Sundar Pichai, CEO of Google, has just announced Willow, a new quantum computing chip with "breakthrough" capabilities. This chip has raised concerns in the community about potentially breaking Bitcoin's encryption algorithms.
Community members have started reassuring each other, reminding that Bitcoin enthusiasts have predicted this for years and that the possibility of a security threat is still very far away.
Can Google's Willow Break Bitcoin's Code?
This information comes from a statement by Pichai along with a blog post. Essentially, this new chip with 105 qubits has solved a "30-year challenge" in quantum computing.
In an experiment, Willow performed a calculation in just five minutes, while the most powerful non-quantum supercomputers would need septillion (10^24) years to do the same. Could this potentially breach the security algorithms of Bitcoin?
To greatly simplify the issue, qubits in quantum computers have a clear advantage over bits in conventional computers. Instead of computing one solution at a time, it can use quantum uncertainty and entanglement to compute many solutions simultaneously. In other words, Willow with 105 qubits can perform any calculation that a 105-bit computer can do, but all at once.
Such a device is only optimized for certain mundane tasks, but it is extremely successful at breaking passwords and encryption algorithms. Even less complex quantum computers have broken encryption algorithms in the past. Many in the community are asking: can Willow break Bitcoin's code and thus reduce its value?
These concerns have been raised by community figures before. In fact, Vitalik Buterin, co-founder of Ethereum, discussed this issue in late October, announcing "The Splurge" to strengthen Ethereum against such threats. Prominent commentators like Geiger Capital have declared that "Bitcoin is dead" thanks to Willow, but reassuring voices have quickly explained.
"Breaking Bitcoin's encryption would require millions of qubits - far beyond Google's 105-qubit Willow chip. Meanwhile, the Bitcoin community has been and is developing quantum-resistant solutions," user BitcoinAgile stated.
LionTV, a crypto trader and investor at Bybit, agreed with these views by presenting two basic facts. Simply put, Willow still needs many more years to be able to crack Bitcoin's algorithm.
Ultimately, even if Google exceeds expectations in quantum computing development, the crypto community has been discussing this issue for years. Willow is a breakthrough step for this rapidly evolving field of research, but considering it a threat to Bitcoin is an unfounded exaggeration.
