As a seasoned crypto investor with over a decade of experience in this dynamic field, I can confidently say that the recent advancements in quantum computing, such as Willow, are intriguing but not imminently threatening to Bitcoin and other cryptocurrencies. Having weathered multiple market cycles and technological shifts, I’ve learned to appreciate the resilience of blockchain technology.
As a crypto investor, I’ve been pondering over the recent unveiling of Willow, Google’s groundbreaking quantum computing chip. This technological advancement has sparked discussions about the future of digital currencies like Bitcoin and others. Some experts are positing that with such powerful computational capabilities, traditional cryptocurrencies could potentially face extinction in their current form.
Some have proposed that the recent drop in Bitcoin’s price could potentially be connected to the latest advancements in quantum computing technology.
The same problem that would require Frontier supercomputer at the Department of Energy’s Oak Ridge National Laboratory 10 septillion years to solve can be cracked by Willow in mere minutes.
Although there are certain apprehensions due to the advanced chip, Bitcoin seems secure (for the time being), at least as far as safety is concerned.
In simpler terms, Bitcoin innovator and supporter, Ben Sigman, clarified that the computing power of Willow isn’t nearly sufficient to crack the encryption used by Bitcoin.
The Shor’s algorithm, a method devised by American mathematician Peter Shor in 1994, allows for an extremely potent quantum computer to decipher the ECDSA algorithm. But, it necessitates about 1 million quantum bits (qubits). However, Google’s innovative quantum chip, Willow, has achieved only 5,000 qubits with reduced error rates so far.
Breaking the SHA-256 encryption, a method employed by Bitcoin, necessitates a significantly stronger computational resource, potentially equipped with tens of millions of actual quantum bits (qubits).
Although quantum computing has made significant strides, its practical applications remain limited at this point. It’s important to note that currently, it’s unlikely to be utilized for cryptocurrency theft.
Yet, some analysts argue that it is worth thinking about what a post-quantum crypto is going to look like before it is too late.
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2024-12-10 10:19