Can the elliptic curve of a Bitcoin be compromised? It is a major question that some experts ask themselves, the creation of a Bitcoin public key happens after the use of elliptic-curve cryptography to the private key but there’s a mystery surrounding this formula.
Recently, one of the world’s leading cryptographers, the well-known Tatsuaki Okamoto explained a bit about this phenomenon.
Vulnerability insight
Two explanations for this choice are actually in discussion; Satoshi offers a bigger efficiency, or there is something offering vulnerability, a great chance of a secret backdoor. These two statements are used as a mere hypothesis and not a tangible reality.
He says that The Koblitz curve is designed for faster scalar multiplications. The operations on Secp256k1 are faster than those on Secp256r1. Although the Secp256r1 curve was intended to be selected in a very random way, it opened the theory that a backdoor might exist and be placed and set up secretly in the curve parameters.
What impresses the most is the amazing way Satoshi mixed such complex cryptographic like elliptic curves or hash chains to create this amazing currency. This coin is changing the world in so many ways that we just run out of enough words to describe it.
That Curve Was the Best Choice
Even if Secp256r1 had any weak point, no one in the entire world has been brave enough and stepped forward yet to say it or take action in advance.
But what if thieves discovered a real potential vulnerability? It might reside in the sole way the encryption works; the global network of nodes that seek the bitcoin itself. This is a backdoor, a crypto everyone in the world is particularly ignoring.
How could the system get defensive responses against such weaknesses? Well, experts claim that the protocols may change if a threat appears, the nodes will respond in a very defensive way and change to a different protocol.
No coin will be stolen in the process; offering a big sense of security in the currency. An earlier version of the blockchain is also a very juicy theory, giving Bitcoin a chance to step back its protocols before any intent of robbery. Hence, the chances of finding a backdoor in this amazing elliptic curve are pretty reduced due to this fast response protocols.
The last of the problems to worry about when talking about a network collapse is Bitcoin. There is a lot at stake, way more worthy than a cryptocurrency. Also, there is a massive-cosmic amount of dollars at stake in case the internet happens to become chaotic. To put an end to this, networks protected with encryption will last and prevail; there are minimum chances for Bitcoin to get crashed or hacked.
By Jenson Nuñez.
