People got kind of freaked out last year when Google, arguably one of the largest and most powerful internet companies in the world, said that it had built a quantum computing machine that could solve hard and extremely long mathematical equations. Everyone thought that perhaps bitcoin – which relies on such equations to be mined and to ensure security – would be at risk. Now, the same fear is arising, though it has little to do with Google and a lot more to do with China.
Is China Going to Put BTC Out of Business?
The country of China has long been hostile towards bitcoin. Despite that it has proven quite influential in the crypto world and has ultimately accounted for a large multitude of transactions and activity, the nation has long sought to ban initial coin offerings (ICOs) and has even worked to implement a digital yuan into its society as a means of preventing bitcoin from holding any sort of competitive advantage.
Now, researchers in China say they’ve matched the “quantum supremacy” of Google. This is again causing many people to feel extreme fear that bitcoin could potentially be harmed or put out in the coming months and years.
In a recent statement, a team of researchers in China says that the new machine they’ve invented was able to solve a massive quantum-based task in three minutes that would normally take more than 600 million years to solve. Is this even possible? The researchers say it is. They explain:
This achievement firmly established our country’s leading position in international quantum computing research.
While it’s widely believed that the computer is unable to decode encrypted data, many are taking this as a sign that quantum computer activity is reaching unprecedented levels and will soon have major effects on the world as we know it. Lu Chaoyang – a professor who has worked on the machine – explained:
Scientists are close to useful quantum machines that can do something non-trivial.
This was added to by Richard Murray, chief executive of the quantum computing firm ORCA in London. He mentioned in an interview:
There are still people who question whether quantum computers will be a reality. With two systems [Google’s and China’s] having achieved this benchmark, that argument is sounding quite unlikely.
Quantum Computers Are Allegedly Here
At the time of writing, it’s unclear if quantum computing will have any effect whatsoever on the crypto space. Many analysts and industry experts are battling back and forth about what could occur. Recently, blockchain researchers at Deloitte wrote in a new report:
Quantum computers are posing a serious challenge to the security of the bitcoin blockchain. Quantum computers might eventually become so fast that they will undermine the bitcoin transaction process. In this case, the security of the bitcoin blockchain will be fundamentally broken.