Opinion by David Carvalho, founder, CEO and chief scientist of Naoris Agreement
nakamoto Satoshi changes the way we define money. In response to the collapse of financial institutions in 2008, Satoshi established a decentralized monetary system based on elliptic curve cryptography.
This combination of cold mathematics and decentralization is a powerful combination that attracts not only stubborn skeptics, but also the world’s largest financial institutions, such as BlackRock.
In its 16 years of existence, Bitcoin has never been hacked. But with the advent of quantum computing, all of this will change soon. This is the biggest threat to Bitcoin since the ashes of the global financial crisis.
Once firmly entering the realm of science fiction, quantum computers became so advanced that they could be torn apart through Bitcoin’s passwords in five years or less. Some, such as Quantum Pundit Michele Mosca, predict It’s even possible next year.
Government agencies like the US National Institute of Standards and Technology and the National Security Agency are aiming to fully transition to quantum-secure standards by 2030. Yet the Bitcoin community appears confines to theoretical solutions, like BIP-360 (Pay-to-Quantum-Resistant-Hash) or commit-delay-reveal schemes.
The theory time is over. If there are no specific steps taken to adjust the Bitcoin blockchain, then Bitcoin (BTC) The entire $22 trillion market capitalization is likely to increase. All it takes is an infected wallet or a fragile deal to erode 16 years of hard work to build trust.
The rise of supercomputers
The real breakthrough this year is Microsoft’s Majorana chip, which accelerates the timeline, creating truly useful quantum supercomputers from decades to several years. In short, it does this by paving the way for scalable and stable quantum systems, two key issues that hinder this technological miracle.
Fast forward a few months and we currently find ourselves already having about 100 quantum computers running in the world. McKinsey estimate By 2030, there will be 5,000. Not only are these computers faster than we once were – they are brand new computers that can run computations in parallel rather than sequences.
Recent: Is there any risk of quantum technology in the future?
This is fatal to classical cryptography, such as the ECDSA algorithm that protects Bitcoin’s private keys. Currently, at least 30% of Bitcoin (or 6.2 million coins) sit in paid public keys (P2PK) or reused P2PK-HASH addresses, which are particularly susceptible to this quantum threat.
For holders, the violation will be disastrous, their funds will disappear forever and the entire ecosystem. It will prove that an unbreakable system may be broken. That’s why BlackRock recently Acknowledge the threat of quantum to Bitcoin In its updated ETF filing. That’s why it’s too late.
Prepare for Q-Day
“q-day“It was the term for the day when quantum computers were finally ready to destroy traditional encryption. When this day arrived, Bitcoin transactions today verified and ensured that even 10 years ago, because blockchain was completely transparent and data still had permanent access to the sale.
Most importantly, the bad actors have collected Q-Day’s encrypted data for the move “now decrypted, later decrypted”. It is not unreasonable to assume that several attacks may occur simultaneously on a global scale when Q-Day arrives. When this happens, Bitcoin is better prepared.
The future after quantum
The problem with upgrading the entire blockchain from legacy to post-quantum encryption is that it requires hard forks, which has almost become a taboo topic in the crypto community. This huge step could undermine UX, fragmented liquidity, risk splitting the network and potentially alienate the stubborn OGS.
There are other alternatives: a hybrid solution first ensures transactions without touching the underlying layer, layered security models and quantum security key management and Bitcoin that can be a for sure of the coming fierce attack.
This is not a quick fix. Especially considering how conservative and slow Bitcoin is historically. Unfortunately, there is no more time to waste. Decisions have to be made and solutions have to be chosen because Bitcoin cannot survive the way it will be in the post-Quantum future.
Satoshi has given the world a new monetary system, but has never said it cannot develop. Now, the community can choose to evolve and prepare for Q-Day instead of waiting until it’s too late. This is not the most important risk for Bitcoin – it is complacency.
Opinion by David Carvalho, founder of the Naoris Agreement, CEO and Chief Scientist.
This article is for general information purposes and is not intended to be considered legal or investment advice. The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent Cointelegraph’s views and opinions.
