Hi @originate , I have a fairly detailed understanding of Quantum Mechanics, Quantum Computing and encryption...
I can confidently tell you that if a functioning Quantum computer is ever created then ALL current encryption would be rendered completely useless.
ALL encrypted files could be unlocked and Blockchains could be completely undone.
MAYBE in the future, someone will develop a kind of Quantum encryption, this would be the only way to keep data secure.
Thanks @dr-physics nice insight.
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Yes that is my understanding as well. In addition to what you said. The developers of the Atos Quantum Learning Machine (QLM) (a computer system that simulates quantum behaviour in order to develope software for a future quantum computer) support the development of an encryption that is quantum resistant. They expect a first working algo in about 1 year. Means, in the future all bockchains and cryptocurrencies have to go through a major hardfork.
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Hi @dinoo ... I wasn't aware of this group but I guessed that someone, somewhere would be working on this task.
Surprisingly, not ALL Blockchains will have to undergo a hardfork. I have found ONE crypto whos team are already working on quantum proofing their Blockchain :D
The Chinese Blockchain, 'Antshares' (currently being rebranded to 'NEO') are the only team (that I know of) working on this. Their product honestly looks amazing. I would recommend everyone check out this particular Blockchain :)
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Didn't know ANS is working on that. Nice, I happen to own a few. As far as I know they're considered being the ETH of China. And as China has the policy to only use Chinese products instead of the western counterpart this ANS mightbe up to a surge.
Anyway, a few cryptocurrencies are mentioned when it comes to quantum resistance. First and foremost probably the Quantum Resistand Ledger, but also IOTA. Even ETH is mentioned to have to built in option to upgrade the algo to quantum resistant when available. And probably many more as well. So, for now I wouldn't worry about it too much. It will be implemented when necessary. As the tech is easy to be copied I also would not expect the current projects to be the most profitable ones to invest in. A crypto needs much more than just features in order to be a financially successful investment.
Most recently I bought COEVAL. Monkey Capital seems to be quite serious about their project. So far it's well into profit and if the predictions of mainstream media is even remotely accurate, then we'll see a huge rise coming :)
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