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Bitcoin Beyond Money: It Is A Remarkable Achievement In Cryptography – Here’s Why

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Bitcoin, which began as a mere digital asset, has turned into a viable currency used by many investors for their day-to-day activities in the dynamic financial sector. As the crypto market evolves, BTC is changing the narrative of how businesses and investors view cryptocurrencies as these companies continue to hoard the flagship asset.

A Unique Innovation Of The Digital Age

Over the years, Bitcoin has been labelled as digital gold due to its transformative potential and its notable value growth. Recently, Eric Schmidt, the former Chief Executive Officer (CEO) of Google, dropped a bombshell on BTC’s historic foray into the market and uniqueness in an interview.

In the interview, the former CEO praised BTC as a remarkable cryptographic achievement, underscoring the ground-breaking creativity that went into its creation. Schmidt’s statement points to the safe, trustless network and decentralized design of Bitcoin, which marks a significant advancement in cryptography.

Bitcoin, being hailed as a remarkable cryptographic achievement, is supported by its uniqueness compared to other major digital assets. Following the statement, the former CEO notes that Bitcoin is unique and cannot be duplicated, thereby strengthening its position as a leader in the cryptocurrency market. 

“The ability to create something which is not duplicable in the digital world has enormous value,” Schmidt stated. Sharing insights on its utilization, he stated that BTC is incredibly useful, especially for multiple computer applications. Given BTC’s unique architecture and the inability to replicate the digital asset, the former Google CEO foresees a wave of individuals and corporations building on the network in the future.

Overall, Schmidt’s acknowledgment outlines how far BTC has come from being a specialized digital experiment to a worldwide recognized financial asset. The asset is currently attracting the interest of tech and finance leaders due to its technological foundation, allowing it to go mainstream.

Bitcoin To Serve Individuals In The Next Decade

With Bitcoin gaining ground in the financial landscape, Jack Dorsey, the CEO of Square, has voiced his conviction in the asset’s long-term potential. According to the Square CEO in an interview with Michael Saylor, the leading crypto asset will continue to serve individuals over the next decade.

Despite being slower than most networks, such as Ethereum, Dorsey believes that this is one of BTC’s key strengths, as it allows for longevity and predictability. Furthermore, it enhances security, better uptime, and usability, placing it ahead of other major chains. 

Dorsey highlighted the potential for BTC to become the major internet currency, and he is confident that the asset will stick around in the long run. By declaring that BTC will serve billions of people in the next decade, the CEO is declaring that the asset is beyond just an investment; rather, it is the foundation of a more transparent and inclusive global financial system.

BTC trading at $115,194 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from Getty Images, chart from Tradingview.com

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The New Math of Quantum Cryptography
Gaming Gear

The New Math of Quantum Cryptography

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The original version of this story appeared in Quanta Magazine.

Hard problems are usually not a welcome sight. But cryptographers love them. That’s because certain hard math problems underpin the security of modern encryption. Any clever trick for solving them will doom most forms of cryptography.

Several years ago, researchers found a radically new approach to encryption that lacks this potential weak spot. The approach exploits the peculiar features of quantum physics. But unlike earlier quantum encryption schemes, which only work for a few special tasks, the new approach can accomplish a much wider range of tasks. And it could work even if all the problems at the heart of ordinary “classical” cryptography turn out to be easily solvable.

But this striking discovery relied on unrealistic assumptions. The result was “more of a proof of concept,” said Fermi Ma, a cryptography researcher at the Simons Institute for the Theory of Computing in Berkeley, California. “It is not a statement about the real world.”

Now, a new paper by two cryptographers has laid out a path to quantum cryptography without those outlandish assumptions. “This paper is saying that if certain other conjectures are true, then quantum cryptography must exist,” Ma said.

Castle in the Sky

You can think of modern cryptography as a tower with three essential parts. The first part is the bedrock deep beneath the tower, which is made of hard mathematical problems. The tower itself is the second part—there you can find specific cryptographic protocols that let you send private messages, sign digital documents, cast secret ballots, and more.

In between, securing those day-to-day applications to mathematical bedrock, is a foundation made of building blocks called one-way functions. They’re responsible for the asymmetry inherent in any encryption scheme. “It’s one-way because you can encrypt messages, but you can’t decrypt them,” said Mark Zhandry, a cryptographer at NTT Research.

In the 1980s, researchers proved that cryptography built atop one-way functions would ensure security for many different tasks. But decades later, they still aren’t certain that the bedrock is strong enough to support it. The trouble is that the bedrock is made of special hard problems—technically known as NP problems—whose defining feature is that it’s easy to check whether any candidate solution is correct. (For example, breaking a number into its prime factors is an NP problem: hard to do for large numbers, but easy to check.)

Many of these problems seem intrinsically difficult, but computer scientists haven’t been able to prove it. If someone discovers an ingenious algorithm for rapidly solving the hardest NP problems, the bedrock will crumble, and the whole tower will collapse.

Unfortunately, you can’t simply move your tower elsewhere. The tower’s foundation—one-way functions—can only sit on a bedrock of NP problems.

To build a tower on harder problems, cryptographers would need a new foundation that isn’t made of one-way functions. That seemed impossible until just a few years ago, when researchers realized that quantum physics could help.



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