Quantum computing continues to pose a threat to Bitcoin (BTC) and altcoins, prompting a warning from quantum computing research firm Project Eleven to investors.
Speaking at the Consensus conference in Miami, Project Eleven CEO Alex Pruden urged Bitcoin developers to prepare for the threat of quantum computing.
Alex Pruden emphasized the need for Bitcoin developers to act quickly against the threat of quantum computers, underlining the urgency of the quantum issue.
Instead of waiting for quantum computers to be commercialized, he emphasized the importance of creating a post-quantum cryptography-based signature system in advance.
He stated that the measures currently seem premature, but a delay in the transition could put approximately $2.3 trillion worth of Bitcoin at risk.
According to Pruden, approximately $2.3 trillion worth of BTC is currently exposed to this vulnerability, necessitating the adoption of a new security framework to replace Bitcoin’s current ECDSA signature structure.
Pruden stated that Bitcoin’s post-quantum transition will be more difficult than Taproot and should begin now, emphasizing that this transition will be more challenging than the Taproot upgrade because it requires the participation of holders, wallets, exchanges, and institutions.
Last April, quantum computing research company Project Eleven announced it would award 1 Bitcoin (BTC) to anyone who could crack Bitcoin’s cryptography within a year.
The competition recently concluded, and one person won 1 Bitcoin for breaking the 15-bit encryption using a quantum computer.
Project Eleven’s competition was won by researcher Giancarlo Relli. Relli derived a 15-bit elliptic curve cryptographic private key using a quantum computer and received 1 Bitcoin as a prize. This competition demonstrated that quantum computers are beginning to break the elliptic curve encryption method used in Bitcoin.
*This is not investment advice.
