Microsoft’s unveiling of its Majorana 1 quantum chip on Wednesday represents a breakthrough in quantum computing, but it has also reignited concerns about "Q-Day" — the moment when quantum computers become powerful enough to break modern cryptographic systems.
Cryptographic keys protect sensitive data, from personal banking and cryptocurrency wallets to classified government information. While large-scale quantum computing remains years away, experts warn that developments like Majorana 1 could accelerate its arrival.
"With Microsoft’s announcement of the Majorana 1 quantum chip, the timeline for large-scale quantum computing just got a lot shorter, which could spell trouble for cryptocurrency security," Fabrizio Micucci, senior EMEA solutions consultant at SHI International Corp, told The Block.
He noted that most major cryptocurrencies, including Bitcoin and Ethereum, rely on encryption methods that quantum computers could eventually break, potentially putting billions in digital assets at risk. However, the immediate impact of Majorana 1 on crypto security remains uncertain.
Microsoft’s Majorana 1 is its first quantum computing chip, leveraging eight topological qubits made from a combination of indium arsenide (a semiconductor) and aluminum (a superconductor). The company claims it required nearly two decades of research to develop this new topological state of matter, which could make quantum processors more stable and scalable.
Unlike traditional superconducting or trapped-ion qubits, topological qubits are designed to be less prone to errors, potentially paving the way for more reliable quantum computing. While this is a major step forward, today’s quantum computers still have nowhere near the qubit count required to break encryption at scale.
Micucci outlined two key vulnerabilities that could threaten cryptocurrency security as quantum computing advances. First, exposed public keys pose a significant risk — if a Bitcoin address has been reused, a quantum attacker could theoretically extract its private key and retroactively steal funds.
Second, most major digital assets, including Bitcoin and Ethereum, rely on Elliptic Curve Digital Signature Algorithm (ECDSA) encryption, which could be broken by Shor’s Algorithm if a million-qubit quantum computer were developed. These potential threats highlight the urgency for crypto developers to implement quantum-resistant security measures. However, Majorana 1 is not yet a million-qubit system, and experts agree that Q-Day is still years away.
“The need for quantum-safe upgrades is growing,” Micucci said. “Crypto developers must transition to post-quantum cryptographic (PQC) algorithms before large-scale quantum computing becomes a reality.”
Many blockchain developers and cybersecurity experts are already working on quantum-resistant encryption methods, which could mitigate the risks posed by future quantum breakthroughs.
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