Examples of new script system include Schnorr signatures which reduce the size of multisig transactions dramatically, Lamport signature which is quantum computing resistance, and Merklized abstract syntax trees which allow very compact witness for conditional scripts with extreme complexity.
Bitcoin is additionally preparing to protect itself from these kind of threats.
I just watched a video, which is explaining if quantum computers at the moment, are a threat to Bitcoin and co. Sorry, but the thumbnail is not at the first glance GRIN related but a GRIN logo will appear during the video.
Switch commitments are relevant for quantum computers and Grin. Long story short, if quantum computers that could break ECC are ever going to exist, we need to “flip a switch” before they are built. If we do this, we reveal the amounts of the output commitments, but we are safe from inflation exploitation.
Hopefully by the time such a reliable quantum computer is available (if ever) someone will design a quantum-safe Pedersen commitment we could fork into.
For me the possibility that future technology could probably break Pedersen commitments is one of my biggest concerns about grin. Are there other use-cases of Pedersen commitments away from Mimblewimble, that sid in the same boat? Can I assume, that Pedersen commitments are more likely to break than elliptic curve encryption?
Pedersen commitment is a point on the elliptic curve. Even if someone came up with a way to break the discrete log, they could inflate money, but they couldn’t know how much was inside the Pedersen commitment because in theory you can open it for any value. The hardness of finding a discrete log for other values is what makes it a commitment to a single value.
GRIN, like Bitcoin, would benefit from considering similar upgrades or innovations. Quantum computing’s current state might not pose an immediate threat, but the pace of technological advancement is rapid. It’s vital for any cryptocurrency, GRIN included, to stay ahead of these developments.
For a deeper understanding of quantum computing’s fundamentals, which are at the heart of this discussion, I recommend checking out this insightful article: What are Qubits? Exploring the Building Blocks of Quantum Computing - Quantum AI. It provides a clear overview of the core elements that could affect cryptographic systems in the future.
In 2012, the factorization of 21 was achieved by running Shor’s algorithm on a quantum computer. Twelve years later, still nothing larger has been factored.
There’s a good chance that physical quantum computers will never advance to the point where they compromise ECDLP.
In every Grin output, we also include a bit of hashed data, which is quantum safe. If quantum computing was to become a reality, we can safely introduce additional verification that would protect existing coins from being hacked.
Indeed, quantum computing as a thread to crypto has been mentioned for a long time, in practice there is not even remote signs that quantum computing will become a thread for real, it is still a technology in search of a purpose.
It’s quite possible that’s a bot. The reply sounds a lot like something general that chatGPT would answer. Moreover, the account was created 5 hours ago and their read time is less than 1 minute. This sounds like a bot picking a random topic and producing an automated answer.
Hopefully a quantum computer 51% attack is not a threat, and also a quantum computer being able to guess your private key.
Im more worried about Grin or any crypto actually being adopted. What if everyone starts using Grin everyday, would the network and tech hold, or would it grind to a halt? I guess it would be a slow progression and the infrastructure would be built along the way. But what if current cryptocurrencies can only work if no more than 2% of the population use them…
And how creepy is the video from two years ago with this footer:
Do you think this is the future order of coin dominance by marketcap?? Bitcoin first and grin third, sweet!
based on the lack of updates and any visible result of the last 3 years of development, we can say that GRIN will never have problems with a large number of new users…
