Google Introduces Willow Quantum Chip with Potential to Challenge Bitcoin Security
Top technology firm Alphabet Inc (NASDAQ: GOOGL), through its subsidiary Google, has introduced Willow, its latest quantum chip. Many believe Willow might impact Bitcoin’s security.
Willow Comes with a New Speed Standard
Google's Willow is a powerful quantum supercomputer capable of performing tasks that would take classical supercomputers 10 septillion years in just five minutes. This timeframe exceeds the entire existence of the world, estimated at 13.8 billion years.
The corporation described this chip as “state-of-the-art,” showcasing error correction and performance while advancing towards a practical large-scale quantum computer. Its capabilities raise concerns about the safety of passwords and encrypted messages, which could be intercepted.
Many users on X speculate that Willow could crack Bitcoin’s SHA-256 algorithm, potentially compromising the network's security.
Willow boasts up to 105 powerful qubits, which improve error rates. Quantum computing uses qubits that can represent both 0 and 1 simultaneously due to phenomena like superposition and entanglement. This allows quantum computers to perform multiple calculations at once, solving problems currently unmanageable for classical computers.
Bitcoin’s SHA-256 mining algorithm and ECDSA signatures are believed to be vulnerable to quantum decryption.
Not Powerful Enough to Challenge Bitcoin
Some experts argue that concerns about Willow threatening Bitcoin are exaggerated. They believe the quantum chip lacks sufficient power to pose an immediate risk. A pseudonymous analyst on X stated that around 1 million high-quality qubits would be needed to affect Bitcoin's security.
Despite its advancements, Willow does not possess the scale or error correction necessary to decrypt commonly used encryption methods effectively. Current encryption methods like RSA and ECC used in Bitcoin transactions remain secure against quantum threats.
If future quantum computers achieve the ability to factor large numbers, they could compromise these encryption schemes, affecting wallet security and transaction integrity. Until then, Bitcoin is not facing immediate threats.
Recently, Bitcoin experienced a price dip, dropping from over $97,000 to $94,000 before slightly recovering to $97,304.83.