The post Google’s Willow Quantum Chip: Will It Crack Bitcoin’s Security Wide Open? appeared first on Coinpedia Fintech News
Google’s Willow quantum computing chip has once again brought the discussion of cryptocurrency security into the spotlight, including Bitcoin after Google’s CEO, Sundar Pichai first introduced it. Willow is still considered a major advancement in quantum technology, but specialists’ opinions state that it is not a threat to Bitcoin yet. Here’s some more information on the matter.
Understanding the Risk
Bitcoin relies on two key cryptographic algorithms: For encryption the developed program uses the Elliptic Curve Digital Signature Algorithm (ECDSA) and for hashing it uses SHA-256. To challenge Bitcoin, a quantum computer must uncover the profound ECDSA via the ECDLP by applying Shor’s algorithm. This would require millions of error-corrected logical qubits something beyond the capacities of Willow with only 105 physical qubits.
Willow can solve certain counts at a higher speed compared to classical computers, but it has only 105 qubits far from the estimated 13 million required to crack Bitcoin encryption in a day.
Moreover, real quantum attacks can only be performed where there are efficient, stable and highly reliable qubits that would not show any signs of errors over extended periods of time which quantum computers currently do not possess.
Threats in the Future and How They Will Be Addressed
Some quantum specialists believe that it will take 10-20 years of consistent work to build quantum computers to decode Bitcoin. To this end of the threat, the crypto-currency community is already actively developing quantum-safe cryptographic protocols to counter future threats.
In the future, if there is astonishing progress in quantum computing technology, then the algorithms could be implemented in Bitcoin’s current system making it secure.
Market Reactions and Opinions of Experts
The advancements that Willow has made have had mixed reactions from the crypto community. Whereas some people worry about the long-term risks to Bitcoin’s security, others have noted that existing quantum strength is not yet sufficient to do any damage with providing solutions like freezing vulnerable holdings or putting actual time expiration on old cryptographic standards.
Conclusion
The technology in quantum computing is growing day by day for Bitcoin but as for now Bitcoin remains safe. So the release of Willow can be viewed as a wake-up call to start working on the creation of quantum-safe solutions.
Though there are quantum threats, it is still relevant to believe that Bitcoin’s development team & all of the crypto sphere has plenitude of time to prepare & thus guarantee the robustness of this revolutionary asset class.
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