According to BlockBeats news on December 10, Bernstein analysts have stated that despite Google announcing their Willow chip, a quantum threat to Bitcoin’s security may still be decades away. This statement comes after Google announced the launch of Willow, its first quantum chip, following Bitcoin reaching a valuation of $100,000 last week, raising concerns about the decryption of private keys to access users’ funds.
While Google’s Willow chip marks a significant advancement in quantum computing, it has only 105 quantum bits (qubits). In order to pose a threat to Bitcoin’s elliptic curve digital signature algorithm (ECDSA) and secure hash algorithm (SHA-256), millions of additional qubits are needed, which is still a distant prospect.
ECDSA is a cryptographic algorithm that protects private keys and provides digital signatures for Bitcoin transactions. SHA-256 ensures the integrity of the Bitcoin ledger by hashing transaction data and plays a vital role in the proof-of-work mechanism. Analysts believe that Bitcoin contributors should begin preparing for a quantum future but emphasize that any realistic threat to Bitcoin’s security is still decades away.
They are also considering transitioning to quantum resistance encryption.
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