December 15, 2024
Crypto's New Quantum Quandary
Dear Subscriber,
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| By Dawn Pennington |
The crypto world was atwitter about Google’s quantum breakthrough this week.
Apparently, its Willow chip needed just five minutes to solve a complex computation.
How complex? One that would have taken 10 septillion years to solve on a lesser machine.
Naturally, that made some people wonder what that means for crypto mining. At the current pace, the final (21 millionth) Bitcoin will likely be mined just a little over a century from now, in 2140.
So, I asked your favorite analysts this week: Does quantum computing spell gloom and doom for the crypto markets?
The answer was as simple as it is complicated …
That is, Google may have cracked the quantum computing code. Which, in all, is a welcome advancement. And certainly, one that’s been a long time coming.
But this “quantum leap” stands to break some of the cherished encryption that protects the $2 trillion blockchain.
However, before we all panic that our alphanumeric keys are now at the mercy of a state-of-the-art computing chip, take heart.
Juan Villaverde reminded me that the cryptoverse’s hallmark is privacy and security. And the Big Three — Bitcoin, Ethereum and Solana — will likely be ready.
It’s not just the networks that are prepared.
Marija Matic pointed me to quantum-resistant tokens.
Top Quantum-Resistant
Tokens by Market Cap
There are only six so far. But it’s still early days.
As all things “quantum” work their way into our everyday conversations and lives, you can count on us to suss out the threats.
More importantly, we'll help you zero in on the OPPORTUNITIES. Like these from the past week, for example …
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To your health and wealth,
Dawn Pennington
Editorial Director
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