Delving into Elliptic Curve Digital Signature Algorithms - Can Bitcoin be cracked?

in #bitcoin6 years ago


Hello Steemit community. Recently I have been researching exactly how bitcoin transactions are created using ECDSA. I have so far given up understanding it several times, but slowly as I look up each term, it is beginning to become clear. The first impression I got from the wikipedia page, is that it is very complex, and although many of the terms are linked to definitions, this often did not provide much insight, but merely more complicated words. Although the words appear to be written in english, it is not anything resembling normal speech. So far I have not completely wrapped my head around it, but I am starting to unravel it piece by piece.

An Elliptic Curve sounds really intimidating, and searching it on wikipedia confirms this presumption. However, after staring at the page for hours, it dawned on me that it is only an algebra equation with the x and y points plotted on a graph for different values of 'a' and 'b'.

Elliptic curve equation.png

The asymmetric nature of solving the discrete logarithm for a randomly chosen element and a publicly known base, when these values are sufficiently large, is the basis for keeping everyone's bitcoin safely locked away. At this present time there does not appear any way to crack bitcoin.