Google has made a significant leap in quantum computing with the introduction of its new chip, Willow, which boasts 105 qubits of computational power.
The chip can solve problems in under five minutes, which would take today’s most advanced supercomputers billions of years to compute.
While the breakthrough is a monumental step forward for quantum computing, it has sparked fresh concerns about the security of digital assets, particularly Bitcoin (BTC).
Quantum Computing and Bitcoin: A Future Threat?
Willow’s high computational power has led some to question whether it could eventually breach the security mechanisms that protect Bitcoin.
However, leading experts, including AVA Labs founder Emin Gün Sirer, believe that quantum computing still poses no immediate threat to cryptocurrencies.
Sirer emphasized that while quantum computing’s potential is impressive, the technology currently operates on a linear scale, meaning the window for a quantum attack on Bitcoin is still very small.
Bitcoin transactions use a two-way hash function that keeps public keys hidden until a transaction is initiated. This makes funds at rest “quantum-resistant,” as attackers would have no information to exploit.
Quantum risks arise only when a transaction is triggered, exposing the public key. But even then, an attacker would only have a brief window to act, typically between 5 and 30 minutes, before the transaction is recorded on the blockchain.
However, Sirer noted that Bitcoin from the Satoshi era, which used the older Pay-To-Public-Key (P2PK) format, might be more vulnerable, as this format exposes the public key and gives attackers more time to attack.
Bitcoin’s Quantum Resistance: Satoshi’s Vision
Bitcoin’s resilience against quantum attacks is built into its encryption protocols.
Bitcoin employs two major encryption algorithms: the Elliptic Curve Digital Signature Algorithm (ECDSA 256) and the Secure Hash Algorithm 256-bit (SHA-256).
While these encryption methods are theoretically vulnerable to quantum computing, breaking them would require a quantum computer with over a million qubits—far beyond Willow’s current capabilities.
SHA-256 encryption, in particular, is even more difficult to crack, potentially requiring a quantum computer with millions of qubits.
In 2010, Bitcoin’s pseudonymous creator, Satoshi Nakamoto, anticipated the potential risks posed by quantum computing.
He proposed a contingency plan: If SHA-256 were ever compromised, Bitcoin could transition to a new hash function via a blockchain fork. This foresight would allow Bitcoin to adapt to quantum advances, ensuring its security.
Nakamoto’s vision included a gradual transition to a new cryptographic algorithm, with software updates ensuring that all participants could adopt the new security measures by a predetermined block.
“I think we could agree on what the honest block chain was before the trouble started, lock that in, and continue from there with a new hash function. If the hash breakdown came gradually, we could transition to a new hash in an orderly way. The software would be programmed to use a new hash after a certain block number. Everyone would have to upgrade by that time,” the Bitcoin founder wrote.
This approach would allow Bitcoin to evolve alongside advancements in technology while maintaining its core principles.
The Road Ahead: Quantum Computing and Blockchain
While Google’s Willow chip marks a new era in quantum computing, it is clear that Bitcoin’s blockchain technology is not currently at risk.
The encryption methods protecting Bitcoin are still well beyond the capabilities of today’s quantum computers.
As quantum computing progresses, the blockchain industry can incorporate new advances in quantum technology to strengthen its defenses.
In the meantime, experts remain confident that Bitcoin is well-equipped to handle any quantum challenges in the foreseeable future, with the possibility of upgrades to its cryptographic systems already considered in Satoshi’s original design.
