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Sundar Pichai, CEO of Google, just announced Willow, a new quantum computing chip with significant “breakthrough” capabilities. This chip has raised concerns in the community about breaking Bitcoin’s encryption algorithms.
Community members have begun to reassure each other, reiterating that Bitcoin enthusiasts have predicted this for years and that the possibility of a security threat is remote.
Can Google’s Willow Crack Bitcoin Code?
This information comes from a Notification by Pichai along with one blog posts included. Essentially, this new chip with 105 qubits solves a “30-year challenge” in quantum computing.
In one test, Willow performed a calculation in just five minutes, while the most powerful non-quantum supercomputers needed ten quadrillion (septillion) years to do the same. Could this compromise Bitcoin’s security algorithm?
To simplify matters considerably, qubits in quantum computers have a distinct advantage over bits in conventional computers. Instead of calculating one solution at a time, it can use uncertainty and quantum constraints to calculate multiple solutions at once. In other words, Willow with 105 qubits can perform every calculation that a 105-bit computer can do, but at the same time.
Such a device is optimized for only a few trivial tasks, but cracking passwords and encryption algorithms is extremely successful. Less sophisticated quantum computers have also broken encryption algorithms in the past. Many in the community are asking a question: can Willow break Bitcoin’s code and thus reduce its value?
These concerns have been raised before by community figures. In fact, Vitalik Buterin, co-founder of Ethereum, discussed this issue at the end of October, announcing “The Splurge” to strengthen Ethereum against these threats. Prominent commentators such as Geiger Capital declared that “Bitcoin is dead” thanks to Willow, however, reassuring voices were quick to explain.
“To break Bitcoin’s encryption would require millions of qubits – far more than Google’s Willow chip, which has only 105 qubits. Meanwhile, the Bitcoin community has been developing quantum-resistant solutions,” BitcoinAgile user stated.
LionTV, a Bybit cryptocurrency trader and investor, agree with these ideas by stating two basic facts. Simply put, Willow still needs many years to crack Bitcoin’s algorithm code.
Ultimately, even if Google outperforms expectations regarding the development of quantum computing, the cryptocurrency community has been talking about the issue for years. Willow is a groundbreaking step forward for this growing field of research, but to consider it a threat to Bitcoin is baseless hype.
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