Billionaire investor and technology visionary Chamath Palihapitiya has issued a stern warning about the future of Bitcoin’s encryption in the face of advances in quantum computing.
Speaking on the subject, Palihapitiya pointed out that Google was developing Willow quantum chips and suggested that they could challenge the security of Bitcoin’s SHA-256 encryption algorithm in the next two to five years.
“There is 2-5 Years to Take Precautions Against Bitcoin’s Password Breaking”
“When Sundar Pichai (Google CEO) shared this, I missed my next meeting because I had to figure out what this meant for Bitcoin’s encryption,” Palihapitiya said, noting the importance of the invention.
Palihapitiya explained that Google’s Willow chips, which represent a major advance in quantum computing, could pose a potential threat to Bitcoin’s cryptographic foundation. According to Palihapitiya’s analysis, approximately 8,000 Willow chips are required to crack Bitcoin’s SHA-256 encryption.
“For context, it would take about 4,000 of these chips to break RSA-2048 encryption,” he said, adding: “With 8,000 chips, SHA-256, Bitcoin’s underlying encryption structure, can be broken.”
Palihapitiya described this development as a “two to five year schedule” for the preparation of blockchain networks. “Some of these chains will need to re-implement new hashing algorithms at a fundamental level,” he added.
Impacts of quantum computing developments such as Google’s Willow chips, crypto para has long been a matter of concern in the field. Willow chips reportedly improve error correction as more units are used together, potentially speeding up their effectiveness in cryptographic attacks. However, significant technical challenges remain, including interconnect issues between chips.
“This is a big deal,” Palihapitiya said. “There are still issues like logical interconnects and communication between chips, but the progress here is undeniable. “The Willow chip’s ability to evolve with scale is a game changer.”
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/milyarder-teknoloji-uzmani-acikladi-bitcoinin-sifresi-kirilmadan-once-iki-ila-bes-yil-zamani-var-iste-nedeni/
