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Everyone is talking about quantum computers stealing crypto. But are they actually capable of doing that today? No, and that distinction matters. #Binance Chief Security Officer Jimmy Su explains that current quantum computers are nowhere near the capability needed to break the cryptography protecting digital assets.

10,222 views • 16 days ago •via X (Twitter)

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The Google and Caltech quantum papers demonstrated 2 breakthroughs: that Bitcoin cryptography is much easier to break than previously thought, and that far fewer logical qubits may be necessary for physical qubits. Project Eleven CEO Alex Pruden explains: "These two papers are not necessarily about a quantum computer that's bigger or more capable. They're about what it takes to break cryptography." "So what changed? One of the things that changed was that physicists and quantum cryptographers that looked at this problem for a long time studied an algorithm called RSA — an older cryptographic algorithm." "But that's not what really any blockchains use, because RSA keys are very large. It turns out, and this was one of the key upshots of the Google paper, that if you focus on the cryptography used by Bitcoin, Ethereum, and other networks, it's actually way easier to break than they thought it was, compared to RSA." "The other big breakthrough, and this is from the Caltech paper: Quantum computers are very fragile, generally. So to be useful, they need to have what's called error correction applied. And that can result in a lot of overhead. You need to have tons of physical qubits to get to one logical qubit." "This Caltech paper basically showed, 'Hey, we have some new ideas for error correction. And it turns out if we apply those, we don't need hundreds or thousands of physical qubits, maybe we just need a handful to make one logical cubit.'" "The headline of their paper is 'You may only need 10,000 physical qubits to run Shor's algorithm.' And by the way, they demonstrated 6,000 last year."

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16,456 views • 4 months ago