Quantum computing continues to pose a threat to Bitcoin (BTC) and altcoins, and action needs to be taken in this regard.
While there is no clear consensus on this issue, the latest report comes from the crypto infrastructure firm StarkWare.
StarkWare analysts have introduced what they describe as the first practical technology to defend Bitcoin against quantum computing attacks without making any changes to the network.
Accordingly, StarkWare has unveiled a Quantum Secure Bitcoin (QSB) proposal that would enable quantum-resistant transactions without altering the Bitcoin network.
This new proposal claims that it’s possible to make Bitcoin transactions resistant to quantum effects without the need for a soft fork.
However, due to its high cost and complex user experience, it may face a limited adoption rate; the proposal states that it should be used as a “last resort”.
Because each transaction is estimated to cost between $75 and $200, this approach is considered commercially unfeasible.
StarkWare researcher Avihu Levy says the proposal’s core idea is to replace Bitcoin’s current Elliptic Curve Digital Signature Algorithm (ECDSA) with hash-based proofs that would be difficult to imitate, even with a quantum computer.
Levy added that the biggest advantage of the QSB method is that it provides immediate results.
“QSB’s biggest advantage is that it delivers instant results. Because it operates within Bitcoin’s existing consensus rules, it doesn’t require a soft fork, miner confirmation, or activation timeline.”
However, according to Levy, the proposal has practical limitations. Because QSB shifts network security for Bitcoin from signatures to computation, each transaction requires intensive off-chain GPU processing. The cost of creating a valid transaction using cloud GPUs is estimated to be between $75 and $200 per transaction. This is more than 600 times Bitcoin’s current average transaction fee of around 33 cents. This makes the QSB method difficult to implement.
Levy concludes by stating that while this method could theoretically work under current Bitcoin rules, it is experimental and not practical for widespread use. Levy also added that not all use cases, such as Lightning Network channels, are yet supported.
*This is not investment advice.
