The introduction of Google’s Willow has reignited the debate of whether or not the advent of quantum computers would break Bitcoin’s encryption model.
An advocate in the sector assured that Willow’s current version does not possess such capabilities yet.
However, the latest developments have led the crypto community to urge the powers that be to come up with ways to counteract the upcoming threat of quantum computers to BTC and other digital assets.
Google recently announced its important breakthrough in quantum computing. The giant tech firm launched its latest quantum chip called Willow yesterday, which can significantly surpass modern computers.
According to the company, Willow can reduce errors exponentially. This could be further scaled up by integrating more qubits into its system. In addition, it can outperform this era’s fastest supercomputer by 10 septillion years. For context, a septillion is composed of 24 zeroes.
Concerns Around Bitcoin
Willow’s arrival raises a key concern around Bitcoin (BTC). The event has once again sparked the debate about whether the arrival of quantum computers could undermine its proof-of-work (PoW) cryptographic model. Some have even attributed the premier cryptocurrency’s latest dip to this issue.
Ben Sigman, a Bitcoin advocate and entrepreneur, recently posted a video on X to address the matter. According to him, Willow’s current version lacks the capacity to break Bitcoin’s encryption.
Sigman pointed out that the SHA-256 encryption employed by Bitcoin would need a supercomputer with at least millions of physical qubits to crack. Besides that, the present lack of practical application for a quantum computer with all that processing power would mean BTC’s network is safe, at least for now.
Quest for Quantum-Resistant Protocols for Crypto
In light of the recent developments, the crypto community is now urging major players in the digital assets sector to explore ways to come up with a quantum-resistant PoW model to proactively address the exploits that quantum computers could potentially open in the future. One of the key players in developing post-quantum cryptography (PQC) or quantum-safe cryptography systems is the US Department of Commerce’s National Institute of Standards and Technology (NIST).
While Bitcoin is safe at the moment, Jeremy O’Brien, Director of the Centre for Quantum Photonics at the University of Bristol, earlier warned that the advent of quantum computing could considerably disrupt the financial industry. He believes it could render the security safeguards of conventional financial products and services obsolete. With that, he expects significant opposition from the sector as quantum computing advances.
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