Quantum Computing Will Strengthen Bitcoin Signatures: Adam Back
Date: 2024-12-23 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Quantum computing has long been a concern due to its ability to perform complex computational tasks at unprecedented speeds, which could theoretically compromise modern encryption systems. However, according to Blockstream co-founder and cryptographer Adam Back, quantum computing technologies could strengthen the Bitcoin network over time.
According to Back, the post-quantum (PQ) era is several decades away. However, he noted that by then, research into PQ signatures will have led to more compact and robust schemes that can be integrated into the Bitcoin network. Back wrote about this on December 21 on the X social network.
Signatures in the Bitcoin network play a key role in protecting transactions by preventing them from being altered by third parties. Private keys are used to sign transactions, proving ownership of assets. Strengthening these mechanisms in the context of quantum computing is therefore a priority for ensuring the long-term security of the network.
Investor interest in Bitcoin security has increased significantly as the cryptocurrency reached a historic $100,000 on December 6. At the same time, concerns about quantum computing have increased with the advent of Google’s new chip called Willow. This chip is capable of solving computational problems that would take today’s supercomputers billions of years to solve in just a few minutes.
Hartmut Neven, head of Quantum AI at Google, noted that Willow opens up new horizons in error correction and computing speed. However, according to former Google executive Kevin Rose, current advances, including Willow’s 105-qubit chip, are far from a cryptographic threat. In order to crack Bitcoin’s encryption in 24 hours, a computer with more than 13 million qubits would be required.
Ethereum co-founder Vitalik Buterin is also preparing for the potential challenges of the post-quantum era. He has proposed a hard fork for the Ethereum network to minimize the risks associated with the development of quantum technologies.
Thus, while quantum computing poses potential threats to cryptography, its development may also open up new opportunities to improve the security of Bitcoin and other cryptocurrencies.
