Key Takeaways
- The co-founder of Ava Labs highlighted the vulnerability of early Bitcoin funds to quantum computing attacks.
- The current capabilities of quantum computing do not yet pose a threat to the security of Bitcoin.
Google’s new Willow quantum computer chip has raised new concerns about bitcoin security. As quantum computing advances, it could become powerful enough to break the encryption of coins held by Satoshi Nakamoto, says Ava Labs co-founder Emin Gun Sirer.
Sirer warned that early Bitcoin funds stored in the Pay-to-Public-Key (P2PK) format could be vulnerable to quantum computing attacks. To mitigate this potential threat, Sirer proposed two solutions: freezing Satoshi’s coins or setting a sunset date for P2PK transactions.
In the previous one statementSirer, however, stated that current quantum developments do not pose an immediate threat.
According to him, crypto assets such as Bitcoin and Avalanche use a technique where public keys are revealed only briefly during a transaction. This means that a quantum attacker would have a limited opportunity to exploit the vulnerability.
“Quantum computing will make certain operations, such as factoring numbers, easier to perform, while others, such as inverting one-way hash functions, remain equally difficult.” Furthermore, depending on the platform, a quantum computer has a small window of opportunity to attack. “These two facts make the job of a quantum attacker quite difficult,” he said.
Is Quantum Leap a Threat to Crypto?
Quantum technologies have long raised concerns about their potential impact on encryption. Last August, Bloomberg issued a report discussing how quantum computers could potentially break existing cryptographic protocols, including those powered by blockchain.
The report highlighted the potential impact of quantum computing on crypto mining. It warned that quantum computers could dominate the mining process, leading to centralization and security vulnerabilities. They could also decrypt private keys, allowing attackers to steal cryptocurrency assets.
“While not an immediate threat, quantum computers could soon pose significant and material risks to this growing and resilient asset class,” the report said. “There may be certain circumstances in which various entities, including asset managers and public companies, may consider publicly disclosing the impact that quantum computers may have on investments in cryptocurrencies or investment strategies involving cryptocurrencies.”
Google’s the introduction of the Willow chip has sparked controversy about accelerating the timeline for when quantum computers could potentially break existing cryptographic methods.
The fear is that as quantum technology matures, it will become increasingly capable of undermining the security frameworks that protect Bitcoin and other crypto assets.
The crypto community has reacted strongly until Willow’s release, with many expressing fears about the security implications of Bitcoin.
Some members warn that if quantum computers like Willow can make progress, they could eventually break the encryption that protects Bitcoin wallets and transactions, putting trillions of dollars in cryptocurrencies at risk.
“$3.6 trillion in cryptocurrency assets are, or will soon be, vulnerable to quantum computing hacking,” a community member wrote.
“My fringe theory is #Bitcoin will eventually get hacked, making it worthless,” said AJ Manaseer, manager of RE PE Investment Funds. “This new quantum chip did in 5 minutes what today’s supercomputers would take 10^25 years to accomplish.” What does that kind of computing power do to cryptography? It’s killing him.”
Although quantum computing is advancing rapidly, many say it is not yet at a point where it poses a serious threat to Bitcoin’s security.
Experts have argued that breaking ECDSA 256 and SHA-256, two types of Bitcoin encryption, would require a quantum computer with millions of qubits, which Willow lacks.
