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Thursday, October 6, 2022

Quantum Computing Would Be Running Economic Models

Several experts are of the opinion that quantum computing has been evolving at quite an exponential rate. For those who are uninformed, this form of computing uses an atomic spin rather than an electrical charge to represent the binary numbers.

Now, even if QC is also realized at a scale, it could prove to be a boon for human society- which would help in improving medicines, engineer safer airplanes, and improving crop yields. The crypto sector would also be profiting too. The last week, for instance, saw the Bank of Canada commissioning a project that went on to simulate cryptocurrency adoption. 

Quantum Computing Can Solve A Lot Of Troubles

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Maryan Haghighi, the director of data science at the Bank of Canada, informed that they wanted to push for the testing of quantum computing on a research case that proved to be quite difficult to solve through classical methods of computing. But others have been worrying that this form of computing- given the extraordinary brute force power, could also crack the cryptographic structure of the blockchain. Incidentally, this has served Bitcoin pretty well since its inception. 

On these lines, a paper that was published recently went on to calculate just how quantum computing would be able to duplicate a private key for Bitcoin- that is the number of physical cubits that is required to destroy the elliptic curve encryption of keys in the network for Bitcoin. This was explained by the authors of the paper- who were all affiliated with the University of Sussex. 

For those wondering, this really won’t be an easy job- even with quantum computing. The algorithm of Bitcoin that converts public keys into private keys is created for movement in a single direction. This means that it is pretty easy to generate a public key from a private key- but the other way round is practically impossible.

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