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XTRABYTES.TODAY Quantum Computing Concerns Put to Rest by XTRABYTES?

Discussion in 'Blog Posts' started by XTRABYTES, Nov 11, 2017.

  1. XTRABYTES

    XTRABYTES Well-Known Member

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    Imagine: It’s 2020 and a leading Chinese tech company has just created a quantum computer that can break the current Bitcoin encryption standard. Despite promises by the company to safeguard this technology, a rogue employee uses it to open the wallets of several large bitcoin investors. Millions are stolen and as word leaks, the market crashes. Before Bitcoin is able to update its encryption standard, solution investor confidence in cryptocurrency has been shattered. This is the threat that quantum computing presents.

    The above scenario is not that far-fetched. Indeed, at the speed at which quantum qubit capacity is increasing (qubit is a unit of quantum information), its merely a matter of time before quantum computing poses just such a risk. In order to break Bitcoin’s current encryption algorithm (SHA-256), quantum computing will require 1600 qubits capacity. Although Google’s quantum computing efforts are being staged at a mere 50 qubit, that level has increased exponentially within the past year.

    Quantum Computing: A Systemic Risk


    [​IMG]For security purposes, Bitcoin owners are currently able to generate both a private and a public key. Although private keys are used to generate public keys, it’s fairly difficult to calculate that private key based upon how the public key was generated. Yet quantum computers have that capacity to do just that. And as quantum computing power grows, its ability to wreck havoc on cryptocurrency will expand as well.

    By allowing private keys to be revealed, quantum computing leaves open the possibility of theft. The only silver-lining here is that the theft is perhaps limited to a few individual accounts. A quicker way to bypass private key security is to break the digital signature technique used to verify private key ownership.

    This digital signature technique (properly known as an elliptic curve signature) is expected to be at risk from quantum computing by 2027. Breaking this safeguard would ultimately be more systematic and destructive to cryptocurrency in general then the theft of a few individual accounts. After all, these digital signatures guarantee that the Bitcoin owner actually possesses the private key and can spend Bitcoin.

    What can be done to safeguard the blockchain from such attacks?

    Adaptability and Trust As A Security Safeguard


    “Quantum Resistant” technology does indeed exist. For instance, XTRABYTES currently uses a very secure hash algorithm standard (SHA-512) to safeguard its Zolt algorithm from hacking by quantum processors. More Importantly, XTRABYTES has the ability to easily upgrade its security protocols as quantum computing advances, That is, the code with which XTRABYTES is built upon is easily changeable. With encryption technology, security is simply a matter of staying ahead of the curve.

    Because blockchain security is partially dependent upon the length of cryptographic keys, creating longer keys as a safeguard is always a temptation. Unfortunately, longer cryptographic keys require additional time for encoding and decoding. Given that XTRABYTES is currently testing at 10,000 transactions per second, it might have greater luxury than most with regard to transaction time. Nonetheless, time-stamping requirements and encryption method used play a factor here as well.

    With its Proof-of-Signature requirement, XTRABYTES creates an additional security layer as well. Using Proof-of-Signature, transactions only proceed if XTRABYTES’ STATIC nodes sign off on them. Because it’s impossible for anyone to know the entire private key used by several thousand STATIC nodes. hackers cannot fraudulently create a signature-verified block. And should a malicious node attempt to compromise the chain, it will be blacklisted automatically.

    Well, what about breaking into the STATIC node owner’s wallets? STATIC node owners locate one of their two wallets on their PC. Since this wallet has no coins in it, hacker have no incentive to hack it. This is the advantage XTRABYTES has with locking its digital coins in cold storage.

    For XTRABYTES, security concerns are paramount. Their development team is presently conducting a hackathon contest to test drive its XFUEL.







    The post Quantum Computing Will Not Break XTRABYTES appeared first on The XTRABYTES News Blog.

    Continue reading...
     
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  2. Delphinus

    Delphinus Member

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    This question is often asked, good to have a clear answer to link people to.
     
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  3. Upspwnage

    Upspwnage Member

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    Wow that is interesting. I know a lot of people believe it will be able to break Bitcoin
     
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  4. shitcoinballer

    shitcoinballer New Member

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    You guys are getting a lot better at explaining things as well as website design. Good work
     
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  5. Mezmon2

    Mezmon2 Member

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    I was actually just considering this the other day after watching a related TED talk. Nice to see things like this addressed
     
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  6. chrisdeslatte

    chrisdeslatte Member

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  7. Shixy

    Shixy Member

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    If Bitcoin breaks, alts will grow.
     
