
Right.
Why is it so important for, for people to, to understand this technology?
Yeah.
If they're not, you know, scientists or engineers.
Yeah. I mean, quantum computing isn't just, isn't just a technical topic.
(26:20):
Right.
It's, it's a societal one.
Um, you know, it's impact will be felt far beyond the realms of, of science and technology influencing, you know, our economy, our social structures, and even, even our understanding of, of the world around us.
So, it's, it's not just about understanding how quantum computers work.
Right.
It's about, it's about grasping the potential consequences for, for society as a whole.
(26:44):
Exactly. Yeah. We need to, we need to cultivate a society that is, that is quantum literate.
Okay.
Capable of engaging in, in, in form discussions about the development, application, and ethical implications of, of this powerful technology.
It sounds like we need to demystify the quantum realm.
Yeah.
And make it, make it accessible to everyone, not, not just the experts.
Absolutely. Yeah. And that means providing educational resources, you know, creating, engaging, you know, public outreach programs.
(27:11):
And, and even incorporating quantum concepts into, into popular culture.
Okay. Through storytelling and media.
So, it's about sparking curiosity.
Yeah.
And making quantum computing part of, part of the everyday conversation.
Exactly. Yeah. The, the more people understand about this technology, the, the better equipped will be to, to navigate its complexities and, and harness its potential for good.
(27:34):
Okay. So, we've covered a lot of ground in this, in this deep dive from the technical details of, of, quantum resistant,
quantum resistant solutions to the broader societal implications of this technology.
Yeah. It's been a, a wide-ranging conversation.
And we've, and we've seen how this, this quantum revolution is already unfolding with, with real-world applications.
Yeah.
In, in fields ranging from, from drug discovery to cyber security.
(27:58):
It's pretty remarkable.
It's clear that we're on the cusp of, of a, of a truly transformative era.
Yeah.
One that will, that will challenge our assumptions and, and push the boundaries of, of what's possible.
It's an exciting, albeit, uncertain time. Yeah.
And as, as we venture further into the quantum age, it's, it's essential that we do so with a sense of curiosity.
Okay.
Open mindedness and, and a commitment to harnessing this power for the betterment of humanity.
(28:23):
Well, on that note, I think it's time for us to, to surface from this deep dive.
Yeah.
We've explored the depths of quantum computing and cryptocurrency.
We have.
Uncovered the threats and opportunities.
Absolutely.
And even glimpsed into the, the potential future we're creating.
And as always, we encourage all of our listeners to, to continue exploring, questioning and engaging with this, with this fascinating and, and ever evolving field.
(28:46):
Yeah.
The, the quantum world is, is full of wonder and the journey has just begun.
So until next time, keep diving deep and keep those quantum questions coming.
You know, as we've been unpacking all this information on quantum computing and cryptocurrency,
one thing that keeps coming up is this sheer amount of uncertainty surrounding the timeline.
Oh, yeah.
Oh, yeah. Absolutely.
(29:07):
I mean, a predicting the future, especially when it comes to like, cutting edge technology.
Right.
It's, it's like trying to nail jelly to a wall.
Right.
There are so many variables, you know, breakthroughs and unforeseen challenges.
Right. And, and that makes it tough to figure out how to, how to prepare for this, for this quantum future.
Yeah.
I mean, some of the experts, you know, that we've, that we've seen in our sources are, are painting a pretty dire picture.
(29:30):
Yeah.
And then, in the morning of like a crypto apocalypse, if, if we don't get our act together soon.
Right. Right.
And then others are more optimistic.
Yeah.
Highlighting the potential for quantum computing to create even, even more secure and innovative blockchain systems.
Right.
So it's, it's fascinating to see such a range of perspectives here.
(29:51):
Yeah. It really is.
So how do we, how do we make sense of all these, these conflicting viewpoints?
Yeah.
Is there a way to kind of cut through the noise and, and figure out what's, what's truly important for someone who, who wants to protect their, their crypto investments?
Yeah. That's a great question.
I think focusing on the, the fundamental principles of, of cryptography is, is a good place to start.
(30:13):
Okay.
So instead of like getting bogged down in, in all the technical details.
Right.
Let's, let's ask ourselves like, what, what makes encryption work in the first place?
Okay.
And how does, how does quantum computing fundamentally challenge those, those underlying principles?
Okay. So back to basics.
Yeah.
I remember you mentioned something called computational hardness earlier.
(30:35):
Yeah. Yeah.
Yeah.
Can you, can you remind me what that means and why it's, why it's relevant to, to this discussion?
Yeah. So, so computational hardness basically refers to the, the difficulty of solving certain mathematical problems.
Okay.
So these problems are, are so complex that they form the foundation of, of modern cryptography, right?
Okay.
So, so for a long time, these, these problems were considered, you know, virtually unsolvable by, by classical computers, which, which made encryption incredibly secure.
(31:05):
Right.
But, but quantum computers kind of changed the game because they can, they can perform calculations in, in ways that classical computers just, just can't even begin to approach.
Because they can exploit those, those bizarre rules of quantum mechanics.
Exactly.
Like, like superposition and entanglement to, to tackle these complex problems in a, in a fundamentally different way.
(31:26):
Yeah. And that means that some of the mathematical problems that, that once seemed, you know, uncrackable.
Right.
Could become much, much easier to solve.
Right.
With quantum algorithms.
So it's like, it's like the, the bad guys suddenly got a super powered tool.
Yeah.
Could guys need to find a way to kind of level the playing field?
Exactly. Yeah.
It's a, it's a constant game of, of cat and mouse.
