Google's new quantum computing chip, Willow, has raised new concerns about Bitcoin's security. According to Ava Labs co-founder Emin Gün Sirer, as quantum computing advances, it could reach sufficient power to break the encryption algorithms protecting the coins held by Satoshi Nakamoto.
Emin Gün Sirer – Co-founder of Ava Labs
Sirer warns that the initial Bitcoin holdings were stored in a Pay-to-Public-Key (P2PK) format, making them potentially easy targets for attacks using quantum computers. To mitigate this potential threat, Sirer has proposed two solutions: freezing Satoshi's coins or establishing expiration dates for P2PK transactions.
However, in a previous statement, Sirer also noted that the current threats from quantum computing are not an urgent issue.
According to him, cryptocurrencies like Bitcoin and Avalanche use techniques where the public key is only revealed briefly during the transaction process. This means that a quantum attacker only has a limited time to exploit the vulnerability.
“Quantum computers will make some operations easier, such as number analysis, while other operations, like reversing one-way hash functions, will still be challenging. Furthermore, depending on the platform, quantum computers have a limited time to attack. These two factors significantly hinder a quantum attacker.”
Is the quantum leap a potential threat to crypto?
Quantum technology has long raised concerns about its potential impact on encryption. Last August, Bloomberg released a report discussing how quantum computers could potentially break current cryptographic protocols, including those based on blockchain.
The report highlights the potential impact of quantum computing on cryptocurrency mining, warning that quantum computers could dominate the mining process, leading to centralization and security vulnerabilities. They could also decode private keys, allowing attackers to steal assets.
“Although not an immediate threat, quantum computers could soon pose significant risks to this rapidly growing and sustainable asset class. There may be certain cases where many different entities, including asset managers and publicly traded companies, are considering publicly the potential impacts that quantum computers pose to investments or investment strategies related to crypto.”
Google's introduction of the Willow chip has sparked controversy over the timeline for when quantum computing will be capable of breaking current cryptographic methods.
Many are concerned that as quantum technology advances, it will increasingly have the ability to undermine the security frameworks protecting Bitcoin and other digital assets.
The crypto community has reacted strongly to the release of Willow, with many expressing concerns about its implications for Bitcoin's security.
Some members warn that if quantum computers like Willow can achieve advancements, they could ultimately unlock the encryption protecting Bitcoin wallets and transactions, putting trillions of dollars in assets at risk.
“3.6 trillion dollars in cryptocurrency are either being or will soon be hacked by quantum computers,” wrote a community member.
“Bitcoin will eventually be attacked, rendering it worthless. This new quantum chip needs only 5 minutes to do what today’s supercomputers would take 10^25 years to accomplish. What impact will such computational power have on cryptography? It can easily destroy it,” said AJ Manaseer, RE PE Investment Fund Manager.
Although quantum computing is advancing rapidly, many commentators say it has not yet reached a point where it poses a serious threat to Bitcoin's security.
Experts believe that breaking ECDSA 256 and SHA-256, the two types of Bitcoin codes, would require a quantum computer with millions of qubits, which Willow does not have.
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