Google’s Quantum Computing Breakthrough Is Striking Fear in the Cryptocurrency Industry

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In a recent publication by Google, the tech behemoth claims to have achieved ‘quantum supremacy’ through its Sycamore quantum chip. Quantum supremacy essentially means the ability for a device to solve problems that traditional supercomputers cannot practically process.

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While that might be good for technological advancements, the development has brought about uncertainties for the future of bitcoin and cryptocurrency in general. Some fear that the scaling of quantum computers could make Bitcoin’s cryptography hackable or breakable.

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Quantum’s Computing and Google’s Success

Google claims that its quantum computer completed a calculation in 200 seconds — a calculation that would have taken today’s top supercomputer 10,000 years to solve.

As reported by Gizmodo, Google has been testing a 72-qubit device named Bristlecone, with the aim of achieving quantum dominance. The Financial Times later clarified that the device was actually a 53-qubit processor called Sycamore.

The man who coined the wordQuantum Supremacy in 2012, a California Institute of Technology professor named John Preskill, said that it is a “truly impressive achievement in experimental physics.”

Is Google’s Success a Loss for Bitcoin?

However, experts believe that Google’s quantum computing development is still in its early stages. Preskill said “The problem their machine solves with astounding speed has been very carefully chosen just for the purpose of demonstrating the quantum computer’s superiority,” and the problem of commercial scalability should put the mind of the crypto-verse at rest.

The blockchain security concerns that Google’s quantum computer bring, point to a new wave of blockchain technology that is reportedly resistant to quantum computing. For example, the founder of E-cash, David Chaum, is doing that with his new cryptocurrency, Praxxis. Chaum had this to say about Google’s latest breakthrough:

The notion of Google achieving a quantum breakthrough sounds very dramatic, but in reality, it’s hard to gauge the significance at this time. How can we be sure that Google’s quantum computer is more powerful than D-wave’s, for example, which surpassed 1,000 qubits four years ago?” 

Do you believe that Google’s latest quantum computer developments will soon begin to impact the cryptocurrency market? Let us know your thoughts in the comments below.


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Craig reports and writes about business, finance, cryptocurrency and blockchain for web publications. Craig's work has appeared in Forbes, Investopedia, Motley Fool, TheStreet, Benzinga, InvestorPlace and Cointelegraph, just to name a few.

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