Will Quantum Computing Topple BTC?
On today’s episode of the Bankless Podcast, theoretical computer scientist Scott Aaronson joined co-hosts Ryan Sean Adams and David Hoffman to discuss a seismic shift in technology that threatens to undermine the very fabric of cryptography.
Google's recently unveiled Willow quantum computer chip is the first to ever feature “logical qubits,” a critical advancement that allows the accuracy of a quantum computer to scale with its size.
While this emergent technology still remains too immature to topple crypto, if a quantum computer with tens of thousands of logical qubits were to be developed overnight, it would render the Bitcoin network obsolete!
Quantum computers will excel at breaking elliptical curves – allowing them to effortlessly crack Bitcoin’s private key cryptography schemes – and can search for information with unparalleled speed – enabling them to handily outperform every BTC miner in existence.
Without action, up to 4M BTC ($380B) stands to be stolen in a nanosecond as the decentralization guarantees of the Bitcoin network vanish overnight, and although there is a way to mitigate these concerns before they become reality, any change appears bound to undermine Bitcoin’s property rights guarantees and fragment social consensus!
Quantum computing isn’t just a theoretical threat: it’s an imminent challenge. Will Bitcoin protect its legacy or crumble under the pressure? Maybe quantum money is the answer we need…
Tune into the Bankless Podcast to learn more about Bitcoin’s quantum conundrum and discover why Ethereum might thrive in the post-quantum future!