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  8. Jack Seven

    Jack Seven Member

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    Great post. Xtrabytes will moon precisely because of this.
     
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  9. dikiy

    dikiy Member

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    Whether the xby code on github is laid out??
     
  10. dikiy

    dikiy Member

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    To trust such dodgy project it is necessary to see its open code first of all.
     
  11. Sokolakis Ilias

    Sokolakis Ilias Member

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    Quantum computing gonna help XBY a lot..!!!
     
  12. Silvercaveman

    Silvercaveman Member

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    This article is very good, and part of the reason I invested as I believe XBY has the potential to be one of the best technologies in the long term :)
     
  13. heapd

    heapd Member

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    I would like clarification if possible from someone who understands this more than I do but I am not sure we can claim XTRABYTES is QC resistant as it doesn't provide user wallet protection. If you have a big wallet of XBY on your PC or Laptop, etc and you transact out of that wallet you are displaying your public key and providing a QC the opportunity to open your wallet. If you make a transaction from a wallet it becomes vulnerable - you would have to move all remaining wallet contents to a new wallet every time you transact from that wallet.
     
  14. molten

    molten Member Staff Member

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    "Quantum Computing Will Not Break XTRABYTES"

    The way this is worded, they do not claim resistance, but rather total immunity. I find that highly unlikely since it is by definition impossible to know how a strong quantum computer will affect the situation, and does not reflect well upon the project. Blanket statements such as these does not appear professional. Total immunity to an unknown gamechanging technology that is not even here yet (publicly) is a strange claim to make. I would rather word it as a easily upgradable quantum resistant platform.
     
  15. Sanchoni25

    Sanchoni25 Member

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    XBY is already very very secure. SHA-512 is the most secure cryptographic algorithm as of now. Ever heard of Bremermann's limit? I'll quote:

    Bremermann's limit, named after Hans-Joachim Bremermann, is the maximum computational speed of a self-contained system in the material universe.
    For example, a computer with the mass of the entire Earth operating at the Bremermann's limit could perform approximately 10^75mathematical computations per second. If one assumes that a cryptographic key can be tested with only one operation, then a typical 128-bit key could be cracked in under 10^-36seconds. However, a 256-bit key (which is already in use in some systems) would take about two minutes to crack. Using a 512-bit key would increase the cracking time to approaching 10^72 years, without increasing the time for encryption by more than a constant factor (depending on the encryption algorithms used).

    https://en.m.wikipedia.org/wiki/Bremermann's_limit

    Borz knows what he is doing guys, so no need to worry :smirk:
     
  16. heapd

    heapd Member

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    I agree with molten. It is unwise to declare something that is not completely true. Bremermanns limit is applied to single processes. QC processes at 0 1 and all states in-between (limited by processor and noise). The fact that QC exists and is is developing fast means that it is going to be perceived as a threat long before the threat is realised (probably when QC reached 400-500 qubits). All projects claiming to be QC safe will be scrutinised. Those that are found to be not QC safe will probably wish they had never claimed it. We are just creating a future problem by making this unnecessary claim.
     
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  17. enki

    enki Well-Known Member Staff Member

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    John, the owner of The XTRABYTES News blog would have to address that concern. @XBYToday
     
  18. ecoiner

    ecoiner Member

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    XBY will moon due to the security features.... I guess XBY is the only coin speaking on SHA 512 , all other coins are still in 256 only
     
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  19. Dirty_Punk

    Dirty_Punk Member

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  20. XBYToday

    XBYToday Member

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    The title was created to add dramatic effect...though I debated with myself whether it should be worded that way. Since someone has brought the wording up, others likely feel the same way. And its certainly a legitimate contention.

    So I will change it...on the original post to read "Quantum Computing Concerns Put to Rest by XTRABYTES?".... (I'm keeping 'quantum computing' at the front of the title for SEO purposes).

    Sincerely,
    John M Potter
    PS I don't see a way to edit the title on the forum
     
    Last edited: Nov 22, 2017

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