Google recently announced a major improvement in quantum computer technology with its new Willow quantum chip. Chip decided in five minutes, a task that would have taken a classical supercomputer 10 septillion years to complete—much longer than the age of our Universe.
Edwards said quantum computers could be able to crack Bitcoin’s algorithm within the next 15 years. Some companies developing quantum computing technologies plan to achieve similar capacities in just five years.
The main target of quantum attacks may be the public keys of military technical services, which are used during transactions. Reusable addresses could allow quantum computers to use past transactions for unauthorized access, the businessman suggested.
Edwards’ concerns are echoed by Factor CEO Peter Brandt. He statedthat new quantum technologies, as well as government policies, can lead to the “destruction of Bitcoin.”
“I have always argued that two things can lead to Bitcoin’s collapse. The first is a coordinated attack by central banks, interfering in every possible way in the affairs of the people who own Bitcoin. The second, which poses an existential threat, is quantum computing, which could be solutions like Willow,” wrote Peter Brandt on the X network.
The businessman believes that even private crypto keys, as well as digital signature algorithms that guarantee the integrity of the blockchain, may be vulnerable to quantum attacks.
Earlier, Ethereum co-founder Vitalik Buterin proposed a method to protect the network from quantum computers. The Ethereum Improvement Proposal (EIP) involves disabling traditional transactions and introducing wallets with smart contracts.
Source: Bits
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