Is Google’s quantum computing breakthrough threat to crypto?

Is Google’s quantum computing breakthrough threat to crypto?

On September 20, the FT announced that a paper which was declared by Google researchers informed about a great computing breakthrough. Using this new quantum computer, developers succeeded to complete a calculation in approximately three minutes. This is considered to be the world’s most powerful computer in the last years. Google describes this success as a “milestone towards full-scale quantum computing” and predicts that quantum computing capacity may grow to a “double exponential rate”.

It’s becoming evident that quantum computers can use qubits and will be able to decrypt current encryption standards in less than a day. This indicates that all the encrypted data is becoming unsafe and our communication channels, the banking system and national security systems will become accessible. Pro-tech presidential candidate Andrew Yang says that we have a short-term period to fix this issue and the first thing that is necessary to do is to invest in developing new encryption models and networks and turn to apply these new quantum computing-resistant technologies to defend the most essential data.

Currently, there is no evidence that the private keys of Bitcoin or Bitcoin cash are endangered. A famous cryptographer Peter Todd, who is a Bitcoin Core ex-developer wrote about this and concluded that financial impediments to Google’s latest creation alone would keep Bitcoin free from potential trouble. He mentioned that this indicates nothing because Google's quantum breakthrough is for a fundamental sort of quantum computing that's nowhere near breaking cryptography and added that no one still knows if it’s achievable to scale quantum computers; quite probable that adding qubits are going to have an exponential price.