Quantum Leap: Bitcoin’s Future Bolstered by New Computing Horizons

• Google’s breakthrough in quantum computing technology has raised concerns about the security of Bitcoin’s cryptographic keys.
• Some in the crypto community worry that this advancement could enable hackers to attack Bitcoin, potentially destabilising the market.
• Prominent blockchain developer Adam Back suggests that quantum computing might actually help secure Bitcoin by spurring developers to create a quantum-resistant network.
• Back believes that leveraging upgrades like Taproot and implementing post-quantum cryptographic techniques can prepare Bitcoin for future quantum threats.

Google made a 30-year breakthrough in quantum computing technology… and the crypto world got a bit spooked.

The major tech advancement came with a remarkable increase in the computational power of chips. Some in the community believed that this would, in turn, make it possible for hackers to attack the cryptographic keys that secure Bitcoin.

If dormant wallets, like Satoshi’s, were liquidated, it could cause a mass destabilising event for the coin.

But, according to prominent blockchain developer Adam Back, quantum computing might actually help secure the protocol.

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Blockstream Founder Argues Quantum Computing Could Benefit the Bitcoin Blockchain

Despite widespread concerns about the scary potential of quantum computing, the Blockstream founder has argued it will actually benefit the blockchain’s security.

Responding to an X (formerly Twitter) thread, Back suggested that a Bitcoin Improvement Proposal to defend against quantum computers like Willow may not be needed.

Okay, that’s a lot of complicated words.

As simply as possible, Back is implying that Bitcoin could leverage the Taproot leaf upgrade and create an operation code designed to stand up against quantum computing attacks.

By ensuring it is “soft-forkable”, the code could then be updated intermittently depending on flaws exposed by quantum computing without requiring a complete overhaul of the Bitcoin blockchain.

Then, moving to an updated Schnorr signature (a more efficient and secure way of digitally signing transactions on the blockchain) could help defend the protocol to an ever greater level.

Quantum Computing Could Spur Proactivity Among Bitcoin Devs

So, how does any of this actually help improve Bitcoin?

Well, Back is thinking along the lines of “crisis creates opportunity”.

The current state of quantum computing is decades away from actually posing a threat to Bitcoin’s blockchain. 

But, the fact that this threat exists could spur developers into action, leading them to create a quantum-resistant, inherently more secure network.

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And because the industry has several years before a compromise could become a reality, Bitcoin can be well-prepared for a post-quantum world while other networks suffer.

Essentially, he’s implying this is an opportunity for Bitcoin to be proactive, rather than reactive.