Google announced It will move its authentication services over to post quantum cryptography by the year 2029. Many in the crypto-industry thought quantum computing would not be a problem until 2024 when Google announced its Willow quantum chip. Recent developments suggest that this may not be the case. Google’s latest quantum hardware and error correction estimates have revived the debate on whether quantum computing is able to break Bitcoin private keys.
Quantum Computing to Break Bitcoin in 9 Minutes?
Bitcoin’s signatures are signed using Elliptic Curve Digital Signature Algorithm, or ECDSA. The announcement states that both of these cryptographic systems are difficult to break. “Quantum computers will pose a significant threat to current cryptographic standards, and specifically to encryption and digital signatures. The threat to encryption is relevant today with store-now-decrypt-later attacks, while digital signatures are a future threat that require the transition to PQC prior to a Cryptographically Relevant Quantum Computer (CRQC).“
Google research indicates that in 9 minutes, a quantum computer of the future could crack Bitcoin’s secret keys. This time falls just one minute short of BTC’s average block-time.
Bitcoin’s cryptographic assets could pose a serious risk in the future quantum computing age. Ethereum (ETH), on the other hand, is testing and developing a roadmap of multi-forks for security post-quantum. Bitcoin (BTC), on the other hand, has yet to reveal any plans regarding a world post-quantum.
BTC crash – Will it happen?
Bitcoin’s cryptographic assets (BTC), are one of its major success factors. If security breaches occur, users may be forced to leave the platform. This could cause a massive crash in the price of the original cryptocurrency. Google’s Willow’s disclosure sparked many rumors of potential security breaches. Google may also cause similar rumours with its latest announcement.
Please Read This: Bitcoin Price On Edge: A Close Below $66K Could Change Everything
The development team may already be working on security measures, even though they have not yet revealed how BTC plans to navigate in the post quantum world.
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Source: watcher.guru
