The future of bitcoin could be at stake. This came as a result of the Google announcement of a quantum computer created, which is capable of solving impossible mathematical calculations and can quickly crack bitcoin, not to mention the encryption that the internet is built on. Further research, however, claims that quantum supremacy will not have any impact on bitcoin, but what exactly is the difference between quantum supremacy and bitcoin?
What is Quantum Supremacy?
This is the ability of a quantum computer, which runs based on quantum physics laws to perform functions that classical computers cannot do. A quantum computer uses qubits or quantum bits as opposed to bits as seen in classical computers. The creation of a quantum computer would mean human beings have achieved physical mastery over matter in the universe. Although this sounds stunning, the security of online data would be compromised.
What is Bitcoin?
Created in January 2009, this is a digital currency verified by a large amount of computing power. With the use of peer to peer technology, bitcoin transactions are all carried out by the network, with no physical bitcoins existing. It has a public design and is open-source. Nobody controls or owns bitcoin, hence anybody can participate in it. Among other favorable characteristics of bitcoins include lower transactional costs not to mention the operation by a decentralized authority. These unique characteristics surpass any other payment system. It is, however, not a legal tender.
Similarities between Quantum Supremacy and Bitcoin
- Both use a high level of computing power
Differences between Quantum Supremacy and Bitcoin
Definition
Quantum supremacy refers to the ability of a quantum computer, which runs based on quantum physics laws that perform functions that classical computers cannot do. On the other hand, bitcoin refers to a digital currency verified by a large amount of computing power.
Ownership
While quantum supremacy is owned by Goggle, bitcoin has open ownership, meaning nobody owns bitcoins.
Control
Quantum supremacy is controlled by Google while no one controls bitcoins.
Quantum Supremacy vs. Bitcoin: Comparison Table
Summary of Quantum Supremacy vs. Bitcoin
Quantum supremacy refers to the ability of a quantum computer, which runs based on quantum physics laws to perform functions that classical computers cannot do. It is owned and controlled by Google. On the other hand, bitcoin refers to a digital currency verified by a large amount of computing power. Bitcoins have a public design and are open-source which anybody can participate in. It is, however, not a legal tender.