Craig Gidney, a Google Quantum AI researcher, has published a new study that suggests cracking popular RSA encryption would take 20 times less quantum resources than previously believed.
Bitcoin, and other cryptocurrencies were not specifically mentioned in the study; instead, it focused on the encryption techniques that serve as the technical foundation for safeguarding cryptocurrency wallets and, occasionally, transactions.
RSA is a public-key encryption method that can encrypt and decrypt data. It uses two separate but connected keys: a public key for encryption and a private key for decryption. Bitcoin does not employ RSA and instead relies on elliptic curve cryptography. However, ECC can be overcome by Shor’s algorithm, a quantum method designed to factor huge numbers or solve logarithm issues, which is at the heart of public key cryptography.
ECC is a method of locking and unlocking digital data that uses mathematical calculations known as curves (which compute only in one direction) rather than large integers. Consider it a smaller key that has the same strength as a larger one. While 256
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