Is it possible that all current blockchain-based cryptocurrencies (like Bitcoin) can be hacked in just a matter of seconds? It indeed seems possible, based on the statements made by Dr. Joseph Liu, Associate Professor at Monash University.
Dr. Liu’s qualifications add allot of weight to his statements. He is the Head Researcher at Monash Blockchain Research Lab, the Chief Scientist of HCash and he is also the co-creator of the Moreno cryptocurrency. In other words, his statements about cryptocurrency development should be taken seriously.
Bitcoin and other blockchain-based cryptocurrencies use algorithms that are extremely difficult to hack. However, we are heading towards the age of quantum based computers. A skilled hacker (using quantum based technology) can utilize enough computational power to hack into any current cryptocurrency – in just a matter of seconds.
Computers using quantum technology may seem like a long way off, but history has already proven that it only takes a few years before new technologies reach the average consumer.
In 2015, Intel established a collaborative relationship with QuTech to accelerate advancements in quantum computing. IBM, collaborating with Google, have already announced their first quantum computer.
In an interview with Ray Ram Thanni (founder of the Monash Blockchain Alliance), Dr. Liu stated the following:
‘If you want to use this computer to break the … normal security, it’ll take maybe 500 years to break the system. If you use a quantum computer, maybe several seconds. Hcash is trying to provide security, even in the existence of this future computer.’
Dr. Liu, as stated above, is the Chief Scientist for HCash. As stated on their website, HCash is designed to achieve the following goals:
The HCash Cryptocurrency is being designed to work on a dual-chain ecosystem. As stated on their website:
“The HCASH network has two chains running laterally, with each serving different functions within the ecosystem. These two chains serve to provide us with an interlinked, bifocal dual-token, dual-chain ecosystem that will help us solve interconnection, privacy and security issues prevalent in the current blockchain ecosystem.”
“The HCASH ecosystem will consist of two chains that include the HyperCash (HC) main chain and the HyperExchange (HX) chain that is derived from the main chain, but will work towards bridging communication between blockchains including BTC, ETH and others, and non-blockchains such as DAGs”
With the advent of quantum computing, Dr. Liu is continuing development of his new post-quantum privacy preserving algorithm. The enhanced security and privacy features of this Lattice-Based One Time Linkable Ring Signature algorithm will enable large transaction and data transfers without the risk of being attacked by quantum computers.
In 2018, Dr. Liu was given the “Researcher of the Year” award at the 2018 ACS Digital Disruptor Awards ceremony. The Australian Computer Society (ACS), awards the accomplishments individual ICT professionals and groups.
The Dean of Monash IT, Professor Jon Whittle, said the following:
“It was a proud moment to witness Joseph (Liu) receive his award. Monash is the birthplace of big ideas in computing and IT and our people – like Joseph – are pioneers in their disciplines.”