Chip Raises Concerns About Bitcoin Security and Encryption

Google’s new Willow chip has raised concerns about the ability of quantum computing to crack Bitcoin encryption, especially early holdings stored in Pay-to-Public-Key (P2PK) format, according to Ava Labs co-founder Emin Gun Sirer.

Sirer explained that the public keys for these holdings are permanently exposed, making them vulnerable to quantum computing attacks.

To address this threat, he suggested solutions such as freezing Satoshi coins or setting an expiration date for P2PK transactions.

But he also noted that current quantum developments are not an imminent threat, as public keys for modern crypto assets are only briefly exposed during transactions, reducing the chances of a hack.

Despite these reassurances, community concerns remain high.

According to previous reports, quantum computing devices could enable the decryption of private keys, or even take control of cryptocurrency mining operations, posing security and centralization threats.

With the introduction of the Willow chip, questions have been raised about the timeline by which quantum computing might be able to break current encryption methods.

Analysts have expressed concerns about the impact of this technology on the security of blockchains and cryptocurrencies, with warnings that $1 trillion in digital assets could be at risk if these developments continue at their rapid pace.

However, many remain optimistic that it is still too early before quantum computing poses a real physical threat to crypto assets.