Speaking as part of a Q&A session on Oct. 10, Andreas Antonopoulos poured cold water on fears Google’s recent quantum computing success could impact cryptocurrencies such as Bitcoin.
Bitcoin has “zip” to fear from the latest advances in quantum computing from Google, one of the industry’s best-known figures has confirmed.
The effect on Bitcoin? “Zip, bupkis nada”
“What is the effect on mining and the cryptocurrency world in general? Zip, bupkis, nada, nothing really happens”, he summarized.
As Cointelegraph reported last month, Google had announced it has used a quantum computer to perform a task, which a regular machine would take tens of thousands of years to complete.
Described as “quantum supremacy”, the event sparked immediate concerns about public blockchains.
Misunderstandings spark crypto concerns
Antonopoulos, however, said these were unfounded.
“Quantum supremacy, what Google described, is demonstrating the practical applicability of quantum computers to certain classes of problems”, he explained.
“Those classes of problems are not the same classes of problems we’re talking about when we talk about breaking cryptography.”
The idea of quantum threatening Bitcoin had previously surfaced several years ago, Antonopoulos likewise dispelling the idea due to the technology’s overall lack of sophistication.
Nonetheless, becoming quantum-resistant, at least in terms of signature algorithms, is on Bitcoin’s roadmap as a necessary step, he added.
New App Bottle Pay for ‘Sending Bitcoin via Social Media’ Raises $2M
A U.K. tech firm has raised a £1.6 million ($2 million) investment for an app that allows users to send Bitcoin using their social media accounts. As reported in the North East Times, Oct. 11, Newcastle company, Block Matrix, received the funds to further develop its Bottle Pay platform.
“Allow everyone to use Bitcoin”
The Bottle Pay platform lets users transfer Bitcoin using their social media accounts. This enables payments to any social media contact regardless of whether they have a Bottle Pay account.
The Bottle Pay app will allow users to easily access the platform. Founder, Pete Cheyne, explained:
“We are trying to break down the barriers to allow everyone to use Bitcoin. … What we want to do is to let people authenticate into the app with an account they already have and trust.”
Block Matrix is planning to increase the number of active users of Bottle Pay tenfold over the next year before seeking further investment through venture capital.
The company also has plans to enter the retail and commercial services market with a payment platform allowing merchants to accept Bitcoin payments through Bottle Pay.
Meanwhile, there have been other platforms trying to integrate digital currency payments into social media directly.
Blockchain-based internet browser, Brave, for example, enables users to tip for social media content on Twitter, Vimeo and Reddit, using its native Basic Attention Token (BAT).
In August, Cointelegraph reported on another company Appics applying blockchain technology to reward users for their time and creativity spent on online content.