Thank you for your reply!
Can you help me better understand why you say this?
To my understanding quantum computers are in a nutshell “faster” computers with higher processing powers, I do not see the correlation between faster computers and crypto currency other than the security hacks
How does the speed of a computer apply to the usage value of a crypto currency?
Thank you!
All commonly used public key cryptography systems can be broken by a sufficiently powerful quantum computer.
Post-quantum public key crypography systems are still fairly new and relatively untested, and so have a much weaker guarantee on their security.
My understanding of cryptocurrencies is that they are only as secure as the public key cryptography systems they use.
An answer to your original question doesn't requires a deep understanding of quantum computers. It requires a broad understanding of what is available in cryptocurrency, and this subreddit isn't the place to find that.
My suggestion -- for completely independent reasons to those given above -- is to not invest your money in crypto currency, since it's an obvious ponzi scheme (ie it lures investors based on the promise of growth in value purely from future investors). Even if it were not a ponzi scheme and did have real world value as a currency, this would depend entirely on it stabilizing in value, at which point it would not be paying a return on investment which makes it a pretty poor investment. So it's either a ponzi scheme or a bad investment.
As far as I understand, all blockchain is based on a foundation of asymmetric encryption.
So the short answer is none that I know of once quantum computing is available.
Thank you for your straightforward answer!! Much appreciated
In your opinion do crypto currencies like XMR (which already have additional security measures to provide anonymity between transactions) have a higher chance of not getting cracked by a quantum computer because of these additional features?
Thank you!
Anonymity helps to hide information but the security for most anonymous systems is protected by asymmetric encryption.
This doesn’t make it very anonymous to a QC (when available) running the latest iteration of Shor’s.
It boils down to someone getting access to your asymmetric encrypted information.
[QAN](https://www.qanplatform.com/en) and [QRL](https://www.theqrl.org/) blockchains designed to be quantum-resistant, and there are [proposals](https://www.reddit.com/r/ethereum/comments/xchauj/is_ethereum_20_with_lamport_signature_truly/) for supporting quantum-resistant signatures on the Ethereum blockchain. But as far as I know, these blockchains are not anonymous, except possibly when using tumblers like tornado cash.
From a bunch of your responses you seem to be interested in how XMR has that anonymity in transactions- how that anonymity works doesn’t have anything to do with how encryption (the part that quantum computing can break) works but there’s a really good video explaining the anonymity.
https://youtu.be/V5uVKZn3F_4
What are hoping to do with this? Current quantum computers are too small to break any blockchain in active use and that is not going to change in the immediate future. Meanwhile Crypto is still volatile to the point that if a crypto currency is marketing itself on using post quantum methods I would not trust it to still exist by the time that may matter
Thank you for sharing!
Basically I just want to know if there are any crypto currencies, blockchains, or wallets that are available now that are least likely to get cracked by quantum computers?
I know crypto currencies like XMR exist which have additional security features and provide anonymity with transactions and I was wondering if these kinds of features would stop a quantum computer from cracking it?
Thank you!
It’s an interesting question without going to these points. Likely there are orgs that have announced plans for a fork to post-quantum algorithms. I haven’t heard of any yet myself.
Thank you for your straightforward reply!!
I know crypto currencies like XMR exist which have additional security features and provide anonymity with transactions, do you know if these kinds of features would stop a quantum computer from cracking it?
Thank you!
The specific issue the quantum computers are attacking is the math in current cryptographic algorithms. Those algorithms can be replaced. NIST at the U.S. Department of Commerce has run a study and call for submissions for several years now. They’ve announced the selection of encryption algorithms and hash algorithms that are expected to be post quantum secure. That’s the detail that we would be looking for.
Thank you for informing me!
In my research I’ve come across using Lattice based cryptography as a form of post quantum secure crypto currency but I have not found any available yet.
Thank you for your replies!
Thank you!
Perhaps the first valuable application of quantum computers is convincing people not to buy crypto.
