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Google Cracks Quantum: Is Your Bitcoin In Jeopardy?
The technotariat is buzzing over a technical breakthrough achieved by Google’s new quantum chip Willow. While Bitcoin’s price soars to new all-time record highs, there are questions about its security.
Bitcoin’s price barreled upward Monday on increasing crypto exchange volume, with a +3% daily green candle and a +10% weekly jump. BTC whale wallets surged in accumulation as president-elect Donald Trump reaffirmed on CNBC that his administration plans to establish a strategic Bitcoin reserve. “We’re gonna do something great with crypto because we don’t want China or anybody else – not just China but others are embracing it – and we want to be the head,” Trump said.
However, Google’s recent breakthrough in quantum computing has raised concerns about the potential vulnerability of Bitcoin’s security. The search giant’s Quantum Lab unveiled Willow, a quantum chip capable of solving problems exponentially faster than traditional computers. If this technology is applied to the cryptocurrency space, it could lead to devastating consequences for the entire blockchain paradigm.
Here’s a brief summary of Google’s achievement: the Willow chip can solve in just five minutes a problem that would most likely require ten septillion years for Frontier, a Hewlett Packard supercomputer, to solve. This raises concerns about the security and integrity of Bitcoin transactions.
But fear not, Bitcoin enthusiasts! The math suggests otherwise. In June 2017, popular YouTube statistician 3Blue1Brown broke down the math of a brute force attack on a 256-bit password. A brute force attack is essentially guessing and testing. Bitcoin uses 256-bit security for its transactions.
According to this data, if every human on Earth had more computing power than all of Google’s servers likely have, and then you made four billion copies of that Earth in a single galaxy, and then made four billion copies of that galaxy… and all they did with all those computers was brute force attack Bitcoin for 37 times the age of the universe since the Big Bang, there would still only be a one-in-four-billion chance of getting a “collision” or correct guess.
And if Google or someone had far more power than that in one server farm and decided to become very white-collar criminals and use that correct guess to steal some bitcoins – well, if the rest of the miners noticed the stolen BTC, they could correct the ledger by consensus and ward off the thieving node from participating in the network.
In conclusion, it seems that Bitcoin’s security is not at risk due to Google’s quantum breakthrough. The chances of successfully brute force attacking the 256-bit password are extremely low, even with an exponentially powerful computer like Willow.
However, this achievement has significant implications for the future of cryptography and blockchain technology as a whole.
Source: cryptopotato.com
