Yesterday, Google unveiled Willow, a quantum computing chip that takes minutes to perform calculations that would take septillions of years for the fastest supercomputers.
This is important, but it is not the first quantum chip. IBM, Intel and Google launched chips years ago. What makes Willow unique is the reduction in error rates, allowing it to handle more qubits simultaneously.
The problem? The first Bitcoins that Satoshi Nakamoto mined use an ancient public key script vulnerable to quantum attacks. The crypto community is now looking for solutions to mitigate this threat.
Google takes a quantum leap forward
The main challenge in quantum computing has always been errors. Qubits (quantum information building blocks) are inherently unstable, making complex calculations difficult. As we add more qubits to a quantum computer, the risk of errors increases.
Google’s Sycamore computer could handle 53 qubits. IBM developed a processor with 100 qubits. Now, Willow set the bar even higher with 105 qubits.
Hartmut Neven, founder of Google Quantum AI, explains that error reduction helped Willow overcome a challenge the industry has pursued for 30 years.
Essentially, Willow is one of – if not he – the most scalable quantum computers to date. While technology enthusiasts celebrate this breakthrough, the crypto community is concerned about what it could mean for the security of Bitcoin.
Is Willow a threat to Bitcoin?
Satoshi’s Bitcoin holdings are stored in a public key payment (P2PK) format. Unlike modern Bitcoin transactions that hash the public key, P2PK exposes it. If a computer is powerful enough, it could reverse engineer the private key from the public key and gain access to the funds.
Ava Labs co-founder Emin Gün Sirer proposed freezing Satoshi coins to mitigate this risk. This would make the coins inaccessible even to Satoshi himself.
Another solution Sirer sees is to set an expiration date for Bitcoin P2PK transactions. If the format is no longer valid, users would have to move their holdings to more secure storage.
Verdict: Bitcoin is safe (for now)
Some commentators, such as Geiger CapitalHe even went so far as to say that Bitcoin is dead. However, the businessman and former Google employee Kevin Rosa He noted that cracking Bitcoin’s cryptography would require millions of qubits, not 105.
Does this mean that hacking Bitcoin is a matter of time, and once Google, Intel or IBM release a quantum computer with 13 million qubits, we’ll be screwed? The answer is not so simple.
Bitcoin transactions typically take 10 minutes to confirm. As long as quantum computers cannot decrypt private keys faster, Bitcoin will remain secure. Sure, quantum computers are getting faster, but so is blockchain technology, so Bitcoin isn’t at risk. For now.
Best wallet
The risk of quantum attacks is nascent, but threats like hacking and phishing are very real and widespread. Fortunately, you can protect your funds with a reliable crypto wallet.
One of the industry’s leading hot storage solutions, Best walletPrevents unauthorized access through two-factor authentication and biometric scans. On top of that, reputable wallets like Best Wallet employ cutting-edge cryptographic algorithms to store and transmit your private keys.
If, for some reason, your private key is compromised, security company Fireblocks offers insurance to Best Wallet users. This means that Best Wallet will cover any losses if they occur.
While security is important, Best Wallet recognizes that the user experience is much more. The app’s native token, BEST, grants its holders lower transaction fees, higher staking rewards, and governance rights.
BEST is currently available for pre-sale at $0.02305, which is a low entry point into the ecosystem. The price will increase tomorrow.
Read the project technical document to learn more about Best Wallet and its BEST token.
Conclusion
Willow is truly a technological advancement, but it is not a threat to Bitcoin. In the future, we may see more powerful quantum computers that could break your cryptography. However, blockchain technology is also evolving to stay ahead of quantum threats, so we can applaud Google without fear.
In the meantime, remember that there are more immediate threats to your cryptocurrencies, such as phishing. A secure storage solution like Best Wallet will keep your funds safe from the most common online risks.
