IBM has developed quantum computer in November 2017.
According to web media, it is said that all code can be decrypted by this computer.
If this is yes, then all cryptocurrencies went bankrupt!
Is this TRUE?
There will be some intermittent confusion when the code is decryp3ed once, but new way or technology enables further strong encryption.
I've met with my friend who is specialist in encryption more than 20 years.
I believe, if the code on the net is decrypted, then very BIG confusion run over the earth!
All bank and credit card transactions will stop, then economic damage will be very big.
Therefore, this does not just matter for cryptocurrencies.
I believe, if this happens, then a person in charge surely resolve this issue immediately.
However, I've read Satoshi Nakamoto paper, and I see the hash algorithm is not strong enough in my view. It's too simple.
Even if the IBM quantum computer solves/decodes current encryption, then counterparty should take actions to enhance encryption immediately.
To solve this matter, I've met with a friend who has bees specialist in encryption more than 20 years.
Encryption Specialist Views
His view is, luckily, similar to my view.
Current encryption technology algorism is widely shared by the community.
In 1978, the length of the key to decryption was 512 bit. It was thought that this way cannot be solved more than 100,000 years.
However, in reality, this was solved in 30 years.
Then, now, 2048 bit is a length of a code.
Computer, like ultra speed quantum computer needs to check every pattern of the bits to match with input to output.
This encryption method is called as 'RSA', taken the name from three clever developer/researcher, Rivest, Shamir, and Adleman, developed in 1978.
2048bit means 2 of 2048 square pattern calculation is necessary.
This value is too big, so you cannot calculate this value by function calculator nor Excel.
Answer value is;
By the way, smaller 2 of 512 square is
1.3408 10 of 154 square;
1.3408 X 1 trillion x 1 trillion x ....(12.833 times of 1 trillion multiply)
You can now understand 2 of 2048 square value is extremely huge.
Computers need to calculate this huge number count.
In case of 2 of 2048 square is 4 set of this calcuration!
Even if computer performance is enhanced, usually, lots more bits as the key will be utilized.
This way does not provide liner computer calculation, but exponential calculation.
So, the easiest way for more difficult decryption, key digit bits are increased. This is very simple countermeasures.
However, if this way is too simple, then other encryption methods can be implemented.
Therefore, there are some ways to avoid decryption of codes.
At a certain period, it decryption is suddenly analyzed, then there will be some confusion.
But such confusion will be resolved soon.
Note that Bitcoin does not utilize this RSA.
There is about four major problem defined in encryption.
Bitcoin uses ECDSA as a core technology.
ECDSA stands for Elliptic Curve Digital Signature Algorithm.
It utilizes the Elliptic Curve Discrete Logarithm Problem. This is also used in google authentification.
ECDSA merit is it can shorten bit number.
If the quantum computer can calculate faster to solve encryption problem, then basic countermeasure is to increase the bits much bigger. However, alternative methods can be developed.
The story that quantum computer decrypts cryptocurrencies are immature.
Even if the quantum computer technology becomes strong, there are some ways for more tight encryption.
Therefore, it is not necessary to worry about this too much.