Could Google’s New Quantum Chip Mean Your Bitcoin Could Soon Be Hacked? | Global News Avenue

Now Google, part of Alphabet Inc. (Google), launching the powerful new Willow quantum Cryptocurrency holders face an uncomfortable truth: The technology that keeps their digital assets safe today could become their biggest vulnerability tomorrow.

This is because the foundation of modern cryptography – tokens like Bitcoin and Ethereum need to run — based on mathematical problems (such as factoring large numbers) that are extremely difficult for classical computers to solve, but that quantum computers might be able to crack.

Quantum Threat Explained

A tiny chip the size of a mint may have demonstrated this cryptocurrencyCryptosystems may be surviving on borrowed time. In December 2024, Google said its new Willow processor achieved what researchers called an “incredible” breakthrough in quantum computing speed, and this may be just the beginning.

While today’s most powerful computers would take billions of years to break cryptocurrency encryption, quantum computers operate in a completely different way. The Willow chip exploits quantum mechanics, the idea that matter can exist in multiple states at once, to perform calculations at almost unimaginable speeds. The chip can solve certain computing problems in five minutes that would take the world’s best supercomputers about 10 minutes Seven base It would take years to complete—a time span that far exceeds the age of the universe.

What are the problems faced by cryptocurrency holders? If you think of crypto wallet security as a giant password lock, an average computer would have to try one combination at a time. Quantum computer? They can test millions of combinations simultaneously.

That’s why, while experts say Bitcoin and other blockchains may still have a long time to build better defenses for themselves, a Deloitte analysis found that about a quarter of all Bitcoins in circulation are currently One is vulnerable to quantum computing hackers.

Why Your Cryptocurrency Isn’t at Risk Yet

Even with these advancements, your crypto assets are safe for now. Breaking Bitcoin’s encryption appears to require about 13 million qubits, at least according to crypto proponents at CoinDesk, well beyond Willow’s current 105 qubits. But at the end of a recent article dismissing concerns raised by quantum computing — “Cryptocurrency naysayers, give it another day” — the site’s article listed some real dangers.

The article points out that Google’s Willow does not yet have the scale or ability to correct errors, so it cannot bypass the encryption methods used in Bitcoin transactions (RSA, ECC and AES). But right after this sentence: “Bitcoin uses algorithms such as SHA-256 for mining and ECDSA for signing, which may be vulnerable to quantum decryption.”

It’s like saying the cash register in a store is secure, but a thief can walk out the front with anything on the shelf.

Here’s why: mining Signatures are crucial to the functioning of the Bitcoin system. Mining is how new Bitcoins are created, transactions are verified and added to the blockchain. If a quantum computer could crack the SHA-256 algorithm used in mining, it could take over the process, tampering with transaction history or preventing new transactions from being confirmed. Additionally, if the ECDSA encryption of a signature can be tampered with, an attacker could steal Bitcoin by forging transactions to make them appear legitimate or by taking over a Bitcoin wallet to impersonate the user.

How cryptographic systems protect themselves

The crypto community has not been idle. EthereumCo-founder Vitalik Buterin is not as optimistic as others in the crypto world about what quantum computing may achieve.

Since quantum computers are good at discovering hidden patterns in currently cryptographic signatures, he suggested that quantum-resistant systems could use completely random one-time keys without discovering any patterns. Buterin said to do this as part of a hard fork – a permanent divergence Blockchain Creating two independent and incompatible chains – could mitigate the risks of quantum computing.

bottom line

While Google’s Willow chip represents a significant leap forward in quantum computing technology, it may be some time before quantum computers threaten cryptography. Nonetheless, the industry is already preparing for a quantum future and the threats it may bring, with some platforms exploring quantum-resistant algorithms.