US Government Escalates Push for Post-Quantum Cryptography
Federal agencies of the US government are expanding their calls for quantum computing resistant encryption methods. In effect, the National Institute of Standards (NIST) recently announced a request for public-key post-quantum algorithms. This action follows warnings from the National Security Agency (NSA) about the risks of potential quantum-based....
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According to the U.S. Cybersecurity and Infrastructure Security Agency (CISA), while quantum computers are incapable of breaking public key encryption algorithms, public and private entities need to prepare for future threats against cryptography that is not quantum resistant. Most of today’s digital communications, including cryptocurrencies, leverage public key encryption and CISA believes when “quantum computers reach higher levels of computing power and speed, they will be capable of breaking the public key cryptography algorithms that are in use today.”
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What happens to cryptography once quantum computers are everywhere? Will it still be possible to keep encrypted systems — like the Bitcoin network — secure? This week, Google addressed the question with a blog post titled, “Experimenting with Post-Quantum Cryptography,” which looks at how possible computing speeds in the future could compromise encryption, even today. Quantum computing, long a computer science holy grail, promises to increase processing speeds on data operations exponentially. Rather than coding data into binary bits that must be either “1” or “0,” a quantum computer would....
The development of quantum computers may spell the doom of Bitcoin. Bitcoin is dead! It has been predicted 112 times already. There is even a website that keeps track of all these obituaries. The latest prophecy predicts the death of Bitcoin once quantum computers make an entry. This plausible prediction comes at the time when Bitcoin is going strong, rebounding from a recent dip in its price following the BitFinex hacking incident. The threat of quantum computers on Bitcoin was predicted by Andersen Cheng, the co-founder of a UK-based cyber security firm, Post Quantum. He was quoted by a....
The way we think about encryption is starting to change, and NIST is working on making cryptography resistant to quantum computing. New cryptographic algorithms are needed, and Bitcoin developers need to start preparing for the future as well. Quantum Computing Threatens Cryptography Algorithms. Technology is advancing at an accelerated pace, and the....
With the Ethereum Merge event now successfully completed, new proof-of-work (PoW) forks have emerged to vie for miner acceptance. This, as the United States government, has warned that the post-quantum world is getting closer, and vulnerable cryptography will need to be protected. Amidst red hot inflation in the U.S., President Joe Biden notes that gas prices have fallen, but doesn’t mention the 190 million barrels that have been tapped from the U.S. Strategic Petroleum Reserve to address the issue. Though U.S. inflation is high, the greenback is gaining great power against other....