Introduction
Recently, Google announced its breakthrough quantum computing chip, Willow, which successfully solves a major challenge in the field of computing: the chip is able to complete computational tasks that would take billions of years for traditional supercomputers to complete in just 5 minutes. This development not only shocked the technology industry, but also reignited discussions about the potential threat of quantum computing to the security of cryptocurrencies, especially the encryption mechanisms of mainstream cryptocurrencies like Bitcoin.
Bitcoin (BTC) Latest Price Trends
BTC (Bitcoin)
NO.1
Robinhood Launches
$97,460.71
+$696.70
+0.72%
Real-time data ·
12:49:28
$98,270.00
24-hour high
$94,256.54
24-hour low
$103,900.47
All-time high
$0.04865
All-time low
1.02 million
24-hour trading volume
$99.84 billion
24-hour trading volume
21 million
Total supply
$19,281.4 billion
Market cap
+4.26%
24-hour volatility
19,794,396
Circulating supply
$97,812.00
Yesterday’s opening price
$95,658.79
Yesterday’s closing price
94.26%
Circulation rate
K-Line
Trends
All
24-Hour
7-Day
30-Day
Past Three Months
Past Year
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The Potential of Quantum Computing and Concerns about Cryptocurrency Security
Quantum computing is a computing method based on the principles of quantum mechanics. Unlike traditional computers that rely on binary bits of 0s and 1s, quantum computers use quantum bits (qubits), which allow for the simultaneous processing of multiple computational paths. Google’s Willow chip is considered a major breakthrough in the field of quantum computing, with 105 qubits that can solve tasks in 5 minutes that would take traditional computers 1 billion years. This progress has sparked a new round of discussions on the security of cryptocurrencies, particularly Bitcoin.
The advantage of quantum computing lies in its ability to efficiently factor large numbers using the Shor algorithm, thus breaking the currently used encryption algorithms such as RSA encryption. The emergence of this algorithm theoretically enables quantum computers to attack systems that use public-key encryption, thereby threatening the security of blockchain, especially early Bitcoin addresses that used the “Pay-to-Public-Key” (P2PK) format.
Quantum Threat: Early Vulnerabilities of Bitcoin
In its early days, Bitcoin used the “Pay-to-Public-Key” (P2PK) format, which directly exposed the public key, giving attackers enough time to launch an attack. In theory, quantum computers can derive private keys from public keys using the Shor algorithm, thus gaining access to Bitcoin accounts. Although modern Bitcoin wallets and blockchain systems no longer use the P2PK format and have adopted the more secure “Pay-to-Public-Key-Hash” (P2PKH) format, which effectively reduces the risk of quantum computing attacks, the 1 million Bitcoins owned by Bitcoin’s creator, Satoshi Nakamoto, are still stored in P2PK formatted addresses, making them potential targets for quantum computing attacks.
(Estimated Satoshi Nakamoto Bitcoin Address – CoinDesk)
Emin Gün Sirer, the founder of Avalanche, pointed out that while the threat of quantum computers is concerning, the current technology is not yet capable of posing a practical threat to the Bitcoin network. In Bitcoin transactions, the public key is only exposed during the initiation of a transaction, so quantum attackers can only launch an attack within a short time window before the transaction is written into the blockchain. The faster the blockchain, the more difficult it is for quantum computing attacks to succeed. Systems like Avalanche have attack windows that last only a few seconds, making them more resistant to quantum attacks.
However, Emin Gün Sirer also suggested that although quantum computing currently cannot threaten most cryptocurrencies, the Bitcoin community may need to consider measures to protect early P2PK formatted addresses and even freeze Satoshi Nakamoto’s Bitcoins as quantum technology advances. Some Bitcoin supporters may oppose such actions, considering them a violation of Bitcoin’s principles of decentralization and immutability.
Cryptocurrency Industry’s Response: Post-Quantum Encryption Solutions
Despite the potential threat of quantum computing, industry experts generally believe that quantum computers are still far from being able to crack Bitcoin’s encryption system. According to the latest research, quantum computers would still need millions of qubits of computing power to be able to break the encryption algorithms on which Bitcoin relies. Analysts predict that this technological progress may not be achieved until around 2040.
To address this threat, the cryptocurrency industry has been actively developing post-quantum encryption technologies. Vitalik Buterin, the founder of Ethereum, has stated that quantum computers do not mean that all encryption systems will be compromised, as many encryption algorithms have alternative solutions that are resistant to quantum computing. The cryptocurrency field is researching and implementing “quantum-resistant” encryption algorithms to ensure the continued security of blockchain systems in the era of quantum computing.
The Impact of Quantum Computing on the Cryptocurrency Market
The advancement of quantum computing technology may not only change the security landscape of cryptocurrencies but also have far-reaching implications for the entire cryptocurrency market. The announcement of Google’s breakthrough in quantum chips has caused panic in the market, particularly when mainstream cryptocurrencies like Bitcoin and Ethereum experienced short-term corrections in their prices. With the resurgence of quantum threat discussions, the sentiment of cryptocurrency investors has also been affected.
However, despite the new risks posed by quantum computing, it has also prompted the cryptocurrency community to pay more attention to security and technological innovation. Whales in the market are still actively buying, as data shows that there has been a premium in over-the-counter trading of USDT, indicating that investors remain optimistic about the future market. For long-term investors, the current market correction may present an opportunity to buy at low prices.
Conclusion
The progress of quantum computing undoubtedly presents a significant challenge to the cryptocurrency industry, but the actual impact of this threat has yet to be seen. As technology develops, the cryptocurrency field is actively addressing the challenges of quantum computing by developing post-quantum encryption algorithms and protective measures to ensure the security and reliability of blockchain technology.
Although quantum computing introduces uncertainty to the future of cryptocurrencies, it also provides new impetus for technological innovation. Investors should pay attention to the dynamics of the cryptocurrency market, maintain a cautious and optimistic attitude, and closely monitor the latest developments in quantum technology to be prepared for potential challenges. In this process, the implementation of quantum-resistant technologies will become an important issue that the cryptocurrency industry cannot ignore.
