What happens to cryptocurrencies in general, if an effective quantum computer is ever invented?

[3dificio]

I am by no means learned in either cryptography or quantum computing for that matter. I'm simply curious whether a total encryption security failure would mean the collapse of cryptocurrencies and/or the traditional banking system?

Of course no one can predict these things, but if someone with a some better understanding on how cryptocurrencies work could weigh in, i'd appreciate it I think it's a good discussion to have, even though it might be a problem for 5 to 20 years in the future.

 

[AnarchicCluster]

It has been discussed in the crypto community. Because Dash is very similar to Bitcoin you can have a look at this: https://en.bitcoin.it/wiki/Quantum_computing_and_Bitcoin
To cut the long story short. Yes, quantum computers will be very efficient at breaking private keys however they will not be as good at breaking hashes because these are based on symmetric cryptography.
There are ways to mitigate the problem such as using Lampart signatures, and when the time comes they can be implemented into the protocol.

I wouldn't worry about that too much.

PS. Quantum computers will be able to break Monero's and Zcashs privacy functions, but Dash should stay unaffected because it doesn't use cryptography to obfuscate transactions.

 

[nickhopton]

wouldn't x11 be harder to break than sha 256?

 

[AnarchicCluster]

Ye

wouldn't x11 be harder to break than sha 256?

Yes, just for the sheer fact that SHA256 is a single algorithm, where X11 is using 11 algorithms chained together.

 

[Tony Dinoxxo]

i had a paper bout it. still writing