How can cryptocurrencies be made quantum-resistant and resistant to large botnets/multi-cloud computing as well as hash collisions?

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FinWi
3 months ago

How can cryptocurrencies be made quantum-resistant and resistant to large botnets / multi-cloud computing

Briefly beforehand:

It's pure speculation that quantum computers will one day be able to break elliptic curves. It's a bizarre fear floating around. Before that, a thousand other digital security systems would break, which would have a much greater impact on our lives.

Theoretically, you can only attack elliptic curves. SHA256 is, as far as I know, quantum-safe. If you're really afraid of quantum computers, you can send your Bitcoin to a new address. As long as you have the Bitcoin in a P2PKH address format and have never sent a transaction from that address, only the hash value of the public key is in the blockchain, and thus an attacker wouldn't know the public address, which they would need to derive the private key.

Schnorr signatures are considered quantum-safe. But I'm not deep enough into the subject to be able to explain it to you in detail.

and against hash collisions?

Not sure what that is? Finding a hash value that had two different inputs? It's a theoretical possibility, but no one has managed to generate it in all the years since SHA256 was introduced. But yes, there's no mathematical proof that SHA256 is truly a unique digital fingerprint.

If one were to find an sha value that is equally valid for two inputs, I don't know how one could attempt to cause harm with it. The other input would certainly be so different from the first that one wouldn't really be able to play tricks with it.

TheOrangePill
3 months ago

By switching to quantum-resistant encryption.

But quantum computers are not a threat for a very, very long time yet…

https://www.youtube.com/watch?v=Xbzegs4EQaQ