Google's New Quantum Chip Won't Kill Bitcoin, Expert Says; Ripple's Stablecoin RLUSD Gets Regulatory Approval; Shiba Inu Burns 51,763,782 SHIB: Crypto News Digest by U.Today
2024-12-11
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Check out U.Today's top three news stories over the past day.
Google’s new quantum chip won’t kill Bitcoin, expert says
Following the recent introduction of Google's quantum computing chip, Willow, the crypto community started speculating about its potential impact on Bitcoin and other digital assets. Some even linked BTC's recent price drop to the latest breakthrough in quantum computing. However, experts, including Bitcoin entrepreneur and advocate Ben Sigman, believe that as of now, Willow does not have the necessary power to break Bitcoin's encryption. Shor makes it possible for a powerful quantum computer to break the ECDSA algorithm used in Bitcoin's encryption. However, to do this, the computer would need a staggering 1 million qubits. Currently, Willow has reached just 105 qubits with improved error rates. When it comes to cracking SHA-256, which is another encryption method employed by Bitcoin, the challenge is even greater; it would require a quantum computer with millions of physical qubits.
Ripple's stablecoin gets regulatory approval
Yesterday, Ripple CEO Brad Garlinghouse took to the X platform to announce that the company's RLUSD stablecoin has received official approval from the New York State Department of Financial Services (NYDFS). Thanks to this development, the dollar-pegged token will become available on major exchanges in the near future. Garlinghouse has confirmed that partner listings and exchanges will be live "soon." In concluding his post, the CEO urged the community to remain vigilant and to trust only official sources for information regarding RLUSD. "When RLUSD is live, you’ll hear it from Ripple first," wrote Garlinghouse. Initially revealed by Ripple in April, the stablecoin entered beta testing on the XRP Ledger and Ethereum in August with some of its enterprise partners.
Shiba Inu torches 51,763,782 SHIB as burn rate soars 1,068%
Shiba Inu's recent remarkable increase in burn rate has captured significant market attention. According to data provided by Shibburn, the SHIB burn rate surged by 1,068%, with 51,763,782 SHIB tokens permanently removed from circulation. Over the past week, a total of 2.44 billion tokens were burned, reflecting a weekly increase of 10.57%. The recent burn activity represents one of the most significant single-day decreases in SHIB's supply in recent weeks, showcasing considerable community engagement. As a result, the overall market sentiment for this meme coin has become more optimistic against the backdrop of the law of supply and demand. This shift in sentiment is further evidenced by SHIB's impressive trading volume, which surged over 109% in the previous 24 hours, reflecting a resurgence of interest from investors.