With the rapid advancements in quantum computing, there’s growing concern about its potential to compromise cryptographic encryption methods used in various industries, including finance and cryptocurrencies like Bitcoin. However, industry experts like Adam Back, CEO of Blockstream, believe that quantum computing could actually lead to a stronger Bitcoin network in the long run.
Back explains that post-quantum (PQ) signatures, which aim to replace current cryptographic algorithms vulnerable to quantum attacks, might not be necessary for Bitcoin’s security mechanism. Instead, he proposes using a hash-based PQ scheme combined with other post-quantum signature schemes as they become available.
This approach could provide a more efficient and compact solution for Bitcoin’s signatures without requiring a complete overhaul of the system. Despite these advancements in quantum computing, Google’s recent announcement about their new Willow chip hasn’t caused immediate alarm among cryptocurrency experts like Kevin Rose.
According to Rose, estimates suggest that it would take a quantum computer with around 13 million qubits to compromise Bitcoin’s encryption within 24 hours. In comparison, Google’s Willow chip only has 105 qubits. However, it’s important to note that this doesn’t mean the threat of quantum computing on cryptocurrencies is entirely dismissed.
As the technology continues to evolve, it’s crucial for the industry to stay vigilant and proactive in developing solutions to protect against potential threats. Overall, while there are valid concerns about the impact of quantum computing on cryptocurrencies like Bitcoin, industry experts believe that innovation and adaptation will play a critical role in ensuring the longevity and security of these decentralized systems.
Source
As per reported by cointelegraph.com
