Google's new quantum computing chip, Willow, poses significant theoretical threats to cryptocurrencies like Bitcoin. Presenting capabilities that could potentially solve computational tasks in mere minutes—tasks that would take classical computers an extraordinary 10 septillion years—this advancement raises concerns about the future of encryption in cryptocurrencies. Bitcoin relies on algorithms such as SHA-256 for mining and ECDSA for signatures, which could be vulnerable to quantum decryption. However, experts assert there's no immediate threat; current quantum computers lack the necessary scale and error correction for widespread encryption breach. Willow utilizes 105 qubits, and experts suggest millions of qubits are needed to effectively run algorithms that could compromise current cryptographic practices. Despite the excitement around quantum computing, cryptocurrencies have time to adapt by developing quantum-resistant algorithms before any potential vulnerabilities can be exploited.

Source 🔗