IBM claims major leap toward quantum computers with new chips
IBM has announced advances in its quantum computing research, unveiling developments in processors, software, and error correction during its Quantum Developer Conference. The company aims to achieve quantum advantage by 2026 and fault-tolerant systems by 2029, with its new 'Nighthawk' processor playing a critical role by enabling more complex circuits with low error rates. IBM also introduced the experimental 'Loon' processor for fault-tolerant quantum computing and noted a tenfold improvement in its error-correction system, alongside a doubling of chip production speed. Additionally, quantum computing's potential to break cryptographic encryption, including Bitcoin's proof-of-work algorithms, raises concerns within the crypto industry. Experts discuss the need to migrate to quantum-resistant technology to counter future security threats.
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IBM's Quantum Computing Advancements
Technology company IBM (NYSE: IBM) announced new developments in its quantum computing research, including advances in processors, software, and error correction. At its annual Quantum Developer Conference in New York on Wednesday, the company outlined plans to achieve quantum advantage by 2026 and fault-tolerant systems by 2029.
Understanding Quantum Advantage and IBM's Milestones
Quantum advantage refers to the point at which a quantum computer can solve a problem faster or more efficiently than any classical supercomputer. IBM stated that its new 'Nighthawk' processor will be instrumental in achieving this milestone, delivering circuits that are 30% more complex than those of its previous generation while maintaining low error rates.
Introduction of the 'Loon' Experiment
The company also introduced 'Loon,' an experimental processor designed for fault-tolerant quantum computing. Fault-tolerant systems are capable of detecting and correcting their own errors in real-time. Furthermore, IBM reported that it has made its error-correction system 10 times faster, achieving this milestone a year ahead of schedule. Additionally, the company doubled its chip development pace after moving production to a new 300-millimeter wafer facility in New York.
Quantum Computing's Potential Impact on Cryptocurrency
While quantum computing is still in its early stages, its potential to break the encryption securing Bitcoin and other cryptocurrencies using proof-of-work algorithms has become a widely-discussed issue. Amit Mehra, a partner at Borderless Capital, stated in October that quantum computing may pose significant security risks by the end of the decade. This has motivated the focus on startups working on quantum-resistant technology.
Diverging Opinions on the Timeline of Quantum Threats
Some experts, like Charles Edwards, founder of quantitative Bitcoin and crypto asset fund Carpriole, consider the threat to be more immediate. He warned, “If Bitcoin doesn’t solve Quantum in the next year, Gold will keep outperforming it forever,” on X. Similarly, smart-contract researcher Gianluca Di Bella echoed Edwards' concerns, urging the industry to migrate to post-quantum encryption to counter the potential risk of 'harvest now, decrypt later' attacks. This refers to data being stolen today and decrypted when quantum computers mature.
Suggestions for Bitcoin Holders
In November, onchain analyst Willy Woo suggested that Bitcoin holders could protect themselves against quantum computing by transferring their coins to a SegWit-compatible address and holding them until a quantum-resistant solution becomes available.