Google’s Willow quantum computing chip has once again put the spotlight on discussions about cryptocurrency security, including Bitcoin, since it was first introduced by Google CEO Sundar Pichai. Willow is still considered a major advancement in quantum technology, but according to experts, it does not yet pose a threat to Bitcoin. Here’s some additional information about this issue:
Understand the risks
Bitcoin uses two main encryption algorithms. The developed program uses Elliptic Curve Digital Signature Algorithm (ECDSA) for encryption and SHA-256 for hashing. To challenge Bitcoin, a quantum computer would need to apply Shor’s algorithm to uncover profound ECDSA via ECDLP. This requires millions of error-correcting logical qubits, beyond Willow’s capacity of only 105 physical qubits.
Willow can solve certain numbers at a faster rate than traditional computers, but it only has 105 qubits, compared to the estimated 13 million qubits needed to crack the Bitcoin encryption per day.
Moreover, real quantum attacks can only be performed if we have efficient, stable, and highly reliable qubits that do not show any signs of error for long periods of time, which current quantum computers do not possess.
Future threats and how to address them
Some quantum experts believe it will take 10 to 20 years of continuous work to build a quantum computer to crack Bitcoin. To address these threats, the cryptocurrency community is already actively developing quantum-safe cryptographic protocols to counter future threats.
If quantum computing technology makes remarkable advances in the future, it will be possible to implement algorithms into Bitcoin’s current system to enhance security.
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Market reaction and expert opinions
The advancements Willow has made have been met with mixed reactions from the cryptocurrency community. Some worry about long-term risks to Bitcoin’s security, while others say traditional quantum strength is not yet sufficient to provide solutions such as freezing vulnerable assets or imposing real-time expirations on outdated crypto standards. pointed out.
conclusion
Bitcoin’s quantum computing technology is growing every day, but for now, Bitcoin is safe. The launch of Willow can therefore be seen as a wake-up call to begin work on developing quantum-safe solutions.
Even though there are quantum threats, it is still relevant to believe that Bitcoin’s development team and the entire cryptocurrency sector have had enough time to prepare and ensure the robustness of this revolutionary asset class.
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Frequently Asked Questions
Quantum computing uses special bits called qubits that can be 0 and 1 at the same time, allowing computers to solve problems much faster than regular problems.
Quantum computers could impact the security of Bitcoin in the future, but current technology is not advanced enough to break the encryption.
Investing in quantum AI can help develop quantum-safe solutions for cryptocurrencies, protecting their future from quantum computing threats.
Google’s Willow quantum computing chip is a new advanced chip designed to harness the power of quantum mechanics to perform complex calculations much faster than classical computers.