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Do you know your wallet can be hacked with just your wallet address?
All it takes is your address and a big enough quantum computer...
And voila!
your private keys = exposed.
your funds = gone or like we say it here OTILOR!
You think it's a joke?
Let me tell you how this happens π
lol, you might think IT is impossible (well, just for now)...
simply because the computers powerful enough to run that type of quantum algorithm doesn't exist YET.
And the name of this algorithm is SHOR's ALGORITHM (credits to @_ValeriusX).
These computers might exist in a few years - even @elonmusk has been hinting at it.
So lemme walk you through on how THIS works β
All crypto wallets operates and are secured with ECC (Elliptic Curve Cryptography).
It is used to:
- Generate wallet addresses.
- Sign transactions.
- Verify ownership of funds.
One of its main function is the security of your wallet and its assets.
It makes your wallet operate like this πPRIVATE KEY β PUBLIC KEY β WALLET ADDRESS.
This has been the math that has been keeping trillions of $ secured... At least for now.
in theory, these steps could be reversed.
But the classical computers of now, do not have the efficient algorithm that could reverse it and access your PRIVATE KEY!
So it could take billions of YEARS to access one wallet PRIVATE KEY!
But with the invention of QUANTUM COMPUTERS running SHOR'S ALGORITHM...
You just need to expose your wallet address/public key and (VOILA) you're back to the trenches.
You might ask how your public key gets exposed... Lemme tell you how.
Your wallet address is usually a hashed version of your public key.
So whenever you make a transaction, your wallet address reveals your public key to prove ownership.
And if a Quantum Computer exists, it could:
- Scan the blockchain (since all data is public lol).
- Collect exposed public keys from past transactions π
- Run SHOR'S ALGORITHM on them to derive private keys.
- The rest is history.
My prayer is:
By the time QUANTUM COMPUTERS arrive, crypto would have evolved with new ways to stay safe, if not...
OTILOR (GGs) π
Do you think crypto would have evolved by then?
Just joined the CHIPS community from the free $CHIPS airdrop!
CHIPS is a L1 blockchain for the iGaming industry. Their flagship app @blockasinogg is a hybrid crypto exchange and casino that shares revenue with its holders.