Google Willow Chip and Quantum Computing: Is Bitcoin Encryption at Risk?

- Development of Quantum Computing Threatens Bitcoin Security? - Willow Chip Solves Problems in 5 Minutes that Took Hundreds of Years [Unblock Media] When discussing the impact of the advancement of quantum computing technology on the future of cryptocurrencies, the security of the Bitcoin network is emerging as an important aspect. Recently, Google's quantum computing chip Willow, featuring 105 qubits, demonstrated the ability to solve problems in just 5 minutes that would take hundreds of years on a traditional supercomputer. This raises concerns about the security of cryptocurrencies. As the price of Bitcoin reaches all-time highs, interest in network security is also increasing. Adam Back, co-founder of Bitcoin and CEO of Blockstream, said, "Post-quantum signature research will eventually lead to more compact signatures that have been conservatively reviewed, and Bitcoin can add this signature method as another option." Bitcoin signatures are mechanisms that ensure Bitcoin transactions are carried out securely and by authenticated owners. They prevent transactions from being altered by other parties. Vitalik Buterin, co-founder of Ethereum, also proposed a simple hard fork in the Ethereum network to mitigate the risks posed by quantum computing. The National Institute of Standards and Technology (NIST) in the United States is working on standardizing quantum-resistant encryption algorithms, which could also be applied to blockchain networks like Bitcoin. However, technology entrepreneur and former Google Senior Product Manager Kevin Rose argued that Willow is still far from being a threat to cryptocurrencies. According to Rose, it is estimated that about 13 million qubits of a quantum computer would be needed to crack Bitcoin’s encryption. In contrast, the Willow chip consists of 105 qubits. Concerns about the impact of the advancement of quantum computing technology on the cryptocurrency market are growing. Research related to the security advancements of the Bitcoin network is ongoing, and new technological challenges continue to arise.