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Since Quantum Annealing is extremely powerful for optimization it is limited in scope.

However, when a universal Quantum Computer based on gates arrives, it will have a wider scope including optimization as well.

In a such scenario will the annealing approach be obsolete?

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I'm not sure that anybody really knows the answer to this. Ultimately, this comes down to error correction. Universal quantum computers will have built-in error correction (and, indeed, fault-tolerance) that allows them to perform arbitrarily large computations in an essentially noise-free way.

To my knowledge (although I'm not an expert), while there has been some work towards error correction in the quantum annealing scenario (e.g. here), there's no complete fault-tolerant theory. Without it, quantum annealing is likely to be limited to finite sized computations.

So, does a fault-tolerant theory of quantum annealing exist, and can it be implemented? That's crystal ball gazing. My personal suspicion is that fault-tolerant theories exist, but they may well require connectivity of the qubits that is impractical.

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