Google has unveiled its latest innovation, the Willow quantum computing chip, stirring discussions within the crypto community about its potential impact on Bitcoin’s cryptographic security.
On Dec. 9, Sundar Pichai, Google’s CEO, introduced the Willow chip as a breakthrough in quantum computing. The chip boasts error-reduction capabilities, and has 105 qubits. This is a significant milestone in computing power.
Quantum leaps in computing
Pichai revealed that Willow achieved a benchmark computation in under five minutes that would take a modern supercomputer an astonishing ten septillion years—a timeline incomprehensibly longer than the universe’s age of 13.8 billion years.
Further, Willow’s design includes low-error-rate gates and high-connectivity algorithms, making it a significant step forward in the quest for scalable quantum computing.
This advancement highlights quantum computing’s potential to revolutionize fields dependent on complex calculations. Pichai stated:
“We see Willow as an important step in our journey to build a useful quantum computer with practical applications in areas like drug discovery, fusion energy, battery design + more.”
This raises concern about the safety of passwords, encryption, and other cryptographic safeguards.
Bitcoin’s safety in focus
Concerns over Willow’s implications for Bitcoin’s cryptographic safety emerged quickly. Critics argue that the chip could someday undermine the top crypto’s security framework.
Leading crypto experts say the technology will take a while to achieve that level of capability.
Adam Cochran, a crypto venture capitalist and Bitcoin enthusiast, noted that although Willow may highlight the need for encryption post-quantum it is not presently a threat to Bitcoin.
According to Cochran, the milestone means the crypto industry has a shorter timeline—less than 10 years—to address quantum computing risks before they become a pressing issue. He explained:
“With one breakthrough we’ve seen a 20 year drop in how long Bitcoin and other cryptocurrencies have to start taking post-quantum encryption seriously. And another breakthrough of this equivalent size would put those issues on our doorstep in no time.”
Emin Gün Sirer, co-founder of Ava Labs, expressed similar sentiments, emphasizing that Bitcoin remains secure.
However, he advised proactive steps, particularly regarding Satoshi Nakamoto’s early-minted Bitcoin, which uses the outdated Pay-to-Public-Key (P2PK) format. This format is not like modern wallets. It exposes the public key, which could create vulnerabilities in case quantum computing becomes more advanced.
Sirer proposed freezing these coins as a preventative measure or by implementing sunset dates for all P2PK based transactions.
[Editor’s Note: While Bitcoin will eventually need to address the capabilities of quantum computing, so will tradFi services, including the global banking industry. Bitcoin should not be singled out as the only target of quantum computing advancements, as all digital services require some form of encryption that will eventually become vulnerable to quantum computers.]
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