Major industrial firm Honeywell made it public on June 19, 2020, that the company is now running a quantum computer which efficiently leverages up to six quantum bits or qubits. Honeywell ‘s system is twice as powerful as its IBM and Google built quantum computers. Since the announcement of Honeywell ‘s new quantum technology, critics have already begun debating potential impacts on Bitcoin and 256-bit encryption.
Bitcoiners began talking about theoretical threats against the Bitcoin network in January 2019, after IBM revealed the Q System One at the 2019 Consumer Electronics Show ( CES). The following September, the Bitcoin network vulnerability discussion and debates heated up again, when the press focused on Google’s quantum computer carrying out a test that called it the “most powerful supercomputer in the world.”
Another big discovery has once again sparked discussions of a 256-bit quantum computer cryptography cracking and the foundations of Bitcoin’s cryptography and debates have begun to heat up. The explanation for these new discussions is attributed to a Honeywell company statement made Thursday.
The new quantum computer from Honeywell is twice as powerful as the IBM Q System One and Google’s supercomputer, according to the news. Reports say Honeywell’s quantum computer is a “massive breakthrough” and the resulting “volume” of quantum processing power is heralded.
Now even though Honeywell’s quantum computer is very powerful, it would take between 2,000 to 3,000 qubits of computing power anywhere to break Bitcoin’s 256-bit cryptography. Estimates suggest it will take around a decade for computer scientists to even try to break the 256-bit encryption today, or projects like Bitcoin that exploit the cryptography.
The new quantum machine from Honeywell is live and it has about six qubits of processing power, which is very efficient, but still a few thousand qubits less than what is required to even threaten Bitcoin. Software Tech giant Honeywell and its latest quantum computer are strong and have earned praise for their “64 quantity capacity.” The publicly traded corporation worth more than $80 billion also invests in research and development on blockchain.
Whatever the case might be, the latest six quantum bits from Honeywell have given bitcoiners another moment to debate whether or not quantum computers pose a danger to the Bitcoin network. For now, most veterans are not at all worried that predictions of the 10-year timeframe are possibly much shorter, with the current six-qubit breakthrough from Honeywell. Despite this, there are several Bitcoin optimists who claim they can securely fork the code into a quantum-resistant algorithm if they need to.