People often talk about quantum computing being a potential threat to crypto, but they forget that it’s also a tool that can improve blockchain, and potentially solve the trilemma. In fact, because of how QC works, it may end up being be more efficient at improving blockchain than at cracking it.
3 min read
When people think of quantum computing, they think of some super computer in a scifi movie that has incredible chip in it to solve anything.
They even think it could have the power to easily solve something as astronomical as figuring out someone’s private key.
When in reality, quantum computing is not a multiplied or stacked processor, but a new form of computing architecture that doesn’t use binary, and really is a different way of manipulating data. So this new form of computing can create new levels of efficiency for certain types of computations, but not all of them.
When it comes to cracking things, it could still be more efficient in brute force, like in guessing something a little simpler like a bank password (albeit, it will be an expensive method), but not guess any time soon something as astronomical as guessing a private key. When it comes to breaking encryption, it may work to some extend at breaking asymmetric encryption, but not so great at breaking post-quantum updated asymmetric encryption and symmetric encryption. So updating to quantum resistance isn’t that difficult, and definitely much easier than cracking a key.
Quantum may be more efficient at improving blockchain than at cracking it.
Quantum computing isn’t good or efficient at everything.
It doesn’t work in the same way as traditional computing where it’s just good at solving everything.
There are some algorithms and certain problems much better suited for quantum computing where it will perform better, and some not so much.
Quantum computing’s specialty isn’t in cracking private keys, and it’s not where you would be able to see its best performance.
However, combining quantum computing with AI, using simulations, efficient use of data, and you could use it to vastly improve blockchain. It could even be used to improve the security of a blockchain, smart contracts, and other elements.
Solving the trilemma:
There is the potential of this new form of problem solving, being able to be used towards solving the trilemma. What quantum can help is in improving decentralization, security, and scalability of blockchains.
-Security
What people often forget, is the same powerful tool they are afraid will breach their security, can also be used to improve the security of a blockchain. Whether directly or in a layer 2.
We probably won’t see that happen for a while, because to use quantum computing to secure a blockchain would be a massive overkill. Blockchain is already vastly secure, and takes very little to exponentially increase its security, and it doesn’t require any special of computing power to make chains quantum resistant.
– Scalability
Blockchains with their nodes, miners, validators, can potentially struggle in having a network keeping up with congestion and being able to validate high volumes on transactions in a timely miners.
A lot of it has to do with the hardware and the mechanism of the network. But quantum computing can change some of the architecture on the software side and boost the efficiency of some aspects of a network.
-Decentralization
Quantum computing could be used to close the gap between big validators and small ones, and also help in ensuring a network is more decentralized.
In the same way that extra efficiency can help with scalability, it could be used by blockchains and L2s in creating more decentralized protocols. At the same time, smaller miners and validators could also have a chance at becoming a little more competitive and closing the gap.
At least that would be the case in chains that are aiming and pursing a system that’s more decentralized. Chains that aren’t willing to push this, could allow quantum computing to do the opposite, and help just the big miners to be even more powerful.
It’s really down to the chains that are actually willing to solve the trilemma. Quantum computing could be the tool to help get there a little faster.
The trifecta of technologies:
We are heading for an era where we will have AI, blockchain, and quantum computing.
This trifecta of technologies could be combined to really open up a world of new technological leaps in problem solving.
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