Representatives from several renowned universities cooperated on analyzing the potential of quantum computing to make cryptocurrency encryption even stronger than it currently is. Such a chip can eventually make Bitcoin an uncrackable currency. Of course, such a development will have an increasingly positive effect on BTC’s value.
Silicone chip encryption
According to a paper published by the creators, quantum computing is soon going to be able to crack all current encryption associated with cryptocurrencies.
The idea for this silicone chip was inspired by the patent for the one-time-pad, also known as OTP. While OTPs have been proven to be uncrackable, they have some severe disadvantages. The most notable flaw of the OTP is that t needs to be verified by a huge key.
Until now, OTPs were never regarded as a severe option. However, this team of scientists has developed a way to make them compatible with modern optical connectivity. The new chip encryption does not need such heavy verification keys, as verification information is never stored.
How will this affect Bitcoin?
Currently, one of the biggest hurdles before Bitcoin, and every other cryptocurrency, is gaining users’ trust. Many people still believe that cash is the safest option, and anything digital can be hacked or cracked.
If this new kind of silicone chip encryption provides a guarantee that assets will never be lost because of hacking, Bitcoin will quickly gain the trust of a large percentage of the mass.
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