Tech giant Google took the world by storm on Monday by unveiling its quantum computing chip – Google Willow – while raising doubts on whether it can break the Bitcoin network in the future. For years, concerns have stayed that quantum computing is a threat to blockchain technology. While analyzing the prowess of Google’s computing chip, market analysts noted that it doesn’t pose any threat to the Bitcoin network in the near future.
Does Google Willow Pose A Threat to Bitcoin?
To understand this, first, we need to have a basic understanding of the Bitcoin seed phrase. A Bitcoin seed phrase is a list of 12 or 24 random words that act as a master key to a wallet. These phrases are backed by Elliptic Curve Cryptography (ECC) and hashing algorithms, creating math problems so complex that even the fastest conventional computers can’t solve them.
However, quantum computers can potentially crack these codes much faster than classical computers by solving the Discrete Logarithm Problem using algorithms like Shor’s.
Now, the current power of Google Willow computing chip is 105 qubits. Although this chip can solve computational problems in less than 5 minutes, which would otherwise take 10^25 years, it still can’t breach into the Bitcoin ecosystem.
This is because to break into the Bitcoin network and decode its encryption, it would take an estimated 1 million qubits. Even cutting-edge quantum systems today cannot tackle problems as large as those posed by Bitcoin’s ECC. However, the buzz surrounding Willow’s threat to quantum computing has already led to Bitcoin and altcoin market correction earlier today.
Future Concerns and Bitcoin’s Defense
Experts predict quantum computers could pose a realistic threat to Bitcoin in 10–20 years, depending on advancements in quantum hardware and error correction. A sufficiently powerful quantum could possibly break the BTC encryption while guessing the BTC seed phrases and its wallet key, thereby ultimately jeopardizing wallet security.
On the other hand, Bitcoin developers are actively exploring quantum-resistant cryptography, which involves creating new algorithms that even quantum computers would struggle to solve. Thus, although Google Willow is a groundbreaking chipset in the market, it is far from breaking through the Bitcoin network security at this point. However, as technology evolves, Bitcoin’s preparedness for future quantum advancements will remain a critical focus.
Market analysts noted that the Google Willow quantum chip was developed under controlled lab conditions. For it to pose a credible threat to cryptocurrency, two critical factors would need to align:
- Affordability: Willow would need to become inexpensive enough for widespread adoption.
- Accessibility: The technology would need to be widely available, including to malicious actors.
Currently, Bitcoin has been facing rejection at $100K levels amid huge selling pressure from long-term holders. As of press time, the BTC price is trading 1.27% down at $97,508 with a market cap of $1.929 trillion.
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