Google’s latest quantum computing breakthrough, Willow, has reduced computation times by a significant margin. This development could potentially provide hackers with the tools to unlock the algorithms that bitcoin and other cryptocurrencies are built upon. However, Google claims it is still 10 years away from developing a quantum computer capable of decoding crypto.
Willow’s speed is nearly incomprehensible, performing calculations in under five minutes that would take one of today’s fastest supercomputers 10 septillion years to solve. The chip’s accuracy, combined with its speed, could theoretically provide hackers with the means to break into the algorithms used by bitcoin and other cryptocurrencies.
However, experts argue that this timeline is still far off. Tim Hollebeek, a security expert, notes that even if Willow can drastically increase the speed at which crypto can be broken, it would still take several times the age of the universe for the quantum chip to do so. The Google spokesman also stressed that the timeline for quantum breakthroughs has been widely shared and that Willow has not changed it.
In response to this threat, the crypto industry is working on “quantum-safe” cryptos. New algorithms resistant to attacks by future quantum computers are being developed. These algorithms will help ensure the safety of sensitive information in businesses and governments.
Despite the potential risks, experts believe that quantum computing holds significant benefits for various industries, including healthcare, energy, and security. Breakthroughs in this field could lead to faster devices, improved AI, and ultra-secure encryption methods. As a result, it is essential to consider the broader implications of quantum computing rather than focusing solely on its potential impact on the crypto industry.
Source: https://www.cnbc.com/2024/12/22/what-google-quantum-chip-breakthrough-means-for-bitcoins-future.html