Emily Walker
Recently, Google unveiled Willow, a revolutionary quantum computing chip capable of executing calculations in minutes that would take the most advanced supercomputers septillion years to complete.
Although Willow is a significant advancement, it is not the first of its kind. Companies like IBM, Intel, and Google launched quantum chips in the past. Willow’s distinguishing feature is its improved error reduction, enabling it to manage more qubits at once.
An important concern arises with early Bitcoins created by Satoshi Nakamoto, as they utilize an outdated public key script vulnerable to quantum hacking. The cryptocurrency community is actively seeking ways to counter this potential risk.
Google’s Major Advancement in Quantum Computing
Error rates have long posed a challenge in quantum computing. Qubits, the fundamental components of quantum information, are inherently unstable, complicating complex computations. The more qubits added to a system, the greater the chance of errors.
Google’s Sycamore could process 53 qubits, while IBM developed a 100 qubit processor. Now, with the introduction of Willow, that number has increased to 105 qubits.
Hartmut Neven, head of Google Quantum AI, stated that reduced errors allowed Willow to succeed in overcoming a challenge that has stumped the industry for 30 years.
Willow is regarded as one of the most scalable quantum computers to date. While technology fans are excited about this innovation, those in the crypto world are evaluating its implications for Bitcoin security.
Will Willow Endanger Bitcoin?
Satoshi’s Bitcoin holdings are saved in a Pay-to-Public-Key (P2PK) format. Unlike contemporary Bitcoin transactions, which hash the public key, P2PK makes it visible. If a sufficiently powerful computer is employed, it could reverse-engineer the private key from the public key, potentially compromising the funds.
Emin Gün Sirer from Ava Labs suggested preventing access to Satoshi’s coins by freezing them, ensuring they would remain out of reach even for him.
Another recommendation by Sirer is to establish a deadline for P2PK Bitcoin transactions. If this format were made obsolete, users would need to transfer their assets to more secure platforms.
The Conclusion: Bitcoin’s Current Safety
Some critics, such as Geiger Capital, have suggested that Bitcoin may be doomed. However, Kevin Rose, an entrepreneur and former Google employee, pointed out that compromising Bitcoin’s cryptography would require millions of qubits, significantly more than Willow’s 105.
Does this imply that hacking Bitcoin is merely a matter of time until quantum computers with 13 million qubits are developed? The reality is more nuanced.
Bitcoin transactions generally take around 10 minutes to verify. As long as quantum computers cannot breach private keys quicker than this timeframe, Bitcoin remains secure. While quantum computing technology is advancing, so too is blockchain technology, meaning Bitcoin is not in immediate danger.
Secure Your Crypto with the Best Wallet
The threat of quantum attacks is still emerging, but dangers like hacking and phishing are prevalent. Thankfully, you can safeguard your assets using a trusted crypto wallet.
One of the top hot storage solutions, Best Wallet, employs measures such as two-factor authentication and biometric scans to prevent unauthorized access. Moreover, leading wallets like Best Wallet utilize advanced cryptographic techniques for storing and transmitting private keys.
Should your private key ever be compromised, the security firm Fireblocks offers insurance to Best Wallet users, ensuring that any losses would be covered.
Beyond security, Best Wallet values the user experience. Holders of its native token, BEST, benefit from reduced transaction fees, enhanced staking rewards, and governance involvement.
The BEST token is currently available for presale at $0.02305, offering an affordable entry point into the ecosystem. Prices are scheduled to rise tomorrow.
To discover more about Best Wallet and its BEST token, check out the project’s whitepaper.
Final Thoughts
Willow indeed marks a technological advancement, but it poses no immediate threat to Bitcoin. In the future, more advanced quantum computers might challenge its cryptography. Nevertheless, blockchain technology is also progressing to counter quantum-related risks, meaning we can applaud Google’s achievement without concern.
For now, it’s crucial to remember that immediate threats like phishing are real. Utilizing a secure storage solution like Best Wallet can help protect your funds against prevalent online dangers.