• Willy Woo has revealed an uncomplicated structure for grasping and alleviating quantum computing risks to Bitcoin
• Woo’s recent analysis was focused on hodling BTC in a SegWit wallet for around seven years
• This ability could make the decoding of private keys through algorithms

Famous on-chain analyst Willy Woo has revealed an uncomplicated structure for grasping and alleviating quantum computing risks to Bitcoin (BTC). Global research into quantum technology is increasing. There have been queries raised regarding its capability to compromise the blockchain system. Woo’s recent analysis was focused on hodling BTC in a SegWit wallet for around seven years.

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Understanding the Quantum Computing Threat to Bitcoin

Different from the old binary systems, quantum computers engage in quantum bits (qubits) to understand information faster. This ability could make the decoding of private keys possible through algorithms such as Shor’s algorithm. That is a risk to cryptocurrencies like BTC that depend
on elliptic curve cryptography (ECC).

Willy Woo also stated that even though it’s a risk, it is not instant. Quantum processors we have now do not have the necessary amount of stable, error-free qubits to make attacks. Most analysts hope that breaking the token’s security would require quantum systems with lots of logical qubits. This is a breakthrough still many years, if not decades, away.

Woo’s Three-Step Mitigation Framework

In Woo’s breakdown, he gave a “simple and proactive” three-step guide for looking into quantum risks:

1. Monitoring Quantum Progress: He guided the continuous examination of developments from major research groups such as IBM, Google, and D-Wave. This is to recognise when quantum computers approach cryptographically significant milestones.
2. Improving Quantum-Resistant Algorithms: He requested that Bitcoin developers implement post-quantum cryptography (PQC) standards. Some of these standards are lattice- or hash-based schemes. This can secure coming transactions without changing BTC’s basic design.
3. Coordinated Network Transition: He also highlighted the significance of a synchronised upgrade through a soft or hard fork. This can be done once quantum advancements become a valid threat. Woo also insinuated that this would preserve an agreement while keeping the trust of the user.

“In the past, it was about protecting your PRIVATE KEY (your seed phrase). In the age of big scary quantum computers (BSQC) that are coming, you need to protect your PUBLIC KEY also,“ said Willy Woo. Presently, Bitcoin’s security remains safe, but keen observation is significant to ensure resilience in quantum systems.

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