Quantum-safe bitcoin?
Q-day is coming. Like nuclear fusion, Q-day has always been ‘just a decade away’. But recently, the US government has put a date on it: 2035. But what if your very currency is based on algorithms that could fall to quantum computers overnight? Bitcoin and most crypto currencies are based on algorithms like elliptical encryption that are vulnerable to quantum attacks.
A Starkware researcher has proposed proposed a hash-based scheme that can make bitcoin transactions resistant to quantum attacks without changing the Bitcoin protocol. The method works within existing consensus rules but requires massive off-chain GPU computation, driving estimated costs to $75 to $200 per transaction and making it far more complex than standard payments.
BIP-360 and other algorithms have been proposed for a quantum safe Bitcoin, but those efforts require changing the actual nature of bitcoin. This method might preserve Bitcoin as a diving catch, but is definitely not a solution.
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