Google has announced its latest innovation, the Willow quantum computing chip, sparking debate within the crypto community about its potential impact on Bitcoin's cryptographic security.
On December 9, Google CEO Sundar Pichai introduced the Willow chip as a breakthrough in quantum computing. It boasts error reduction features and a new computing power milestone of 105 qubits.
A quantum leap in computing
Pichai revealed that Willow accomplished benchmark calculations in less than five minutes that would take a modern supercomputer an astonishing 10 years. This is an incomprehensibly longer time than the age of the universe, 13.8 billion years.
Additionally, Willow's design includes low error rate gates and high connectivity algorithms, making it an important step forward in the quest for scalable quantum computing.
This advance highlights the potential of quantum computing to revolutionize fields that rely on complex calculations. According to Pichai,
“We see Willow as an important step in our journey to build useful quantum computers with practical applications in areas such as drug discovery, fusion energy, and battery design. ”
However, it also raises concerns about the security of encryption systems, passwords, and other cryptographic protections.
Bitcoin safety is attracting attention
Concerns about Willow's impact on Bitcoin's cryptographic security quickly surfaced. Critics argue that the chip could one day undermine the security framework of the best cryptocurrencies.
However, leading crypto experts suggest that the technology is far from achieving that capability.
Cryptocurrency venture capitalist Adam Cochran said that while Willow emphasizes the need for post-quantum encryption, it does not put Bitcoin at risk at this point.
Cochran said this milestone means the crypto industry has a shorter timeline of less than 10 years to address the risks of quantum computing before they become an immediate problem. He said:
“One breakthrough has shaved 20 years off the time it took for Bitcoin and other cryptocurrencies to start taking post-quantum cryptography seriously. And further breakthroughs of similar magnitude are on the horizon. If so, those problems will appear right in front of you.”
Emin Gün Sirer, co-founder of Ava Labs, expressed similar sentiments, stressing that Bitcoin remains safe.
However, he advised taking proactive steps, especially with respect to Bitcoin, which was originally minted by Satoshi Nakamoto, as it uses an outdated Pay-to-Public-Key (P2PK) format. Unlike modern wallets, this format exposes public keys, which could create vulnerabilities as quantum computing advances further.
Siler suggested freezing these coins or introducing a sunset date for all P2PK-based transactions as a precautionary measure.
(Editor's note: Bitcoin will eventually need to support the capabilities of quantum computing, but so will tradFi services, including the global banking industry. All digital services require some form of (Bitcoin should not be singled out as the only target for advances in quantum computing, as it is cryptography that will ultimately be vulnerable to quantum computers.) )
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