What to know:
- Quantum computing does indeed pose significant threats to current security systems.
- Bitcoin uses algorithms like SHA-256 for mining and ECDSA for signatures, which might be vulnerable to quantum decryption.
- But don’t sell your coins just yet.
As a seasoned researcher with over two decades of experience in the field of technology and cryptography, I have witnessed the rapid evolution of computing power from the early days of floppy disks to the modern-day supercomputers. The announcement of Google’s quantum computing chip, Willow, has certainly piqued my interest and raised some intriguing questions about the future of security and encryption, particularly in the context of Bitcoin and other cryptocurrencies.
As a crypto investor, I’ve been pondering over Google’s latest development, Willow – their quantum supercomputer boasting a processing power that could theoretically crack encryptions and unravel complex codes in what seems like the blink of an eye compared to classical computers. With its ability to perform calculations that would take classical supercomputers 10 septillion years, it’s hard not to feel a tinge of concern about the future implications for Bitcoin (BTC) and other cryptocurrencies.
Meet Willow, our cutting-edge quantum computing chip boasting a groundbreaking innovation. This advancement allows for errors to be reduced at an exponential rate as we increase the number of qubits, addressing a 30-year conundrum in this field. In test runs, Willow completed a common computation in under 5 minutes that typically takes…
— Sundar Pichai (@sundarpichai) December 9, 2024
Bitcoins rely on algorithms such as SHA-256 for mining and ECDSA for signatures, which could potentially be susceptible to quantum computation decryption. However, it’s essential to note that even powerful quantum computers like Google’s Willow lack the necessary size and error correction abilities required to instantly crack commonly used encryption methods, such as RSA, Elliptic Curve Cryptography (used in Bitcoin transactions), or Advanced Encryption Standard (AES) for securing data.
Approximately 124,000 Willow-equivalent quantum computers are needed to crack Bitcoin’s encryption within a single day. Alternatively, about 340 Willow-equivalents could do it in a year.
— Investor Ash (@InvestorAsh) December 9, 2024
If quantum computers like Willow reach a size where they can effortlessly factor large numbers, there’s a possibility they could breach current encryption systems, thereby jeopardizing digital wallet security and transaction authenticity. However, achieving such a scale would require quantum computers with millions or even billions of “qubits” that have exceptionally low error rates, which is currently beyond our technological capabilities.
This has been discussed extensively in recent posts:
— vitalik.eth (@VitalikButerin) December 10, 2024
As a researcher, I recently find myself giving more credence to the idea that functional quantum computers could become a reality within the foreseeable future, as suggested by experts like Scott Aaronson. This shift in perspective has significant implications for Ethereum‘s development roadmap. In essence, it means that any part of the Ethereum protocol that currently relies on elliptic curves must be replaced with quantum-resistant alternatives, such as those based on hash functions or other quantum-proof techniques.
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2024-12-10 11:35