- A new report by the Google Quantum AI team reveals that the crypto sector may have underestimated the capabilities of quantum computing.
- It may take fewer qubits than previously anticipated to break Bitcoin (BTC) and other cryptocurrencies’ cryptographic models.
Previously, cryptographic, cybersecurity, and computer science experts have confidently stated that it may take at least a decade for quantum computers to pose a “relevant” threat to Bitcoin or cryptocurrencies. New Scientist claimed it would take 13 million qubits alone to break BTC’s cryptographic design in a day, or 317 million qubits to accomplish the same goal in an hour. The initial figures are 10,000 times the capacity of the largest quantum computer to date.
However, Google researchers recently found that the consensus has been wrong all along. They claimed that a quantum computer could break Bitcoin’s elliptic-curve discrete logarithm problem in a couple of minutes with fewer than 500,000 physical qubits. Meanwhile, it would only take 1,200 to 1,450 high-quality qubits to mount a physical attack. These were alarmingly far below the millions of qubits experts initially thought.
What Makes Bitcoin Vulnerable to Quantum Attacks
Surprisingly, Bitcoin’s Taproot upgrade in November 2021 made such a feat easier. The soft fork enhancement improved BTC’s privacy, efficiency, and smart contract functionality. Ironically, it also made future quantum attacks simpler by making public keys visible by default.
The latest developments in quantum computing mean the countdown to Q-Day may be closer than most have expected, and it could happen as early as 2029. Hence, the Google researchers urged the powers that be to quantum-proof Bitcoin and their systems before the milestone arrives.
Former Binance CEO CZ Responds to Crypto’s New Quantum Worries
In response to Google’s alarming findings, former Binance CEO Changpeng “CZ” Zhao told people not to panic. He said all that crypto has to do is update to a quantum-resistant (Post-Quantum or PQ) algorithm.
CZ highlighted that PQ efforts in a decentralized setting may lead to forks on some major blockchains. However, it would be an opportune time to cleanse the crypto ecosystem of dead projects, as their lack of support may leave them behind.
Additionally, the PQ migration might reveal whether Satoshi Nakamoto, the inventor of Bitcoin, is still alive, as he will need to move his holdings to a quantum-resistant address. However, if he is no longer in this world, he suggested it would be better to lock or burn those addresses to prevent hackers from gaining access to his BTC holdings and block them from dumping them into the market.
Overall, CZ reminded the crypto community that it’s always easier to encrypt than decrypt, and more computing power in its ecosystem is always good. Furthermore, he assured that crypto will stay in the post-quantum landscape.