(31:49):
Right.
But thankfully, you know, cryptographers are, are already exploring, you know, a new, new mathematical territories, you know.
Okay.
Searching for, for problems that, that remain computationally hard, even in the face of quantum algorithms.
Okay. So, so it's an ongoing arms race, basically.
Evilly, yeah.
With both sides trying to outsmart each other.
Yeah. Absolutely.
I'm, I'm curious about this idea of, of hybrid solutions.
(32:13):
Yeah.
That we, that we touched on earlier.
Right.
Can you, can you explain what, what that means and why it might be a promising approach to, to quantum resistant cryptography?
Yeah.
So, so hybrid solutions basically involve combining the, the best of both classical and and quantum cryptography.
Okay.
To create kind of a, a multi-layered defense system.
(32:35):
Okay.
So, for instance, you could use a quantum key distribution or QKD to, to securely share the keys for a, a classical encryption algorithm that's known to be quantum resistant.
So, it's like having a, a moat and a drawbridge protecting your, your digital cascades.
Exactly.
You're, you're using the strengths of, of both approaches to, to make the system as secure as possible.
(32:59):
Exactly. Yeah.
Okay.
So, a multi-layered approach could be especially effective in, in protecting against quantum attacks.
Okay.
Because it, it makes it much harder for, for an attacker to, to exploit any, any single vulnerability.
That makes a lot of sense.
Yeah.
But let's, let's step back from the technical details for a moment.
Okay.
You know, we've, we've talked about the impact of, of quantum computing on cryptocurrency.
(33:24):
Yeah.
But what about the, the broader economic and, and social implications?
Right.
I mean, this, this technology has the potential to disrupt so many industries.
It's true.
Yeah.
The, the quantum revolution, it, it has implications that extend far beyond just the world of finance.
Right.
You know, for example, like, like how will, how will quantum computing impact, you know, global power dynamics?
(33:48):
Right.
Will it, will it create new economic opportunities?
Or will it, you know, exacerbate existing inequalities?
Right.
But these are questions that, that we really need to grapple with as a society.
It's, it's a bit overwhelming to think about, isn't it?
It's like, we're, we're standing on the edge of this vast unknown territory.
Yeah.
And we need to, we need to figure out how to navigate it responsibly.
(34:10):
Yeah.
We're, we're writing a new chapter in, in human history.
Yeah.
And the choices that, that we make today will have, we'll have lasting consequences.
Right.
One thing is, is for sure though, the, the quantum revolution will, will force us to rethink
our assumptions about, you know, security, privacy and even the, the very nature of value.
(34:31):
So where do we even begin?
How, how do we, how do we prepare for, for a future that's so uncertain and, and full of potential destruction?
Yeah.
I mean, I, I think education is, is paramount.
Okay.
You know, we need to, we need to equip people with the, with the knowledge and, and skills to understand and navigate this, this complex landscape.
So it's, it's not just about training the, the next generation of, of quantum scientists and engineers.
(34:56):
Right.
But, but also about, about educating the public, like about the, the broader implications.
Exactly.
Of, of this technology.
Yeah. We need to, we need to foster a society that is, that is both, you know, quantum literate and, and ethically aware, capable of, of making informed decisions about the development and use of these, of these powerful tools.
(35:17):
It sounds like a massive undertaking.
It is, yeah.
Where do we, where do we start?
Well, I mean, it's a, it's a multifaceted challenge that, that requires a, a collective effort, right?
Okay.
We, we need to invest in educational resources, you know, create, engaging public outreach programs and, and even leverage the power of, of storytelling and, and media.
(35:40):
Okay.
To make, to make quantum concepts more accessible and relatable.
So it's about demystifying the, the quantum realm.
Yeah.
And, making it part of, part of the everyday conversation.
Exactly. Yeah. The, the more people understand about quantum computing, the, the better equipped will be as a society to, to harness its potential and, and navigate its challenges, responsibly.
(36:02):
Well, I, I think we've, we've done our best to, to demystify things a bit today.
Yeah. I hope so.
We've, we've explored the potential threats of, of quantum computing to cryptocurrency, the, the innovative solutions that, that are being developed.
broader societal implications of this game-changing technology.
It's been a really fascinating discussion.
(36:22):
And as always, we encourage our listeners to continue exploring, questioning and engaging
with this fascinating field.
Yeah, absolutely.
The quantum world is full of wonder and the journey is just beginning.
It really is.
So thank you for joining us on this deep dive into the Quantum Realm.
It's been a pleasure.
Until next time, keep those quantum questions coming.
[Music]
(00:20):
[Music]
(00:46):
All right, so welcome to the deep dive. Today we're going to be diving into some really fascinating stuff.
Yeah.
You guys have sent in some really interesting sources on the intersection of quantum computing and cryptocurrency.
Oh, yeah.
So we've got research papers, news articles, we've even got a YouTube video in here from Coin to Craft.
Nice.
And our mission today is to figure out, really, is your Bitcoin about to become the easiest target for hackers with quantum computers?
(01:14):
Right.
And trust me, some of the stuff we've uncovered here is both fascinating and maybe a little bit scary.
Yeah, it's true that quantum computing has the potential to really change the game when it comes to security and especially in this realm.
Think about it.
Like, at all of the encryption that's protecting your Bitcoin wallet, that could suddenly become obsolete.
(01:39):
Yeah.
Okay, so let's break this down because I'm seeing in some of these sources, some of these experts are predicting that quantum computers could crack current encryption methods way within the next decade.
Oh, wow.
Maybe even sooner.
