So from 2035, everyone will be fighting for the 1% unmined bitcoin. My question is, Satoshi did not think that humanity would have invented a working quantum computer - error correcting machine - by then which would render mining obsolete.
Obsolete is maybe a strong word, as the bitcoin algorithm can be adjusted to factor in quantum machines. With Grover’s algorithm, mining bitcoin could become less efficient.
However, quantum machines running Shor’s algorithm could factor the elliptic (Eliptic Curve Digital Signature Algorithm) math = derive a private key from a public key = whale wallets in danger = the real threat ⚠️ ‼️.
At current our best quantum computer has 100s of qubits - to crack bitcoin, we need 1000000s of them.
Nonetheless, it just makes sense to work on ways to counter any quantum computer. A slow transition to post-quantum keys or/and hard forking: use lattice based or hash-based cryptography, which are theoretically quantum-resistant algorithms.
Sounds very complex but we have already seen the network upgrade its software. Stay ready. Keep Satoshi Nakamoto alive.
Maybe this should be my new area of research. Maybe this the way I earn myself some btc.
