The race towards a quantum-resistant Bitcoin is heating up with a new contender in the arena. Microsoft’s (MSFT) latest quantum computing chip, dubbed Majorana 1, could dramatically accelerate efforts to safeguard Bitcoin from the looming quantum threat. Announced on February 19, this breakthrough by Microsoft, a heavyweight in technology, suggests we might need to brace for a quantum-safe cryptocurrency world sooner than expected.
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Alexander Leishman, CEO of River, a prominent Bitcoin exchange, didn’t mince words about the urgency of the situation. “While the crypto quantum threat is still years away, solutions need to be discussed now,” he emphasized in a note to Cointelegraph. River’s recent analysis highlighted that the Majorana 1 chip could be a game-changer, potentially reaching the capability of 1 million qubits by 2027-2029, which would be sufficient to decrypt Bitcoin addresses through long-range attacks.
Let’s Debate the Quantum Hype
Despite the potential quantum menace, some industry voices argue that the threat is more of a paper tiger. Critics assert that quantum computers capable of cracking cryptographic codes will likely target global financial behemoths before turning their sights on Bitcoin, which still lags behind in terms of total market capitalization.
Adam Back, a well-respected cryptographer, shared a long-term outlook, suggesting that effective post-quantum signatures could be decades away but remain a crucial area for research. Meanwhile, Bitcoin advocate Adrian Morris was skeptical about the immediate viability of quantum technologies, pointing out significant hurdles in thermodynamics and memory that could delay their impact on encryption.
Bitcoin Community Gets Ready for Future Threats
The Bitcoin community isn’t just sitting on its hands; efforts are underway to fortify the network against quantum attacks. Preston Pysh, co-founder of The Investor’s Podcast Network, highlighted ongoing initiatives like BIP-360, which aims to transition Bitcoin to a quantum-resistant structure via a soft fork, ensuring the network’s longevity and security.
In a response that reflects a blend of caution and foresight, Leishman concurred that while Bitcoin might not be the first target, ignoring the quantum risk could be perilous. He pointed out that traditional banks often deploy multiple security measures that go beyond cryptography, providing them a thicker armor against quantum decryption, a luxury that Bitcoin, with its public key system, does not have.
At the time of writing, Bitcoin is sitting at $98,541.03.