Yeah.
That's a pretty tight deadline.
Yeah, that's really soon.
So what are we talking about here? What are the biggest vulnerabilities that we're looking at?
(02:00):
Well, I think that blockchain security, which is kind of the backbone of cryptocurrencies like Bitcoin,
it relies heavily on encryption methods that quantum computers could potentially break.
Yeah.
And one source even mentioned that, you know, Bitcoin's encryption could be vulnerable as early as 2027.
(02:22):
Wow.
Which is, you know, crazy to think about.
And if someone can crack that encryption, they could theoretically, you know, do all sorts of damage like altering transactions or even, you know, stealing coins.
Yeah, that's, I mean, that's a big deal, obviously.
Yeah, it's a big deal.
So, okay, so the clock is picking.
I mean, we're talking just a few years here, potentially.
Yeah.
(02:43):
So what are cryptocurrency projects doing about this?
Right.
Are they, I mean, are they working on solutions to this looming quantum threat?
Yeah.
Yeah.
There's definitely, I think, a sense of urgency in the crypto community.
Okay.
And there's several different approaches that are being explored.
So, you know, some researchers are focusing on developing, you know, entirely new blockchain systems.
(03:07):
Okay.
That are designed to be, you know, quantum resistant from the ground up.
Got it.
And then we've got other groups, you know, like, like NIST, they're working on what's called a post-quantum cryptography.
Okay.
Or PQC.
PQC, okay.
So post-quantum cryptography.
So is that, so instead of relying on quantum mechanics to kind of create new forms of encryption?
(03:29):
Right.
PQC is about building tougher algorithms that are resistant to these quantum attacks?
Exactly.
Yeah.
It's all about like finding, you know, mathematical problems that are just too complex for even, you know, quantum computers to solve efficiently.
Okay.
So for example, one area that's pretty promising is something called lattice-based cryptography.
(03:55):
Okay.
Which uses the complexity of multi-dimensional grids to create more resilient encryption keys.
So, okay.
So let's say I'm holding Bitcoin.
Yeah.
Is this something, is lattice-based cryptography?
Is this something I should be looking for?
Yeah.
Like, you know, in a crypto project or--
Yeah.
It's definitely something to, like, you know, pay attention to, you know, like if you're, you know, cryptocurrency investments, you know, utilize this type of encryption.
(04:23):
They stand, you know, a better chance of staying secure against, you know, quantum attacks.
Okay.
So I'm starting to see why this is such a big deal.
Yeah.
But it's not just about, you know, creating these new types of encryption, right?
Right.
It's about actually implementing these solutions and getting everyone on board.
Right.
And one of the sources even mentions this concept of crypto agility.
(04:47):
Yeah.
Yeah.
Which, can you explain that a little bit?
What is crypto agility?
Yeah.
So, crypto ability basically refers to the ability of systems to quickly switch between different encryption algorithms as needed.
Okay.
And, you know, this is essential because we, you know, we don't know for sure which algorithms are really going to, you know, stand the test of time.
(05:10):
Right.
As quantum computers, you know, continue to evolve.
So it's almost like, I don't know, like upgrading your phone's operating system.
You know, to stay protected from new security threats.
Yeah.
You need to be able to adapt and evolve to stay ahead of the game.
Exactly.
Yeah.
Flexibility is key.
Okay.
But how do you, I mean, how do you get everyone on board with these upgrades?
(05:32):
Right.
Especially in a decentralized system like blockchain.
Right.
You know, where you can't just force everyone to update their software.
Yeah.
It's a real challenge.
You know, imagine trying to get, you know, millions of people to agree on.
On a single upgrade for their phones, right?
Right.
Right.
(05:53):
It's not easy.
And in the blockchain world, you know, disagreements over these upgrades can even lead to, you know, what are called hard forks.
Oh, yeah.
Where the network basically splits into two incompatible versions.
Digital divorces.
Yeah.
Yeah.
It's messy.
Okay.
So you saw collaboration's key here.
Yeah.
But, I mean, collaboration between who needs to be working together to make this transition to a quantum resistant future as smooth as possible.
(06:17):
Well, I mean, we're talking about, you know, cryptographers, blockchain developers, you know, government agencies, even everyday, you know, cryptocurrency users.
Yeah.
And everyone, everyone has a role to play here.
So it sounds like it's not enough to just, you know, rely on hardware wallets and stay informed.
Right.
What other, are there any other practical steps that people can take, you know, today to start preparing for this quantum future?
(06:41):
Well, I think, I think, you know, one thing is, is, is diversification, right?
So, you know, don't put all your eggs in one basket.
Okay.
And, you know, maybe, maybe look for projects that are specifically, you know, talking about, about quantum resistant solutions.
Got it.
You know, support, support projects that are actively, you know, addressing this threat.
Okay.
(07:02):
Because, you know, this isn't, this isn't a one-time fix.
Right.
It's an ongoing process.
Okay.
So we've got the potential threats.
We've got, you know, this race to develop solutions, the need for collaboration and individual action.
Yeah.
But I think it's important to remember that, that quantum computing isn't just about risks, right?
Right.
I mean, our source is also highlight, you know, some potential benefits of this technology in the realm of cryptocurrency.
(07:27):
Absolutely.
Yeah.
And those benefits could be huge.
I mean, imagine, like, you know, faster and more efficient transactions.
Okay.
You know, potentially eliminating those long wait times that, you know, that you mentioned earlier.
Yeah.
And then, you know, entirely new types of cryptocurrencies that are inherently, you know, more secure and resistant to any type of attack.
