Multiple Wall Street industrial trading companies have recently made plans to boost their cryptocurrency trading activities. The financial startups may soon open new business ventures to acquire a lump sum of crypto assets to trade. The most prominent players in the United States equity market have shifted their focus to digital assets. Some of these companies include Jump Trading, Jane Street and GTS. Wall Street Eyes Cryptocurrency Trading Several renowned Wall Street companies command trading respect on a global sphere.…
Recently, researchers at the University of St. Andrew’s, King Abdullah University of Science and Technology in Saudi Arabia, and the Center for Unconventional Processes of Sciences in California introduced a prototype silicon chip. These developers claim the chips provide unbreakable encryption.
Nature Communications published an article concerning this new system and pointed out that it utilizes chaotic wavepackets in conventional silicon-based semiconductors. Cryptocurrencies depend on traditional encryption standards, which may soon become outdated due to innovations in quantum computing.
There is a belief that quantum computers got the potential to break conventional encryption algorithms within some moments. Therefore, this is a significant threat to the cryptocurrencies, and as Xinxin Fan of IoTeX said, something should get done soon to prevent this.
More on the Unbreakable Encryption Chips
The scientists who developed the system envisaged the notion of a one-time pad (OTP). Gilbert Vernam is the one who came up with the idea of OTP in the year 1882 and then patented it in 1919. The OTPs are popular because they are impossible to crack.
However, due to the lack of realistic and safe means of exchanging keys involved, many people do not adopt OTPs, despite the system’s security. Nevertheless, the challenge got solved by researchers because the chimp attempts to bring about a realistic OTP implementation. Researchers claim to develop a physical realization of the OTP compatible with the existing optical communication infrastructure and offer absolute security in the key distribution.
The chip got established to utilize conventional physics and laws of physics, chaos theory, and the second law of thermodynamics. The chip works by decrypting data keys, which are never stored or communicated with the message. However, according to Andreas Antonopoulos, advances in quantum computing from Google’s part do not currently concern the Bitcoin space.