Google has unveiled its latest innovation, the Willow quantum computing chip, stirring discussions within the crypto community about its potential impact on Bitcoin’s cryptographic security.
On Dec. 9, Sundar Pichai, Google’s CEO, introduced the Willow chip as a breakthrough in quantum computing. It boasts error reduction capabilities and 105 qubits, a new computational power milestone.
A Quantum leap in computing
Pichai revealed that Willow achieved a benchmark computation in under five minutes that would take a modern supercomputer an astonishing ten septillion years—a timeline incomprehensibly longer than the universe’s age of 13.8 billion years.
Further, Willow’s design includes low-error-rate gates and high-connectivity algorithms, making it a significant step forward in the quest for scalable quantum computing.
This advancement highlights quantum computing’s potential to revolutionize fields dependent on complex calculations. According to Pichai:
“We see Willow as an important step in our journey to build a useful quantum computer with practical applications in areas like drug discovery, fusion energy, battery design + more.”
However, it also raises concerns about the security of encryption systems, passwords, and other cryptographic protections.
Bitcoin’s safety in focus
Concerns over Willow’s implications for Bitcoin’s cryptographic safety emerged quickly. Critics argue that the chip could someday undermine the top crypto’s security framework.
However, leading crypto experts suggest the technology is far from achieving that capability.
Crypto venture capitalist Adam Cochran noted that while Willow highlights the need for post-quantum encryption, it does not currently endanger Bitcoin.
According to Cochran, the milestone means the crypto industry has a shorter timeline—less than 10 years—to address quantum computing risks before they become a pressing issue. He stated:
“With one breakthrough we’ve seen a 20 year drop in how long Bitcoin and other cryptocurrencies have to start taking post-quantum encryption seriously. And another breakthrough of this equivalent size would put those issues on our doorstep in no time.”
Emin Gün Sirer, co-founder of Ava Labs, expressed similar sentiments, emphasizing that Bitcoin remains secure.
However, he advised proactive steps, particularly regarding Satoshi Nakamoto’s early-minted Bitcoin, which uses the outdated Pay-to-Public-Key (P2PK) format. Unlike modern wallets, this format exposes public keys, potentially creating vulnerabilities if quantum computing advances further.
Sirer suggested freezing these coins or implementing a sunset date for all P2PK-based transactions as a precautionary measure.
[Editor’s Note: While Bitcoin will eventually need to address the capabilities of quantum computing, so will tradFi services, including the global banking industry. Bitcoin should not be singled out as the only target of quantum computing advancements, as all digital services require some form of encryption that will eventually become vulnerable to quantum computers.]
