30s Summary

Quantum computing advances could strengthen the Bitcoin network despite fears they might destabilise cryptographic algorithms. Bitcoin security relies on signatures, or private keys, to guarantee transactions remain unaltered. Quantum computing could make this process more secure, advocates argue. Furthermore, Google’s quantum computing chip – reported to solve computational problems in under five minutes – poses no immediate threat to crypto security according to tech entrepreneur Kevin Rose, as unlocking the encryption would require a quantum computer of about 13 million qubits. This is despite Google’s Willow chip being only 105 qubits.

Full Article

Quantum computing advancements could actually give a boost to the Bitcoin network, even though there’s some chatter around how it might mess with cryptographic encryption.

Some people in the industry are worried that quantum computing, due to its crazy-fast speed and quantum physics advances, might wreck cryptographic algorithms in the future. Despite these fears, quantum computing could actually make the Bitcoin (BTC) network stronger – that’s according to Adam Back, a boss at Blockstream, inventor of Hashcash, and a bigwig in cryptography.

He says that post-quantum (PQ) is still a long way off – several decades at least. That’s why a hash-based PQ scheme will never work. But, Back says, “Research will eventually whip up more compact signatures which are well-reviewed and conservative, and then Bitcoin can add those schemes as another option.”

In simple terms, Bitcoin signatures keep transactions secure and unaltered by stopping other parties from messing with them. Private keys are used to sign the transfer, acting as mathematical proof that the Bitcoin is owned by the holder of the address involved in the transaction.

Bitcoin and the future security of its network have been turning heads, especially after Bitcoin hit a high of $100,000 on December 6.

But what about Google’s new quantum computing chip – could that compromise crypto encryption? This chip, reportedly able to solve a computational problem in under five minutes – a task that might take the most advanced supercomputers about 10 septillion years, is rekindling concerns over quantum computing’s potential threat to crypto transactions.

This new chip, dubbed Willow, can make corrections rapidly and process some computations at mind-blowing speed, says Hartmut Neven, Google’s Quantum AI Lead.

However, tech entrepreneur and ex-senior product manager for Google, Kevin Rose, reassured that Willow was still far from being a threat to crypto. He reckons that to compromise Bitcoin’s encryption, a quantum computer would need about 13 million qubits to unlock it within 24 hours, while Google’s Willow chip, despite being a big leap forward, is only 105 qubits strong.

Even Ethereum co-founder Vitalik Buterin is gearing up for a post-quantum era. He’s already suggested a way to lessen the risk of quantum computing for Ethereum using a simple hard fork to sidestep the issue.

So, in conclusion, while quantum computing advancements are changing how things work, they might actually be good news for Bitcoin after all.