Recently, the cryptocurrency market experienced a significant correction, partly fueled by discussions surrounding the capabilities of Google’s new quantum chip, Willow. This technological breakthrough has garnered attention due to its potential threat to the security of cryptocurrencies. Why is this important?
Willow is a quantum processor capable of solving tasks in mere minutes that are unattainable even for the most powerful supercomputers. For instance, computations that would take classical computers billions of years to complete can be performed by Willow in just five minutes. Such advancements inevitably raise the question: can quantum technology threaten the security of cryptocurrencies?
Cryptocurrencies, including Bitcoin, are secured by elliptic curve cryptography (ECC). This encryption system relies on the computational difficulty of solving specific mathematical problems, which are currently impossible to solve within a reasonable time frame using classical computers. However, quantum computers like Willow could potentially shift this balance. For example, Shor’s algorithm could be used to efficiently break ECC if a quantum computer has a sufficient number of logical qubits.
Currently, the Willow chip has only 105 qubits, which is far below the minimum of 1.5 million qubits needed to pose a real threat to cryptography. This means the technology does not yet present an immediate danger to Bitcoin and other cryptocurrencies. Nevertheless, experts believe that the development of quantum computing may take decades before it reaches a level capable of breaking modern cryptographic methods.
Understanding these prospects, the crypto community is already developing protective measures. For instance, the National Institute of Standards and Technology (NIST) in the United States is actively working on establishing standards to safeguard digital assets from potential quantum attacks. Bitcoin developers are also exploring the transition to quantum-resistant algorithms, and Ethereum co-founder Vitalik Buterin has repeatedly addressed the issue of security in the face of emerging quantum computers.
Particular concern surrounds coins whose public keys have already been exposed, such as approximately 1 million BTC attributed to Satoshi Nakamoto. These early versions of cryptocurrency storage are more vulnerable to potential quantum attacks. Researchers have proposed freezing such assets or avoiding their use in current transactions to minimize risks.