(07:50):
So there is a potential upside to this quantum revolution.
Oh, yeah.
Absolutely.
It's not all doom and gloom.
No, it's, it's a classic case of disruption, really.
There's both risk and opportunity.
And the key is to, you know, be prepared and informed.
Okay.
So we've got kind of the basics laid out.
Yeah.
Quantum computing poses a serious threat to cryptocurrency.
(08:11):
Right.
But there are solutions in the works.
Yeah.
I'm wondering though, like, how far along are we in building these, these co-breaking quantum computers?
Right.
Like, is this a threat that we need to be worried about right now?
Or is it something that's still years away?
Well, I mean, one, one example that shows just how powerful these computers are getting is, is the Google willow chip.
(08:32):
Okay.
You know, this, this chip can perform calculations in minutes.
Wow.
That would take a classical supercomputer like Septilians of Europe.
Septilians?
That's, I mean, that's practically an eternity.
Yeah.
It's a long time.
So these quantum computers are becoming incredibly powerful.
But, I mean, how, how close are they to actually cracking cryptocurrency in tription?
(08:53):
Yeah.
That's, that's the million dollar question.
And, and the answer is it's kind of a, it's kind of a moving target.
There's no, there's no clear consensus on, on the exact timeline.
But, but the general consensus is that it's, it's not a matter of if it's a matter of when.
This, this, this crypto apocalypse scenario, this isn't just science fiction.
This could actually happen.
Yeah.
I mean, the threat is real.
(09:14):
Wow.
And the clock is ticking.
But, but that doesn't mean we're helpless, right?
Right.
We, we have time to prepare.
Okay.
And there are, you know, there are brilliant minds working tirelessly to, to develop solutions.
So it's a, it's a race against time.
Yeah.
Trying to build those defenses before the attackers get their hands on a quantum code breaker.
Powerful enough to kind of wreak havoc.
(09:36):
It's, it's a challenge for sure, but it's also an opportunity to, to push the boundaries of technology and, and create a more secure and innovative future for cryptocurrency and beyond.
Okay. So we've covered the basic problem.
Yeah.
Potential solutions and the fact that this quantum threat is something we need to take seriously.
Yeah.
But let's get a little more specific.
(09:57):
What exactly are these quantum resistant solutions?
Right.
That researchers are working on.
Well, I mean, one, one promising area is, is something called post quantum cryptography or PQC.
Hold on.
Let's take a quick break and we'll dive into PQC and other potential solutions when we come back.
Okay.
So welcome back to the deep die.
Before the break, we were talking about this race against time to develop quantum resistant solutions for cryptocurrency.
(10:21):
And I'm, I'm really curious to, to learn more about some of the specifics here.
Yeah.
But one promising area that, that researchers are, are really focusing on is something called post quantum cryptography or, or PQC for short.
Okay.
And, and this basically it leverages, you know, existing cryptographic principles, but it relies on mathematical problems that are thought to be, you know, way too complex for, for, for even quantum computers to talk.
(10:50):
So instead of like inventing entirely new cryptographic methods, PQC is about like building tougher verbi,
building tougher versions of what we already have.
Yeah, exactly, exactly.
It's, it's kind of a practical approach that, that builds on, you know, decades of, of cryptographic research.
Got it.
And there's, there's several different, you know, families of, of PQC algorithms that are being explored.
(11:12):
Okay.
Each, each with their own strengths and weaknesses.
Can, can you, can you give us an example of, of one of these PQC families?
Yeah. Yeah.
So we, we already touched on lattice based cryptography a little bit early.
Right.
And, you know, which is, which is, you know, a leading contender in this race for, for quantum resistant encryption.
Right. And you were explaining how it uses the complexity of, of multi-dimensional grids.
(11:33):
Yeah.
Can you, can you break that down a bit further? Like, what, what makes it so difficult for even quantum computers to crack?
Yeah. So imagine like, you know, a vast multi-dimensional grid, right?
Okay.
With billions, even trillions of points, right?
Okay.
And the, the security of, of lattice based cryptography, it relies on the difficulty of finding a, a very specific point.
(11:58):
Okay.
Within this, this incredibly complex structure.
Okay.
And it's, it's a problem that's, that's relatively easy to describe, but it's, it's just incredibly hard to solve.
Okay.
Even, even with the power of, of quantum computers.
So it's like searching for a, a single grain of sand on a, on a massive beach.
Yeah. Exactly.
It's possible, but it would take an astronomical amount of time and resources.
(12:20):
Right.
Okay. That makes sense.
Yeah.
So are there any other PQC families that, that we should know about?
Yeah. So there's, um, there's also code based cryptography, which, which uses complex error correcting codes to obscure data.
And then there's also multi-variate polynomial cryptography, which, which relies on the difficulty of solving, you know, systems of equations with, with multiple variables.
(12:45):
Got it.
Um, and so each of these approaches, you know, presents unique challenges for, for quantum computers.
It sounds like cryptographers are really pulling out all the stops here.
Yeah. They're, they're definitely working hard to stay one step ahead.
Yeah. Yeah.
But it's, it's not just about the algorithm of themselves, right?
Right.
You mentioned this idea of crypto agility earlier.
Yeah.
Um, can you remind us what that is and why it's so important in, in a post quantum world?
(13:10):
Yeah. So, so crypto agility, it refers to the ability of systems to, to switch between different encryption algorithms, you know, quickly and seamlessly.
Okay.
And, and this is essential because, you know, we, we don't know for sure which algorithms are, are going to stand the test of time as, as quantum computers continue to evolve.
