Quantum computing is a type of study to figure out ways to utilize quantum phenomena through the medium of computing.
Understanding the term
Advancements in the quantum computing field threaten the security encryption and the signing algorithm used by Bitcoin and some other cryptocurrencies, according to quantum researchers. This is due to the nature of quantum computing, which was discovered back in the 1980s to solve complex computational problems effectively and quickly.
Quantum computing definition is incomplete without the mention of its two extraordinary features: superposition and entanglement. These features allow quantum computers to perform at a speed that is way faster while using less energy than computers equipped with traditional computing.
Experts have established that in a few years, quantum computing will be able to crack the security protecting Bitcoin. According to a study by Deloitte cybersecurity specialist Itan Barmes, to obliterate the value of Bitcoin, a quantum attack needs to aim at only 4 million coins out of the total Bitcoin in circulation.
Quantum computing is seen as a threat to blockchain networks. Experts have found that only quantum-resistant blockchains can be safe from quantum attacks that allow an individual to hijack blockchain networks.