Quantum Computers Leave Mine And Yours Far Behind And Threaten Our Computer Password Protections
Crypto debates Google’s quantum breakthrough as bitcoin investors urge calm
Breaking a coin to bits… The crypto industry’s head was on a swivel this week after a Google announcement that some investors feared could threaten the foundation of bitcoin. On Monday the tech giant said its latest “quantum chip” (meet Willow) solved a computation in under five minutes that’d take modern supercomputers 10 septillion years to work out. Crypto’s concern: quantum computers could one day undermine bitcoin’s encryption (as well as other coins’ security) and in the process defeat the integrity of the $2T blockchain.
Showin’ cracks: Hodlers use their private keys — an alphanumeric code generated alongside a public key — to move their bitcoin. Quantum computers have the potential to defeat this mathematical protection.
Nakamot-oh wait: The price of bitcoin slid after Google’s announcement, but as of yesterday had largely clawed back the loss.
Keep calm and hodl on?… Despite the blockchain-breaking potential of Google’s quantum breakthrough, the crypto industry largely avoided panicking. One reason: developers, including ethereum founder Vitalik Buterin, have said that just as quantum tech is developed and upgraded, so too are blockchains. So quantum-proofing a blockchain like bitcoin, ethereum, or solana could be just several code upgrades away. Bitcoin’s been upgraded before: in 2021 the protocol adapted the Taproot upgrade to boost privacy, efficiency, and security.
THE TAKEAWAY
A distant threat gives time to prep… Quantum advancements on the heels of Willow could eventually help discover new drugs, improve weather forecasting, and, yes, break some forms of encryption. But for now, Willow solves a standard computation that has no commercial application, and any possible threats to crypto and bitcoin are likely years away.
Quantum Computers Leave Mine And Yours Far Behind And Threaten Our Computer Password Protections
Crypto debates Google’s quantum breakthrough as bitcoin investors urge calm
Breaking a coin to bits… The crypto industry’s head was on a swivel this week after a Google announcement that some investors feared could threaten the foundation of bitcoin. On Monday the tech giant said its latest “quantum chip” (meet Willow) solved a computation in under five minutes that’d take modern supercomputers 10 septillion years to work out. Crypto’s concern: quantum computers could one day undermine bitcoin’s encryption (as well as other coins’ security) and in the process defeat the integrity of the $2T blockchain.
Showin’ cracks: Hodlers use their private keys — an alphanumeric code generated alongside a public key — to move their bitcoin. Quantum computers have the potential to defeat this mathematical protection.
Nakamot-oh wait: The price of bitcoin slid after Google’s announcement, but as of yesterday had largely clawed back the loss.
Keep calm and hodl on?… Despite the blockchain-breaking potential of Google’s quantum breakthrough, the crypto industry largely avoided panicking. One reason: developers, including ethereum founder Vitalik Buterin, have said that just as quantum tech is developed and upgraded, so too are blockchains. So quantum-proofing a blockchain like bitcoin, ethereum, or solana could be just several code upgrades away. Bitcoin’s been upgraded before: in 2021 the protocol adapted the Taproot upgrade to boost privacy, efficiency, and security.
THE TAKEAWAY
A distant threat gives time to prep… Quantum advancements on the heels of Willow could eventually help discover new drugs, improve weather forecasting, and, yes, break some forms of encryption. But for now, Willow solves a standard computation that has no commercial application, and any possible threats to crypto and bitcoin are likely years away.