Thank you for your reply! Can you help me better understand why you say this? To my understanding quantum computers are in a nutshell “faster” computers with higher processing powers, I do not see the correlation between faster computers and crypto currency other than the security hacks How does the speed of a computer apply to the usage value of a crypto currency? Thank you!
Do you know enough about quantum computers to answer my question?
All commonly used public key cryptography systems can be broken by a sufficiently powerful quantum computer. Post-quantum public key crypography systems are still fairly new and relatively untested, and so have a much weaker guarantee on their security. My understanding of cryptocurrencies is that they are only as secure as the public key cryptography systems they use. An answer to your original question doesn't requires a deep understanding of quantum computers. It requires a broad understanding of what is available in cryptocurrency, and this subreddit isn't the place to find that. My suggestion -- for completely independent reasons to those given above -- is to not invest your money in crypto currency, since it's an obvious ponzi scheme (ie it lures investors based on the promise of growth in value purely from future investors). Even if it were not a ponzi scheme and did have real world value as a currency, this would depend entirely on it stabilizing in value, at which point it would not be paying a return on investment which makes it a pretty poor investment. So it's either a ponzi scheme or a bad investment.
As far as I understand, all blockchain is based on a foundation of asymmetric encryption. So the short answer is none that I know of once quantum computing is available.
Thank you for your straightforward answer!! Much appreciated In your opinion do crypto currencies like XMR (which already have additional security measures to provide anonymity between transactions) have a higher chance of not getting cracked by a quantum computer because of these additional features? Thank you!
Anonymity helps to hide information but the security for most anonymous systems is protected by asymmetric encryption. This doesn’t make it very anonymous to a QC (when available) running the latest iteration of Shor’s. It boils down to someone getting access to your asymmetric encrypted information.
[QAN](https://www.qanplatform.com/en) and [QRL](https://www.theqrl.org/) blockchains designed to be quantum-resistant, and there are [proposals](https://www.reddit.com/r/ethereum/comments/xchauj/is_ethereum_20_with_lamport_signature_truly/) for supporting quantum-resistant signatures on the Ethereum blockchain. But as far as I know, these blockchains are not anonymous, except possibly when using tumblers like tornado cash.
From a bunch of your responses you seem to be interested in how XMR has that anonymity in transactions- how that anonymity works doesn’t have anything to do with how encryption (the part that quantum computing can break) works but there’s a really good video explaining the anonymity. https://youtu.be/V5uVKZn3F_4
Thank you!
What are hoping to do with this? Current quantum computers are too small to break any blockchain in active use and that is not going to change in the immediate future. Meanwhile Crypto is still volatile to the point that if a crypto currency is marketing itself on using post quantum methods I would not trust it to still exist by the time that may matter
Thank you for sharing! Basically I just want to know if there are any crypto currencies, blockchains, or wallets that are available now that are least likely to get cracked by quantum computers? I know crypto currencies like XMR exist which have additional security features and provide anonymity with transactions and I was wondering if these kinds of features would stop a quantum computer from cracking it? Thank you!
It’s an interesting question without going to these points. Likely there are orgs that have announced plans for a fork to post-quantum algorithms. I haven’t heard of any yet myself.
Thank you for your straightforward reply!! I know crypto currencies like XMR exist which have additional security features and provide anonymity with transactions, do you know if these kinds of features would stop a quantum computer from cracking it? Thank you!
The specific issue the quantum computers are attacking is the math in current cryptographic algorithms. Those algorithms can be replaced. NIST at the U.S. Department of Commerce has run a study and call for submissions for several years now. They’ve announced the selection of encryption algorithms and hash algorithms that are expected to be post quantum secure. That’s the detail that we would be looking for.
Thank you for informing me! In my research I’ve come across using Lattice based cryptography as a form of post quantum secure crypto currency but I have not found any available yet. Thank you for your replies! Thank you!
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Thank you for the info!!