Advancements in quantum computing could have a significant impact on the future of the Bitcoin network. Industry insiders have raised concerns about the technology’s potential to break cryptographic encryption, but some experts believe it could actually strengthen the network.
Adam Back, co-founder and CEO of Blockstream, has stated that post-quantum (PQ) is “still several decades out” and therefore not a viable option for Bitcoin. However, he believes that PQ signature research will eventually produce more compact signatures, which can be added to the Bitcoin protocol as an additional security measure.
The current security mechanism of Bitcoin relies on private keys to sign transactions and prevent tampering. If quantum computing becomes a threat to this mechanism, it could compromise the entire network’s security.
Recently, Google unveiled its new quantum computing chip, Willow, which solves complex computational problems at an unprecedented pace. However, experts argue that this chip is not yet a significant threat to cryptocurrency transactions.
According to Kevin Rose, tech entrepreneur and former senior product manager for Google, estimates suggest that a quantum computer with approximately 13 million qubits would be required to compromise Bitcoin’s encryption within 24 hours. In contrast, the Willow chip has only 105 qubits, making it far less capable of achieving decryption.
Vitalik Buterin, co-founder of Ethereum, is also preparing for a post-quantum era by proposing a simple hard fork that could mitigate the risk of quantum computing for his platform.
While the impact of quantum computing on Bitcoin’s network is still uncertain, one thing is clear: the technology has the potential to bring about significant changes in the industry. As researchers continue to explore new ways to secure the network, it will be essential to stay informed about the latest developments and their implications for cryptocurrency investors.
Source: https://cointelegraph.com/news/quantum-computing-fortify-bitcoin-signatures-adam-back