Advancements in quantum computing have the potential to strengthen the Bitcoin network in the coming decades, even though there are widespread concerns about the technology’s ability to compromise cryptographic encryption.
Industry insiders have previously voiced concerns that quantum computing may break cryptographic algorithms in the future, thanks to its ability to perform computational processes at previously unimagined speed, thanks to advancements in quantum physics.
Yet despite these concerns, quantum computing could lead to a stronger Bitcoin (BTC) network, according to Adam Back, co-founder and CEO of Blockstream, the inventor of Hashcash and one of the most notable cryptographers in the industry.
Post-quantum (PQ) is “still several decades out at least,” which is why a hash-based PQ scheme will never be viable, wrote Back in a Dec. 21 X post:
“PQ signature research will eventually produce conservative well-reviewed, more compact signatures, and Bitcoin can add those schemes as another option.”
Bitcoin signatures prevent BTC transactions from being altered by another party, as an essential part of the network’s security mechanism. When a transaction occurs, private keys are used to sign the transfer as mathematical proof that the Bitcoin is owned by the address holder.
Bitcoin and the future security of its network have garnered increasing attention from investors over the past two weeks, following the cryptocurrency’s historic achievement of surpassing the $100,000 milestone for the first time on Dec. 6.
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Is Google’s new quantum computing chip a threat to crypto encryption?
Concerns about quantum computing’s potential to disrupt cryptocurrency transactions have been reignited by Google’s latest quantum computing chip. This chip reportedly solves a computational problem in under five minutes, a task that would take even the most advanced supercomputers approximately 10 septillion years to complete.
The new chip, known as Willow, can exponentially correct errors and process certain computations at a mind-boggling pace, Hartmut Neven, Google’s Quantum AI lead, said in a Dec. 9 blog.
“It lends credence to the notion that quantum computation occurs in many parallel universes, in line with the idea that we live in a multiverse, a prediction first made by David Deutsch,” Neven added.
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Tech entrepreneur and former senior product manager for Google, Kevin Rose, said in a Dec. 9 statement on X that Willow was still far short of being a threat to crypto.
According to Rose, estimates for compromising Bitcoin’s encryption would require a quantum computer with approximately 13 million qubits to achieve decryption within 24 hours.
“In contrast, Google’s Willow chip, while a significant advancement, comprises 105 qubits,” he said.
Ethereum co-founder Vitalik Buterin is also preparing for a post-quantum era. Buterin has already proposed a way to mitigate the risk of quantum computing for Ethereum with a simple hard fork that could subvert the issue.
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