Why it issues: A College of Kent examine reveals Bitcoin’s blockchain might require as much as 76 days of full downtime to implement quantum-resistant safety measures, doubtlessly costing almost $1 billion in losses. As reported by Futurism, the findings come as Google’s new Willow quantum chip demonstrates unprecedented computing energy.
The Huge Image: Fortune reviews that the quantum computing risk to Bitcoin operates on two fronts:
- Breaking encryption defending personal keys
- Disrupting mining community integrity
- Compromising blockchain safety
Technical Problem: Updating Bitcoin’s safety presents an enormous logistical hurdle:
- 76 days of full community shutdown wanted
- Different 305-day partial replace potential
- Estimated $912 million in potential losses (Binance)
- 275 million customers requiring consensus
Time Strain: Whereas quantum computer systems able to breaking Bitcoin’s encryption don’t exist but, consultants warn preparation is essential:
- Google’s Willow chip solves issues 10 septillion instances quicker than supercomputers
- Industrial quantum threats predicted inside 5 years
- 1.9 million Bitcoins saved in weak pre-2012 addresses
Trying Ahead: The cryptocurrency group faces tough selections between prolonged downtime for safety updates versus risking future quantum assaults. The decentralized nature of Bitcoin makes coordinating such huge modifications notably difficult.
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