Researchers from Shanghai University, led by Wang Chao, have reported a significant breakthrough.
Researchers Make Major Breakthrough in Encryption Security
On October 11th, the South China Morning Post reported that the researchers used a quantum computer made by Canada’s D-Wave Systems. They employed a method called quantum annealing, which helps find the best solution by searching for the lowest energy state. The team focused on algorithms known as Present, Gift-64, and Rectangle, which are crucial for the Substitution-Permutation Network (SPN) structure. This structure backs the advanced encryption standards (AES) widely used to protect cryptocurrency wallets.
Even though AES-256 is considered one of the safest encryption methods, researchers warn that quantum computers could soon become a real threat. If a breakthrough occurs, it could seriously undermine the password protection that keeps our online information secure. Wang’s research describes quantum annealing as similar to artificial intelligence, capable of optimizing solutions on a global scale.
A 🇨🇳 research team led by Wang Chao (王潮) of Shanghai University claims to have executed what they call the first successful quantum attack on widely used encryption algorithms by employing the D-Wave Advantage quantum computer — from Canada’s D-Wave Systems — to target the… pic.twitter.com/kX8JmjeZda
— Byron Wan (@Byron_Wan) October 14, 2024
Unlike traditional computers, which explore every possible path, quantum computers can use a process called quantum tunneling. This allows them to pass through obstacles instead of going over them, helping them find solutions much more efficiently. Wang’s team states, “This is the first time that a real quantum computer has posed a substantial threat to multiple full-scale SPN structured algorithms in use today.”
More About Quantum Computing & Encryption
The rise of quantum computing has many in the cryptocurrency industry worried. If quantum computers can break encryption, hackers could potentially steal large amounts of money quickly. However, the researchers note that limitations still exist. Environmental factors, hardware issues, and the challenge of creating a single attack algorithm for multiple systems make a full-on quantum hack difficult for now.
Chinese researchers using a D-Wave quantum computer have executed what they call the first successful “quantum hack” on widely used encryption algorithms posing a “real and substantial threat” to banking and the military. https://t.co/l5ALl42NS8
— Kim Dotcom (@KimDotcom) October 13, 2024
Although the quantum computer attack did not reveal specific passcodes, the researchers achieved greater success than ever before. Their findings were published on September 30TH in the China Computer Federation’s Chinese Journal of Computers.
Ethereum co-founder Vitalik Buterin has already suggested ways to counteract the risks of quantum computing. He proposed a simple hard fork, which would require users to download new wallet software, ensuring that most wouldn’t lose their funds. Buterin believes the infrastructure for this change could be built as soon as tomorrow.
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