(13:31):
So it's like having a, a toolbox full of different locks and being able to swap them out quickly if a new kind of lock bit comes along.
Exactly. Yeah. You always want to have a backup plan.
Okay. But how do you, I mean, especially in a decentralized system like, like blockchain?
Right.
How do you implement this crypto agility? Like how do you get everyone to agree?
(13:53):
Yeah. It's, it's a challenge. I mean, you know, it's incredibly difficult to get everyone, you know, on, on a blockchain network to, to agree on, on new cryptographic standards.
Right. It's, it's like hurting cats, right? Yeah.
Yeah. And, you know, and, and disagreement over these upgrades can lead to those, those hard forks that we mentioned earlier.
(14:16):
Right. Those are those digital divorces. Yeah.
Yeah. We're, we're the network splits into two separate versions.
Yeah. They sound messy.
Yeah. So besides crypto agility, are there any other key strategies that, that are being explored to, to make cryptocurrency more quantum resistant?
Yeah. Absolutely. So another, another really fascinating area is, is actually quantum cryptography itself.
(14:38):
Okay.
So, so this is, this is a way of, of using quantum mechanics to actually enhance security rather than just trying to, to defend against quantum attacks.
So, so instead of like building stronger walls, we're using the strange rules of quantum mechanics to, to create an entirely new kind of fortress.
(14:59):
Yeah. Exactly. Yeah. I love that idea.
Yeah. So, so one, one prominent example of this is something called quantum key distribution or QKD.
Okay.
And, and this leverages the, the principles of, of quantum mechanics to create and, and share encryption keys that are, that are virtually unbreakable.
Quantum key distribution. I mean, we, we talked about this, this earlier. Yeah.
(15:20):
It's, it's like having a, a built in alarm system that goes off if someone tries to intertip those keys.
Exactly. Yeah.
But, how does it work in practice? Yeah. So, QKD, it, it exploits a, a fundamental principle of, of quantum mechanics.
And that is that, that observing a, a quantum system inevitably alters its state.
Okay.
So, if, if someone attempts to, to eavesdrop on, on a quantum key exchange.
(15:45):
Right.
The very active observation disrupts the process. Got it.
And, and alerts both parties to the, to the intrusion.
That's incredible. So, so it's like those, those encryption keys are self protecting.
Yeah. In a way. Yeah.
Okay. So, are there, are there companies or, or projects out there that are, that are already using QKD to, to secure their communications?
(16:06):
Oh, yeah. Yeah. Yeah. Absolutely.
In fact, there are several companies that are, that are specializing in QKD solutions.
You know, for, for governments, financial institutions, even research organizations.
Okay. That's, that's really exciting to hear.
Yeah.
And, it's like, like, quantum cryptography really has the potential to revolutionize cybersecurity as we know it.
(16:27):
Yeah. I think so.
But let's, let's shift gears for a moment here.
We've, we've talked a lot about, you know, the threats and, and the potential solutions.
Right.
But what about the opportunities?
Yeah. That's an important point. It's, it's easy to kind of get, get caught up in, in the doom and gloom scenarios.
But, but quantum computing also has the, the potential to, to unlock incredible benefits.
(16:48):
Okay.
You know, for cryptocurrency and, and beyond.
So you mentioned the possibility of faster transaction speeds earlier.
Yeah.
Can you, can you elaborate on that?
Because I know anyone who's ever waited for, for a Bitcoin transaction to go through knows that, that speed is, is definitely a major issue.
Oh, yeah. Absolutely. So, so imagine a world where, where cryptocurrency transactions are, are processed, you know, almost instantaneously.
(17:16):
Right. I mean, quantum computing could, could make that a reality.
It could also lead to the development of, of entirely new types of cryptocurrencies.
Okay.
With, with enhanced security features and, and functionality that, that we can't even imagine yet.
It's, it's mind-boggling to think about the possibilities.
It is, yeah.
(17:37):
It's like, we're, we're on the verge of a whole new era of digital finance.
Yeah. Absolutely.
But, before we get too carried away with the potential upsides. Right.
Let's, let's circle back to, to the threats for a moment here.
Okay.
How, how vulnerable are current encryption methods?
Really?
And what, what kind of timeline are we, are we looking at before quantum code breakers become a serious problem?
(18:01):
Yeah. So, I mean, there, there is a degree of uncertainty there.
But, but one, one source cited a study at, at, at, mating that,
certain widely used encryption keys could be cracked with, with a few thousand qubits.
Okay. A few thousand qubits.
But, I mean, how, how far along are we in, in building quantum computers with that kind of power?
(18:24):
Yeah. That's, that's a, that's a question with a, with a constantly changing answer.
Right.
You know, quantum computing is advancing rapidly.
But, there are, there are still significant technical hurdles.
Okay.
So, the, the development of, of stable and, and scalable quantum computers is, is still a work in progress.
So, there's, there's no definitive answer to that wind question.
(18:47):
Right. Right. Right.
But, but the general consensus is that it's a matter of time.
Yeah.
Before quantum computers pose a serious threat to cryptocurrency.
Yeah. I think so.
So, what does that mean for, for everyday crypto users like myself?
Yeah.
What, what can we do to start protecting our, our digital assets?
Yeah. Well, one, one practical recommendation is to, to use hardware while we're in the world.
To use hardware while it's.
(19:08):
Okay.
So, these, these devices store your, your private keys offline.
Okay.
Which makes them, you know, much less vulnerable to hacking.
Of even, even from quantum computers.
So, it's like keeping your, your cryptocurrency in a, in a physical safe.
