Quantum Computing to be a Threat to Crypto, IBM Says

So, can quatum computer hack the private keys? Let's see what experts says
18 March 2019   301

Top managers of the technology giant IBM have stated that quantum computing is a threat to digital currencies and cryptography used in blockchain systems. This is reported by Coindoo.

It’s reverse engineering the private keys which represent the control of your wallet. Your public key is essentially your wallet which holds balances. And I think that’s a real, credible threat. Bitcoin is a public ledger. So you can go out and see which public keys are holding the largest balances and you could go out and target those (the hundred or thousands of bitcoin in there) and say I’m gonna spend effort (computing resource) to reverse engineer the private key from the public key, which is exposed. I think that’s even a near term threat.
 

Jesse Lund

VP of blockchain and digital currencies, IBM

He also noted that over time, the threat from the quantum computer will become increasingly relevant. In particular, Lund stressed that in the future, quantum computing will be able to calculate private keys using public ones as a template. Thus, according to him, more than half of the existing blockchain systems will be susceptible to this threat.

In addition, virtually all systems that use encryption, including communications, private and government databases, etc., can be at risk.

Companies need to be aware of quantum and the potential risk that it will bring so they can take actions today so that they are not hackable at some point in the life cycle of their products.
 

Nev Zunic

Chief technology officer, IBM data security services

The opinion of colleagues was supported by the manager of the Swiss division of IBM Research, Michael Osborne. He expressed the opinion that the era of quantum computing will mark the framework of the life cycle of modern cryptographic systems.

Casa to Launch Lightning Node Mobile App Called Sats

Casa to Launch Sats App With Lightning Network Support
04 July 2019   931

Casa startup, specializing in the creation of secure storage systems for private keys, introduced a mobile bitcoin application Sats App, which makes it easy to manage Lightning-node.

Sats App is positioned as a non-custodial bitcoin wallet "with unique functions." According to Casa CEO Jeremy Welch, the SatsBack reward program will soon be launched, under which users will receive small amounts in BTC. For example, for connecting an application and a Casa Node device to each other, the user will receive 20,000 Satoshi.

Features are focused on increasing adoption of bitcoin and lightning nodes. You will be able to earn bitcoin if you don’t have a Casa node, but you will be able to earn bitcoin faster if you have a node.
 

Jeremy Welch 

CEO, Casa

He also added that the application, available for iOS and Android, is “secure, private and connects via Tor”.

According to CoinDesk, the startup earlier raised $ 3.5 million from Castle Island Ventures, Boost VC and Compound, and several other investors. Currently, a startup staff of 25 people serves users from 60 countries.