Researchers at tech giant Google announced they have mapped out the structure of a molecule 13,000 times faster than the most powerful supercomputers available today, marking a significant milestone in achieving verifiable quantum advantage.
The groundbreaking experiment utilized Google’s Willow Quantum processor and a technique known as “quantum echoes.” This method employs targeted waves to capture detailed images of an object, as explained by Google.
The quantum echo technique focuses on a single qubit, the fundamental unit of information in quantum computing, by applying a precise signal that elicits a reaction. The process is then reversed, allowing researchers to measure the resulting “echo” or signal that returns.
Google's experiment is verifiable, meaning that the same results can be reproduced on any quantum computer system with the same technical specifications as the one used by the researchers.
The development of sufficiently powerful quantum computers poses a potential threat to current encryption algorithms. These algorithms are critical for securing cryptocurrencies, as well as sensitive information in sectors such as banking, medicine, and the military. Encryption serves as the foundational component enabling digital assets and peer-to-peer finance.
Quantum Computing's Existential Threat to Cryptocurrencies
Experts warn that quantum computers could render elliptic curve digital signature algorithms (ECDSA) obsolete as early as 2030. ECDSA is the cryptographic method used to generate public Bitcoin (BTC) addresses that correspond to a private key.
David Carvalho, founder and chief scientist at the Naoris decentralized cybersecurity protocol, stated, "This is the biggest single threat to Bitcoin since its inception from the ashes of the global financial crisis."
Carvalho further explained that Bitcoin and other decentralized protocols face a collective action problem, where communities tend to debate theoretical solutions rather than implementing known workarounds promptly.
However, according to Mental Outlaw, a pseudonymous YouTuber specializing in technology, current quantum computers are not yet powerful enough to break existing encryption standards.
Mental Outlaw noted that modern encryption key lengths typically range from 2,048 to 4,096 bits. Current quantum computers can only break keys of approximately 22 bits in size or less.
Despite this, investors and companies are proactively addressing the potential threat by advocating for the adoption of post-quantum cryptography standards before sufficiently powerful quantum computers become a reality.
In September, the United States Securities and Exchange Commission (SEC) received a submission that outlined a roadmap for developing quantum-resistant encryption standards by 2035.