Yeah, exactly.
Rather than, than leaving it exposed out there in the digital world.
(19:29):
Exactly. Yeah. It adds, it adds an extra layer of security.
Okay.
And then it's also important to, to diversify your, your crypto holdings.
Right. Don't put all your eggs in one basket.
Right. Exactly.
So, spreading your investments across, you know, different types of, of cryptocurrencies can, can help mitigate risk.
Got it.
If, if one becomes vulnerable to quantum attacks.
(19:51):
Okay.
And then of course, you know, staying informed is crucial.
Because knowledge is power.
Absolutely.
Especially in a, in a world where, where the technological landscape is changing so rapidly.
Yeah. So, so keep an eye on, on developments in both quantum computing and, and quantum resistant cryptography.
So, be cautious. Do your research and don't believe anyone who claims to have a, you know, a quantum proof solution right now.
(20:14):
Right.
Because as you said, this, this field is still evolving.
It is. Yeah.
There's, there's no silver bullet.
Yeah. It's, it's an ongoing process.
Okay. So, we've covered the potential threats, the solutions in development and, and the practical steps that, that individuals can take.
Yeah.
To prepare for this quantum future. Right.
But I'm, I'm also fascinated by the real world examples of how this technology is already being used.
(20:37):
Yeah. Absolutely.
It's, it's important to, to kind of move beyond the hypothetical and, and look at some, some concrete examples of, of quantum computing in action.
Perfect. Yeah. And, and, and I know our sources, you know, they mentioned the Google willow chip.
Right.
Which apparently can, can, can perform calculations in minutes that would take a classical supercomputer.
So, tillions of years. Yeah. It's incredible.
(20:58):
I mean, that, that just blows my mind. But, but besides just, you know, raw processing power.
Right.
How is this technology actually being used in the real world?
Yeah. So, so that incredible speed and power is, is being harnessed for, for a variety of applications.
Okay.
You know, the, the Google willow chip, for example, is, is making significant strides in, in error correction.
(21:21):
Which is, which is crucial for, for building more, more reliable and scalable quantum computers.
Error correction. Why is that so important in the quantum world?
Yeah. So, pobets, the, the building blocks of, of quantum computers, they're, they're incredibly sensitive to, to, to their environment.
Okay.
And, and even the, the slightest disturbance can, can cause errors in, in calculations.
(21:43):
Okay.
Leading to, to inaccurate results.
So, so error correction techniques are, are essential to, to counteract this inherent instability.
Got it.
And, and ensure the, the reliability of, of quantum compulations.
So, it's like having a, a quantum spell checker.
Yeah. Exactly.
Possibly working in the background to make sure those computations are, are accurate.
Exactly.
Okay. That makes sense.
(22:04):
Yeah.
What, what other real world applications are, are we seeing?
Yeah. So, another exciting error is, is quantum simulation.
Okay.
Which is, which is being used in fields like, like, biofarm, for example, to, to study the, the behavior of molecules.
And so, so companies like, like, sandbox, AQ, they're, they're leveraging this technology to potentially revolutionize the way that we, we design and develop new drugs.
(22:30):
So, instead of spending years and millions of dollars in the lab.
Right.
Scientists can use quantum computers to, to test out drug candidates virtually.
Yeah, potentially.
Yeah.
Sounds incredible.
Yeah. It's, it's cutting edge science with, with the potential to, to dramatically accelerate drug discovery and development.
Wow.
And, and this is just, this is just one example.
Quantum simulation holds, holds promise in a variety of fields from, from materials, science, to financial modeling.
(22:57):
Wow.
It really seems like quantum computing is poised to transform, like, countless industries.
Yeah, it really does.
It's, it's an incredibly exciting time to be following these developments.
It is.
It's not just about, you know, scientific advancements.
It's also about expanding the horizons of, of human creativity and ingenuity.
Yeah, I agree.
So, amidst, amidst all this technological advancement.
(23:19):
Yeah.
It's, it's important to remember that quantum computing raises some significant ethical and, and societal questions too.
Yeah, absolutely.
So, what are, what are policymakers doing to kind of foster innovation while addressing these, these potential challenges?
So, so governments worldwide are, are recognizing the, the strategic importance of quantum computing, both, both in terms of its, its potential benefits.
(23:43):
Okay.
And its potential risks, right?
Right.
And so, they're, they're investing heavily in, in research and development.
Right.
Creating, creating national quantum initiatives and, and even enacting legislation to promote, you know, the growth of this industry.
So, it sounds like there's a, there's a global race for quantum supremacy underway.
There's, there's definitely an element of competition.
(24:05):
Yeah.
But there's also, there's also a growing recognition that, that international collaboration is crucial.
Okay.
For, for navigating the, the complexities of this technology and ensuring its responsible development.
Because no single country can solve this, this quantum puzzle alone, right?
Exactly.
Yeah.
So, the, the technical challenges, setting ethical guidelines and, and ensuring that the benefits of, of quantum computing are, are widely shared requires, requires a little effort.
(24:34):
Okay. That makes a lot of sense.
Yeah.
So, so governments are investing, they're collaborating, they're working on ethical guidelines.
Right.
What about the private sector?
Yeah.
What, what role are, are companies playing in, in shaping this, this quantum landscape?
Yeah.
So, so companies are really at the forefront of, of quantum innovation.
Okay.
You know, developing, developing new hardware, software, applications.
(24:55):
Okay.
They're also investing in startups.
Okay.
Partnering with, with research institutions and really driving the, the commercialization of, of quantum technologies.
