Yesterday, Google introduced Willow – a quantum computing chip that takes minutes to make calculations the fastest supercomputers would spend a septillion years on.
This is a big deal, but it isn’t the first quantum chip. IBM, Intel, and Google released chips years ago. What makes Willow unique is the reduction in error rates, which allows it to handle more qubits simultaneously.
The problem? Early Bitcoins that Satoshi Nakamoto mined use an old public key script vulnerable to quantum attacks. The crypto community is now looking for solutions to mitigate this threat.
Google Makes a Quantum Leap Forward
The main challenge in quantum computing has always been errors. Qubits (building blocks of quantum information) are inherently unstable, which hinders complex calculations. 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.
Founder of Google Quantum AI Hartmut Neven explains that error reduction helped Willow crack a challenge the industry pursued for 30 years.
Essentially, Willow is one of – if not the – most scalable quantum computers to date. While tech enthusiasts celebrate this breakthrough, the crypto community is concerned about what it could mean for Bitcoin’s security.
Is Willow a Threat to Bitcoin?
Satoshi’s Bitcoin holdings are stored in a Pay-to-Public-Key (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’s coins to mitigate this risk. This would make the coins inaccessible even to Satoshi himself.
Another solution Sirer sees is to set a sunset date for P2PK Bitcoin 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 If the format is no longer valid, users would have to move their holdings to more secure storage.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, like Geiger Capital, went as far as to call Bitcoin dead. However, entrepreneur and ex-Google employee Kevin Rose noted cracking Bitcoin’s cryptography would take millions of qubits, not 105.
Does this mean that hacking Bitcoin is a matter of time, and once Google, Intel, or IBM roll out a quantum computer with 13 million qubits, we’re screwed? The answer is not that simple.
Bitcoin transactions typically take 10 minutes to confirm. As long as quantum computers can’t crack private keys faster than this, Bitcoin remains secure. Sure, quantum computers are becoming faster, but so is blockchain technology, so Bitcoin is not at risk. For now.
Best Wallet
The risk of quantum attacks is nascent, but threats like hacking and phishing are very real and widespread. Luckily, you can protect your funds with a reliable crypto wallet.
One of the industry’s leading hot storage solutions, Best Wallet, prevents unauthorized access using two-factor authentication and biometric scans. On top of that, reputable wallets like Best Wallet employ state-of-the-art cryptographic algorithms to store and transmit your private keys.
If, for some reason, your private key gets compromised, Fireblocks security firm provides insurance to Best Wallet users. This means Best Wallet will cover any losses if they occur.
While security is important, Best Wallet recognizes there’s more to user experience. The app’s native token, BEST, grants its holders lower transaction fees, higher staking rewards, and governance rights.
BEST is currently available on presale at $0.02305, which is a low entry point into the ecosystem. The price will increase tomorrow.
Read the project’s whitepaper to learn more about Best Wallet and its BEST token.
Conclusion
Willow truly is a technological breakthrough, but it’s not a threat to Bitcoin. In the future, we may see more powerful quantum computers that could break its cryptography. However, blockchain technology is also evolving to stay ahead of quantum threats, so we can applaud Google without fear.
Meanwhile, remember that there are more immediate threats to your crypto, like phishing. A secure storage solution like Best Wallet will keep your funds safe from the most common online risks.