Google reveals new quantum chip, can it crack crypto encryption?

/www.cryptopolitan.com ^ | December 12 2024 | By Collins J. Okoth

[RomanSoldier19]

Google announced on Dec. 9th that it had developed a new quantum computing chip known as ‘Willow.’ The chip performed a computation that would take a supercomputer ten septillion (1025) years in under five minutes. Google’s Quantum AI lead Neven said Willow was a major breakthrough in quantum error correction. There is speculation that the new developments could threaten crypto.

[RomanSoldier19]

1.10

[Jonty30]

Once a new chip is designed, that’s usually the worst performing chip in its class. So, it will be far faster in the future.

It outpaced Commander Data, about 400 years early.

[Lazamataz]

I knew this day was coming. But, if crypto adopts new encryption — quantum — it will survive.

[PGalt]

Interesting. Thanks for posting.

[BobL]

“Google reveals new quantum chip, can it crack crypto encryption?”

So much for Bitcoin...

[dennisw]

You can find Michio Kaku on YouTube saying, that the first nation that can break all encryption, will dominate all others. Since all military and economic secrets can be read and acted on.
https://www.youtube.com/watch?v=K-32lA78GWI&t=169s

[Larry Lucido]

I’m save. They will never crack bOsco999@@@

[dennisw]

Say sayonara Botcoin and Satoshi Nakamoto

[dennisw]

Will Quantum Computing KILL Bitcoin??
https://www.youtube.com/watch?v=05Uy-hFFkRU

[MeneMeneTekelUpharsin]

I have told those close to me they should not buy the digital currency because people are working day and night to find a hack. Poof, gone!

[NautiNurse]

WSJ is also covering this issue today:

A Looming Threat to Bitcoin: The Risk of a Quantum Hack [excerpts]

Researchers say a quantum device powerful enough to crack bitcoin is likely a
decade or more away. Still, advances in the technology pose a long-term risk,
unless bitcoin’s fractious community of developers beef up its technology in a
time-consuming upgrade.

A 2022 Hudson Institute study estimated that a quantum hack of bitcoin would
cause more than $3 trillion in losses across crypto and other markets and
trigger a deep recession.

Such a breakthrough would threaten not just bitcoin, but traditional finance,
because many online banking systems use variants of public-key cryptography.
But bitcoin could be a particularly tempting target for quantum thieves,
security experts warn.

[Qwapisking]

when they say “a decade away” it means it’s already here. somebody is just waiting for the perfect time to strike. an old timer told me once if you want to be rich in the coming future to stock up on gold, silver, guns, bullets, blue jeans...and boots.

[Lazamataz]

I believe that Bitcoin et. al. will convert to a new encryption algorithm. There are quantum one-time-use encryption techniques and technologies available. I actually talked to a friend about being one of the first crypto-coins that used these techniques.

[Lazamataz]

“In the original BB84 paper, it was proven that the one-time quantum pad, with keys distributed via QKD*, is a perfectly secure encryption scheme. However, this result depends on the QKD scheme being implemented correctly in practice. Attacks on real-world QKD systems exist.”

*QKD : Quantum Key Distribution (QKD):
The core technology behind this is QKD, which uses entangled photons to securely transmit encryption keys between two parties, ensuring that any attempt to intercept the key will be detected due to the disruption of the quantum state.

[Lazamataz]

Alice and Bob (parties communicating):
Alice generates a series of entangled photons and sends one photon from each pair to Bob.

Measurement and Comparison:
Both Alice and Bob measure their photons, comparing a subset of the results to verify if any eavesdropping occurred.

Key Generation:
If no eavesdropping is detected, the shared random bits from the successfully compared photons form the one-time use encryption key.

[aMorePerfectUnion]

If YOU would like to be on a CRYPTO PING LIST, please pm me.

The Crypto Ping List covers the following:

Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.

Thanks! For it - or ag'in it, it'll be a wild ride.

[bert]

The Rand cyber currency is no more

[bk1000]

“The chip performed a computation that would take a supercomputer ten septillion (1025) years in under five minutes.”

Sure it did.

[NautiNurse]

One of my banks sent a flurry of notices last week to upgrade passwords for each of my accounts.

[bert]

How much wood could a wood chuck
If a wood chuck could chuck wood?