Summary
- Independent researcher Giancarlo Lelli cracked a 15-bit elliptic curve cryptography (ECC) key using publicly available quantum hardware and collected a 1 BTC bounty, CoinDesk reported.
- The result was about 512 times larger than the previous record set in September last year and is regarded as the largest publicly disclosed quantum-attack demonstration so far.
- Experts are concerned by the rapid pace of progress in quantum attacks and the fact that recent estimates for the physical qubits needed for 256-bit decryption have fallen below 500,000, while watching future technological advances and response measures closely.
Forecast Trend Report by Period
A quantum-computing decryption test has renewed concern about how quickly the technology is advancing.
CoinDesk reported on April 24 that independent researcher Giancarlo Lelli cracked a 15-bit elliptic curve cryptography, or ECC, key using publicly available quantum hardware and collected a 1 BTC bounty offered by Project Eleven.
The feat was about 512 times larger than the previous record set in September last year. It ranks as the largest publicly disclosed demonstration of a quantum attack to date.
Still, the experiment was limited to a 15-bit key and does not directly threaten the 256-bit security system used by Bitcoin.
Even so, experts are focused on the pace of progress in quantum attacks. A key concern is that recent estimates for the number of physical qubits needed to break 256-bit encryption have fallen to below 500,000.
Markets are also watching the longer-term impact quantum computing could have on cryptocurrency security architecture. The pace of future advances and the response measures taken by the industry remain the key variables.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
