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Quantum Computing Will Solve Bitcoin’s Threat toryption

Could quantum computing kill BTC??

@WhatBitcoinDid ep. 656 sees host @PeterMcCormack welcome @richard_murray6 CEO & cofounder of @ComputingOrca to discuss the mechanics of quantum computing and its threat to encryption.

Read our notes below to learn more 👇

OCRA Computing

•Company builds hardware - quantum computers.

•They are not powerful enough yet to solve big problems.

•Focuses on building more affordable computers. Their computers cost less than a million USD.

•Have sold computers to U.K. MoD & Israel. 1/

•Their computer looks similar to what is already out there. 2/

Quantum Computing Industry

•30 - 50 quantum computing companies worldwide.

•Companies cover software & hardware.

•Only a few companies similar to OCRA.handful. 3/

The Problems Quantum Computing is Solving

•Clients usually own large data centers & they know the limits of classical computers.

•Some parts of what they are trying to do can be accelerated w/ a quantum computer. 4/

•Systems that will be able to break encryption won’t be available for a long time.

•The systems that are used today are used for short-term applications that client finds through exploration. 5/

•Quantum computers are good at problems where there are a lot of parameters interlinked to each other.

•These parameters can be solved at the same time while a classical computer solves one at a time. 6/

Quantum Physics & Quantum Computing

•While in the normal world a condition can be 1 or 0 (e.g. light switch can be on or off), in the quantum world, the same condition can be 1 & 0. 7/

•If you reflect 1 photon at a mirror, it both gets reflected & goes straight through the mirror at the same time.

•Quantum computers are built on operations where a single photon is split in many different ways & it’s still just one photon. 8/

•You can’t build a modern computer without understanding quantum physics.

•Observing a quantum effect breaks it.

•When building a quantum computer you are relying on rules you know that work, even if you can’t explain them. 9/

•Quantum computers don’t replace a normal computer, it’s something completely different.

•Quantum computers that use electrons rely on being in very low temperature. 10/

•The reason why OCRA Computing systems don’t need low temperatures is that they use photons that don’t interact w/ anything in the same way electronics do. 11/

Current State of Quantum Computing

•Quantum computing works best if clients offer many computational problems & the team can evaluate which ones are possible to solve. 12/

•If there was a customer who wanted to build a quantum computer for mining BTC, OCRA Computing would look at the problem & try to design a computer for this task.

•The largest challenge currently is accuracy & the larger the system gets, the more noise there is. 13/

•Designing a drug from start to finish inside a computer. 14/

Ethical Implications

•Similar to arms race between US & China.

•The good applications rather than the bad ones emerge first.

•Several companies are getting together & discussing ethical side of quantum computing. 15/

•There is quantum-resistant encryption that is being researched.

•Richard would evaluate the quantum computer risk for BTC being 10+ years away. 16/

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Watch the original @WhatBitcoinDid episode here 👇

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The Quantum Threat to Bitcoin Revisited with Richard MurrayThe Quantum Threat to Bitcoin Revisited with Richard Murray
This post is based on this twitter thread.

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