So, it's, it's kind of a dynamic partnership between, between government and industry.
Yeah.
Each pushing the boundaries of, of what's possible.
Exactly.
And I imagine there's, there's a whole ecosystem of, of startups popping up.
(25:17):
Oh, yeah.
So, to, to capitalize on, on this emerging technology.
Absolutely.
Yeah. We're, we're seeing a surge in, in quantum startups, attracting venture capital and, and really pushing the, the boundaries of innovation in, in areas like quantum software, algorithms and, and cloud computing.
(25:38):
It's, it's fascinating to see how this technology is attracting such a, a diverse range of, of players.
It is, yeah.
From tech giants to, to scrappy startups.
Yeah. And that diversity is, is crucial for, for fostering competition, accelerating progress and, and ensuring that the, the benefits of, of quantum computing are, are broadly accessible.
(25:59):
Okay. So, we've covered the roles of governments, companies and startups.
Yeah.
But, but one crucial aspect that I think often gets overlooked is, is, is the role of, of education and public awareness.
Right.
Why is it so important for, for people to, to understand this technology?
Yeah.
If they're not, you know, scientists or engineers.
Yeah. I mean, quantum computing isn't just, isn't just a technical topic.
(26:20):
Right.
It's, it's a societal one.
Um, you know, it's impact will be felt far beyond the realms of, of science and technology influencing, you know, our economy, our social structures, and even, even our understanding of, of the world around us.
So, it's, it's not just about understanding how quantum computers work.
Right.
It's about, it's about grasping the potential consequences for, for society as a whole.
(26:44):
Exactly. Yeah. We need to, we need to cultivate a society that is, that is quantum literate.
Okay.
Capable of engaging in, in, in form discussions about the development, application, and ethical implications of, of this powerful technology.
It sounds like we need to demystify the quantum realm.
Yeah.
And make it, make it accessible to everyone, not, not just the experts.
Absolutely. Yeah. And that means providing educational resources, you know, creating, engaging, you know, public outreach programs.
(27:11):
And, and even incorporating quantum concepts into, into popular culture.
Okay. Through storytelling and media.
So, it's about sparking curiosity.
Yeah.
And making quantum computing part of, part of the everyday conversation.
Exactly. Yeah. The, the more people understand about this technology, the, the better equipped will be to, to navigate its complexities and, and harness its potential for good.
(27:34):
Okay. So, we've covered a lot of ground in this, in this deep dive from the technical details of, of, quantum resistant,
quantum resistant solutions to the broader societal implications of this technology.
Yeah. It's been a, a wide-ranging conversation.
And we've, and we've seen how this, this quantum revolution is already unfolding with, with real-world applications.
Yeah.
In, in fields ranging from, from drug discovery to cyber security.
(27:58):
It's pretty remarkable.
It's clear that we're on the cusp of, of a, of a truly transformative era.
Yeah.
One that will, that will challenge our assumptions and, and push the boundaries of, of what's possible.
It's an exciting, albeit, uncertain time. Yeah.
And as, as we venture further into the quantum age, it's, it's essential that we do so with a sense of curiosity.
Okay.
Open mindedness and, and a commitment to harnessing this power for the betterment of humanity.
(28:23):
Well, on that note, I think it's time for us to, to surface from this deep dive.
Yeah.
We've explored the depths of quantum computing and cryptocurrency.
We have.
Uncovered the threats and opportunities.
Absolutely.
And even glimpsed into the, the potential future we're creating.
And as always, we encourage all of our listeners to, to continue exploring, questioning and engaging with this, with this fascinating and, and ever evolving field.
(28:46):
Yeah.
The, the quantum world is, is full of wonder and the journey has just begun.
So until next time, keep diving deep and keep those quantum questions coming.
You know, as we've been unpacking all this information on quantum computing and cryptocurrency,
one thing that keeps coming up is this sheer amount of uncertainty surrounding the timeline.
Oh, yeah.
Oh, yeah. Absolutely.
(29:07):
I mean, a predicting the future, especially when it comes to like, cutting edge technology.
Right.
It's, it's like trying to nail jelly to a wall.
Right.
There are so many variables, you know, breakthroughs and unforeseen challenges.
Right. And, and that makes it tough to figure out how to, how to prepare for this, for this quantum future.
Yeah.
I mean, some of the experts, you know, that we've, that we've seen in our sources are, are painting a pretty dire picture.
(29:30):
Yeah.
And then, in the morning of like a crypto apocalypse, if, if we don't get our act together soon.
Right. Right.
And then others are more optimistic.
Yeah.
Highlighting the potential for quantum computing to create even, even more secure and innovative blockchain systems.
Right.
So it's, it's fascinating to see such a range of perspectives here.
(29:51):
Yeah. It really is.
So how do we, how do we make sense of all these, these conflicting viewpoints?
Yeah.
Is there a way to kind of cut through the noise and, and figure out what's, what's truly important for someone who, who wants to protect their, their crypto investments?
Yeah. That's a great question.
I think focusing on the, the fundamental principles of, of cryptography is, is a good place to start.
(30:13):
Okay.
So instead of like getting bogged down in, in all the technical details.
Right.
Let's, let's ask ourselves like, what, what makes encryption work in the first place?
Okay.
And how does, how does quantum computing fundamentally challenge those, those underlying principles?
Okay. So back to basics.
Yeah.
I remember you mentioned something called computational hardness earlier.
(30:35):
Yeah. Yeah.
Yeah.
Can you, can you remind me what that means and why it's, why it's relevant to, to this discussion?
