The Bitcoin/Crypto Thread
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I wish these people would speak in plain English rather than use all this technobabble.
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Plain English has been failing at keeping up with technology advancements. Heck, practically all natural languages have the same problem. There will always be subject matter that less than .01% of the population understand. "Plain language" is developed to accommodate the middle one to three sigmas of the general population. There will always be cases when plain language simply cannot do a subject matter justice.
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But if you really want that compromise to get some aspects of a message across to the middle one to three sigmas of the general population, sure, try a "plain language" approximation. AI can probably do that quite well most of the time these days.
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Well it’s not technically just in its current form.
Shor’s algorithm breaks the math underlying most public key cryptography. But today it requires millions of years of computation whereas a sufficiently powerful quantum computer could do it in hours or less.
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Why does this mean blockchain is doomed?
Only blockchains of certain implementations are doomed. Google's work is fairly specific about cracking the ECDSA 256-bit encryption method in a reasonable amount of time using a quantum computer that Google believes will come into existence sometime in 2029. Blockchains that use the ECDSA 256 (or fewer) bits encryption methods will be "doomed" if/when their underlying encryption can be broken in a reasonable amount of time -- using a quantum computer that may come into existence in 2029.
But blockchain as a general concept will continue to have a place in technology and industrial applications. The U.S. government, especially through NIST, is spearheading the world-leading effort to standardize a bunch of new encryption methods that are expected to be "quantum resistant" -- i.e., encryption methods that even quantum computers cannot break for a very long time. New blockchains can be implemented using these quantum-resistant encryption methods and continue to be secure in the face of quantum computers.
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