Could China be about to destroy Bitcoin?
Coinputin.com – Bitcoin (BTC), the world’s largest and best-known cryptocurrency, uses complex mathematical equations to secure its supply and transactions.
Last year, Google announced it was making a quantum computer capable of solving previously impossible mathematical calculations. This in turn sent shockwaves through the internet – with some fearing Bitcoin could be at risk.
Now, according to Forbes, researchers in China, a country hostile to Bitcoin and decentralized cryptocurrencies, claim they match Google’s “quantum supremacy.” On top of this, questions are again raised about the future of Bitcoin in the post-quantum computing world.
A research team in China said in a statement published Thursday in the journal Science that a prototype quantum computer called Jiuzhang, the world’s fastest traditional computer, will solve a process in more than 600 million years in 3 minutes. “This achievement solidified our country’s leading position in international quantum computer research,” the team said.
According to a quantum researcher who quoted his comments to the South China Morning Post, while the Jiuzhang machine is thought to have failed to solve the “factoring” problem, which is crucial for decoding encrypted information, many see China’s development as further evidence that quantum computer research is accelerating and could soon lead to real-world results.
“Scientists are pretty close to creating quantum machines that work,” Lu Chaoyang, professor in charge of the experiment at USTC, told The Financial Times.
Richard Murray, managing director of London-based quantum computing company Orca, said::
” THERE ARE STILL PEOPLE QUESTIONING WHETHER QUANTUM COMPUTERS ARE A REALITY, ” HE ADDED. “WITH TWO SYSTEMS [GOOGLE AND CHINA] CREATING THIS COMPUTER, THAT ARGUMENT SEEMS UNLIKELY TO SOUND.”
What do quantum computers mean for Bitcoin?
Exactly what quantum computers will mean for Bitcoin, cryptocurrencies and the internet itself is a subject of fierce debate among computer scientists.
“Quantum computers pose a serious challenge to the security of the Bitcoin blockchain, ” said the blockchain and cryptography researchers at Deloitte. Quantum computers could eventually become so fast that they could undermine the Bitcoin trading process. In this case, the security of the Bitcoin blockchain will be fundamentally disrupted.” said.
Despite the advances China and Google have achieved, this doomsday scenario is still a bit far away. The Deloitte team suggests that the risk of quantum computers to Bitcoin “could be offset by the transition to a new cryptography called ‘post-quantum cryptography’, which is thought to be inherently resistant to quantum attacks.”
Technology, economic growth and prosperity of a philosopher who has written extensively on the intersection of Technology, George Gilder, Mind Matters podcast last month “in a quantum computer, Special Purpose Machine. You can create [a quantum computer] that can crack a form of encryption, but there are all sorts of ways to overcome the threat that quantum computing poses to Bitcoin and other encryption-based technologies., ” he said.
“Don’t dump your bitcoins yet,” said Dragos Ilie, a quantum computing and encryption researcher at Imperial College London, following Google’s quantum computing announcement last year.
China may have taken a “leading position in international quantum computer research,” according to Forbes writer Billy Bambrough, but Bitcoin is still safe – for now.