Google Warns of Quantum Threats to Bitcoin and Ethereum
- Google’s analysis suggests that Bitcoin and Ethereum could be vulnerable to quantum attacks sooner than expected.
- Quantum machines using Shor’s algorithm may solve the 256-bit ECDLP with fewer resources, potentially breaking Bitcoin’s encryption in minutes.
- An estimated 1,200–1,450 logical qubits and 70–90 million quantum gates are needed for such an attack.
- Around 1.7 million Bitcoins in early wallet formats are particularly at risk due to their inability to upgrade to quantum-resistant standards.
- Ethereum faces severe risks from its lack of post-quantum cryptography, affecting smart contracts and layer 2 networks.
Google highlights the urgent need for blockchain platforms like Bitcoin and Ethereum to transition to post-quantum cryptography (PQC) to mitigate potential threats from advancing quantum computing capabilities.
Source (3.2)https://cryptobriefing.com/quantum-threat-to-bitcoin-cryptography/?rand=59535
