Google researchers have sounded the alarm over the growing threat that future quantum computers pose to the security systems protecting Bitcoin and other major cryptocurrencies, saying that the crypto industry needs to start preparing now. In a blog post and accompanying white paper published this week, Google’s research team warned that the computing power required to break the encryption safeguarding crypto wallets and transactions may be significantly lower than experts had previously believed. Google, however, clarified that while no such machine is capable of doing this exists today, the threat is real as future quantum computers may.“Google has led the responsible transition to post-quantum cryptography since 2016. In a new whitepaper, we show that future quantum computers may break the elliptic curve cryptography that protects cryptocurrency and other systems with fewer qubits and gates than previously realized. We want to raise awareness on this issue and are providing the cryptocurrency community with recommendations to improve security and stability before this is possible, including transitioning blockchains to post-quantum cryptography (PQC), which is resistant to quantum attacks,” the company said in a blog post.
What exactly is the risk
At the heart of the concern is a type of encryption called elliptic-curve cryptography (ECC), which is considered to be the mathematical backbone used to secure most crypto transactions. According to Google’s latest research, a future quantum computer could crack a key part of this system, known as ECDLP-256, using roughly 20 times less hardware than earlier estimates had assumed.Consider ECC as a digital lock that is so powerful that it needs much resources to crack it open. Quantum Computing offers a way to crack things that are not been possible with the current systems, like accelerating drug discovery, advancing material science (batteries). Similarly, quantum computers can provide an easy way to break crypto security with lower resources than previously thought.
What it means for crypto holders
Should crypto holders panic? Not yet but Google says they should pay attention. Google is clear that Bitcoin and Ethereum are not suddenly vulnerable, and the researchers framed their paper as a warning, giving the industry time to respond. Still, the researchers struck a cautious tone, noting that the window to act is “increasingly narrow” and that the pace of technological progress means developers, exchanges, and wallet providers need to move faster.Google is also pointing to a newer form of security called post-quantum cryptography (PQC) – encryption systems specifically designed to hold up against the power of quantum machines.“We urge all vulnerable cryptocurrency communities to join the migration to PQC without delay,” the researchers wrote. They also added the the US government has also been apprised of this.“To share this research responsibly, we engaged with the U.S. government and developed a new method to describe these vulnerabilities via a zero-knowledge proof, so they can be verified without providing a roadmap for bad actors. We urge other research teams to do the same to keep people safe. We look forward to continuing our work across the industry following our 2029 timeline alongside others working on responsible approaches, like Coinbase, the Stanford Institute for Blockchain Research, and the Ethereum Foundation,” Google added.
