Google’s new Willow chip has raised concerns about the ability of quantum computing to break Bitcoin encryption, especially early holdings stored in Pay-to-Public-Key (P2PK) format, according to Emin Gun Sirer, co-founder of Ava Labs.
Sirer explained that the public keys to these holdings are permanently exposed, making them vulnerable to quantum computing attacks.
To deal with this threat, he proposed solutions such as freezing satoshis or setting an expiration date for P2PK transactions.
But he also noted that current quantum developments are not an imminent threat, because public keys for modern crypto assets are only briefly exposed during transactions, reducing the chances of a hack.
Despite these reassurances, community concerns remain high.
According to previous reports, quantum computing devices may enable the decryption of private keys, or even control of cryptocurrency mining operations, leading to security and centralization threats.
With the introduction of the Willow chip, questions have arisen about the timeline by which quantum computing might be able to break current encryption methods.
Analysts have expressed concerns about the impact of this technology on the security of blockchains and cryptocurrencies, with warnings that $1 trillion in digital assets could be at risk if these developments continue at their rapid pace.
However, many remain optimistic that it is still early days before quantum computing poses a real physical threat to crypto assets.