The recent hot topic in the cryptocurrency community is the potential threat posed by the advancement of quantum physics. Quantum computing has the ability to perform calculations at unprecedented speeds, which could potentially break the encryption algorithm of Bitcoin. Adam Back, the founder and CEO of Blockstream, recently shared his views on this matter.
Google announced on the 9th of December the development of its new generation chip, Willow, which has successfully overcome the key challenges of quantum computing. The chip claims to be able to perform calculations using 105 qubits, solving problems that would take traditional computers billions of years to solve in just 5 minutes.
The birth of Willow has sparked heated debates within the cryptocurrency community, with concerns about whether the encryption algorithm of Bitcoin will be cracked by quantum computing in the near future. Well-known venture capitalist Chamath Palihapitiya recently claimed that around 8,000 Willow chips would be able to crack Bitcoin’s SHA-256 algorithm.
However, Adam Back, a legendary figure in the world of Bitcoin and the founder and CEO of Blockstream, immediately refuted this claim. He emphasized that it is not possible to increase the number of qubits by connecting a large number of chips with 105 qubits. He stated that in this decade, and even possibly in the next decade, it is far beyond human capabilities to have a computer with one million qubits.
Addressing the threat of quantum computing, a Twitter user stated on the 21st of December that a Bitcoin Improvement Proposal (BIP), a widely accepted consensus, and the activation of client software would make quantum computing no longer a problem for Bitcoin. However, for the wealthiest Bitcoin holders, it would take years to transfer their Bitcoin to a secure place, which would cause congestion in the blockchain.
In response to this, Adam Back said that it may not be necessary to do so. Bitcoin can effectively mitigate the fear of quantum computing by using a Taproot leaf that commits to a future soft-forkable Post-Quantum (PQ) signature opcode and a hash-based key scheme. By migrating to the PQ-ready Schnorr signature while still paying current signature sizes, people will calm down.
According to a report by Cryptonews, Adam Back’s point is that quantum computing may actually promote the security of Bitcoin. It will drive developers to build a network that can withstand quantum attacks, using upgrades like Taproot and the implementation of post-quantum cryptographic techniques to prepare Bitcoin for future quantum attack threats.
Adam Back believes that Bitcoin can use the Taproot upgrade to create a code that can resist quantum computing attacks. By ensuring that this code has “soft-forkability,” it can be periodically updated based on the vulnerabilities exposed by quantum computing, without the need for a comprehensive overhaul of the Bitcoin blockchain.
Next, Bitcoin can transition to the updated Schnorr signature, which is a more efficient and secure digital signature method for the blockchain, further enhancing the defense capabilities of the Bitcoin protocol.
Adam Back emphasized that the threat of quantum computing will not become a reality for at least several decades, and anti-quantum signature technology will also introduce more compact and mature solutions in the future. At the same time, Bitcoin users can securely migrate their funds through existing Schnorr signatures or future anti-quantum signature schemes without increasing current transaction costs.
He emphasized that this mechanism can help the Bitcoin community prepare in advance while maintaining efficiency on the blockchain.