Google’s New Quantum Chip Won’t Kill Bitcoin, Expert Says; Ripple’s Stablecoin RLUSD Gets Regulatory Approval; Shiba Inu Burns 51,763,782 SHIB: Crypto News Digest by U.Today

by

As a seasoned crypto investor with a decade-long journey under my belt, I’ve seen my fair share of quantum computing breakthroughs and stablecoins hitting regulatory approval. When Google announced their new quantum chip, Willow, I couldn’t help but chuckle at the panic that ensued in the Bitcoin community. While it’s true that a powerful quantum computer could potentially crack Bitcoin’s encryption, we’re still far from that reality. As of now, even with its improved error rates, Willow has only reached 105 qubits out of the millions required to break SHA-256. So, let’s not worry about Quantum Grinch stealing our Bitcoins just yet!

Check out U.Today’s top three news stories over the past day.

Google’s new quantum chip won’t kill Bitcoin, expert says

After Google unveiled their new quantum computing chip named Willow, there has been much discussion in the crypto world regarding its possible influence on Bitcoin and other digital currencies. Some have suggested that the recent decline in BTC‘s value might be connected to this latest advancement in quantum computing. Nevertheless, experts such as Bitcoin entrepreneur Ben Sigman argue that at present, Willow lacks the required strength to breach Bitcoin’s encryption. While Shor’s algorithm allows a potent quantum computer to penetrate the ECDSA algorithm used in Bitcoin’s encryption, it would require an astonishing 1 million qubits for this purpose. Currently, Willow has only reached 105 qubits with reduced error rates. The task of cracking SHA-256, another encryption method utilized by Bitcoin, is even more difficult; it would demand a quantum computer boasting millions of physical qubits.

Ripple‘s stablecoin gets regulatory approval

Yesterday, Brad Garlinghouse, CEO of Ripple, shared via the X platform that their stablecoin, RLUSD, has received approval from the New York State Department of Financial Services (NYDFS). This means the dollar-backed token will be accessible on prominent exchanges shortly. Garlinghouse hinted at partner listings and exchanges going live “soon.” In his post, he advised the community to stay alert and rely only on authorized sources for RLUSD updates. He assured that Ripple would be the first to announce when RLUSD becomes active. The stablecoin, initially unveiled by Ripple in April, started beta testing on the XRP Ledger and Ethereum in August with some associated partners.

Shiba Inu torches 51,763,782 SHIB as burn rate soars 1,068%

The rapid rise in Shiba Inu’s token burn rate has sparked a lot of interest among market observers. As per Shibburn data, the burning rate of SHIB tokens jumped by an impressive 1068%, resulting in the removal of 51,763,782 tokens from circulation. Over the last seven days, a staggering 2.44 billion tokens were burned, marking a weekly growth of 10.57%. This recent burn activity is one of the largest single-day reductions in SHIB’s supply in recent times, indicating strong community involvement. This increased engagement has led to a more positive outlook for this meme coin, given the principle of supply and demand. Moreover, SHIB’s trading volume saw a substantial increase of over 109% within the last day, demonstrating renewed investor interest.

Read More

2024-12-11 18:37