Yeah. So, so computational hardness basically refers to the, the difficulty of solving certain mathematical problems.
Okay.
So these problems are, are so complex that they form the foundation of, of modern cryptography, right?
Okay.
So, so for a long time, these, these problems were considered, you know, virtually unsolvable by, by classical computers, which, which made encryption incredibly secure.
(31:05):
Right.
But, but quantum computers kind of changed the game because they can, they can perform calculations in, in ways that classical computers just, just can't even begin to approach.
Because they can exploit those, those bizarre rules of quantum mechanics.
Exactly.
Like, like superposition and entanglement to, to tackle these complex problems in a, in a fundamentally different way.
(31:26):
Yeah. And that means that some of the mathematical problems that, that once seemed, you know, uncrackable.
Right.
Could become much, much easier to solve.
Right.
With quantum algorithms.
So it's like, it's like the, the bad guys suddenly got a super powered tool.
Yeah.
Could guys need to find a way to kind of level the playing field?
Exactly. Yeah.
It's a, it's a constant game of, of cat and mouse.
(31:49):
Right.
But thankfully, you know, cryptographers are, are already exploring, you know, a new, new mathematical territories, you know.
Okay.
Searching for, for problems that, that remain computationally hard, even in the face of quantum algorithms.
Okay. So, so it's an ongoing arms race, basically.
Evilly, yeah.
With both sides trying to outsmart each other.
Yeah. Absolutely.
I'm, I'm curious about this idea of, of hybrid solutions.
(32:13):
Yeah.
That we, that we touched on earlier.
Right.
Can you, can you explain what, what that means and why it might be a promising approach to, to quantum resistant cryptography?
Yeah.
So, so hybrid solutions basically involve combining the, the best of both classical and and quantum cryptography.
Okay.
To create kind of a, a multi-layered defense system.
(32:35):
Okay.
So, for instance, you could use a quantum key distribution or QKD to, to securely share the keys for a, a classical encryption algorithm that's known to be quantum resistant.
So, it's like having a, a moat and a drawbridge protecting your, your digital cascades.
Exactly.
You're, you're using the strengths of, of both approaches to, to make the system as secure as possible.
(32:59):
Exactly. Yeah.
Okay.
So, a multi-layered approach could be especially effective in, in protecting against quantum attacks.
Okay.
Because it, it makes it much harder for, for an attacker to, to exploit any, any single vulnerability.
That makes a lot of sense.
Yeah.
But let's, let's step back from the technical details for a moment.
Okay.
You know, we've, we've talked about the impact of, of quantum computing on cryptocurrency.
(33:24):
Yeah.
But what about the, the broader economic and, and social implications?
Right.
I mean, this, this technology has the potential to disrupt so many industries.
It's true.
Yeah.
The, the quantum revolution, it, it has implications that extend far beyond just the world of finance.
Right.
You know, for example, like, like how will, how will quantum computing impact, you know, global power dynamics?
(33:48):
Right.
Will it, will it create new economic opportunities?
Or will it, you know, exacerbate existing inequalities?
Right.
But these are questions that, that we really need to grapple with as a society.
It's, it's a bit overwhelming to think about, isn't it?
It's like, we're, we're standing on the edge of this vast unknown territory.
Yeah.
And we need to, we need to figure out how to navigate it responsibly.
(34:10):
Yeah.
We're, we're writing a new chapter in, in human history.
Yeah.
And the choices that, that we make today will have, we'll have lasting consequences.
Right.
One thing is, is for sure though, the, the quantum revolution will, will force us to rethink
our assumptions about, you know, security, privacy and even the, the very nature of value.
(34:31):
So where do we even begin?
How, how do we, how do we prepare for, for a future that's so uncertain and, and full of potential destruction?
Yeah.
I mean, I, I think education is, is paramount.
Okay.
You know, we need to, we need to equip people with the, with the knowledge and, and skills to understand and navigate this, this complex landscape.
So it's, it's not just about training the, the next generation of, of quantum scientists and engineers.
(34:56):
Right.
But, but also about, about educating the public, like about the, the broader implications.
Exactly.
Of, of this technology.
Yeah. We need to, we need to foster a society that is, that is both, you know, quantum literate and, and ethically aware, capable of, of making informed decisions about the development and use of these, of these powerful tools.
(35:17):
It sounds like a massive undertaking.
It is, yeah.
Where do we, where do we start?
Well, I mean, it's a, it's a multifaceted challenge that, that requires a, a collective effort, right?
Okay.
We, we need to invest in educational resources, you know, create, engaging public outreach programs and, and even leverage the power of, of storytelling and, and media.
(35:40):
Okay.
To make, to make quantum concepts more accessible and relatable.
So it's about demystifying the, the quantum realm.
Yeah.
And, making it part of, part of the everyday conversation.
Exactly. Yeah. The, the more people understand about quantum computing, the, the better equipped will be as a society to, to harness its potential and, and navigate its challenges, responsibly.
(36:02):
Well, I, I think we've, we've done our best to, to demystify things a bit today.
Yeah. I hope so.
We've, we've explored the potential threats of, of quantum computing to cryptocurrency, the, the innovative solutions that, that are being developed.
broader societal implications of this game-changing technology.
It's been a really fascinating discussion.
(36:22):
And as always, we encourage our listeners to continue exploring, questioning and engaging
with this fascinating field.
Yeah, absolutely.
The quantum world is full of wonder and the journey is just beginning.
It really is.
So thank you for joining us on this deep dive into the Quantum Realm.
It's been a pleasure.
Until next time, keep those quantum questions coming.
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