The world of cryptocurrency is constantly evolving, and recent advancements in quantum computing have sparked both excitement and concern among industry insiders. While some worry that quantum computing may one day render current encryption methods obsolete, others believe it could actually strengthen the Bitcoin network in the long run.
One such advocate is Adam Back, co-founder and CEO of Blockstream, who recently discussed how post-quantum signatures could improve Bitcoin’s security. Essentially, by incorporating elements of quantum computing into their signature system, Bitcoin transactions could become even more resistant to tampering or manipulation.
However, this isn’t the only development in the world of quantum computing that’s caught people’s attention. Google recently announced a new chip called “Willow” that promises to revolutionize the field. While this advancement is certainly impressive, some experts argue that it doesn’t pose an immediate threat to cryptocurrencies like Bitcoin.
In fact, tech entrepreneur Kevin Rose believes that even if Google’s Willow chip were powerful enough to compromise Bitcoin’s encryption, it would still be several steps behind what’s actually needed. According to his calculations, a quantum computer capable of breaking Bitcoin’s encryption within 24 hours would need around 13 million qubits – significantly more than what any current technology can offer.
Of course, this doesn’t mean that the risks posed by quantum computing should be ignored. As the field continues to advance, so too does the potential for disruption to our current digital landscape. However, for now at least, it seems that Bitcoin and other cryptocurrencies remain relatively safe from the threats posed by quantum computing.
Source
As per reported by cointelegraph.com
