Naoris is a cybersecurity company that focuses on protecting digital assets against quantum computing threats. They are offering rewards to those who break the algorithms used in major blockchain networks.
In an announcement shared with Cointelegraph on Thursday, Naoris said it has set a bounty of $120,000 — equivalent to approximately one Bitcoin (BTC) — for successfully compromising key cryptographic algorithms used in the crypto industry.
Secp256k1, a cryptographic standard used to underpin Bitcoin, Ethereum, and other protocols, has the largest reward, $50,000. Ed25519 (used by Solana as well as encryption messaging services such as Signal and WhatsApp) is used to protect encrypted messages.
Naoris will also pay $20,000 for the successful breach of NIST P-256. This is the curve that’s used to secure internet traffic using the Transport Layer Security protocol (TLS). A further $10,000 will be set aside to break other elliptic curvatures, such as P-224. P-384, and P-521.
What would be the result if Cryptography failed?
Bounties are offered for the breaking of elliptic curvature parameters. These are the values or set of values which define the elliptic shape used in cryptography. This determines the security and function of the cryptographic systems.
Related: Quantum computers could bring lost Bitcoin back to life: Here’s how
Cryptography is a vital part of the modern world. Its compromise would have grave and wide-ranging consequences.
Bitcoin, Lightning Network and many Ethereum layer-2 protocols would all break if secp256k1 was compromised. If you’re interested in current affairs, then read on. estimates Using today’s GPU, it would take around 10 trillion years to break this algorithm.
The attack would disrupt Git versions control systems, compromise OpenSSH protocols used to secure servers and even threaten the DNS security layer.
NIST P-224 mostly is used to upgrade legacy smart cards and other systems. deprecated The US National Institute of Standards and Technology will implement the new standard after 2030. The curves are about 30,000 more difficult to crack than secp256k1 or 256-bit ones.
Related: Bitcoin’s quantum countdown has already begun, Naoris CEO says
Bitcoin faces the sword of Damocles, a quantum weapon.
Many experts think that quantum computers will not be able to crack modern cryptography any time soon. However, they believe it’s a matter of when and not if. The crypto community is preparing for this eventuality, even though quantum computers are estimated to require tens or millions of qubits in order to crack these systems.
The first Bitcoins are being launched. The Bitcoin Improvement Proposal has been introduced in this month. aims to tackle the threat posed by quantum computers By phasing-out Bitcoin’s old signature schemes.
“A successful quantum attack on Bitcoin would result in significant economic disruption and damage across the entire ecosystem,” The proposal is as follows: “Beyond its impact on price, the ability of miners to provide network security may be significantly impacted.”
Adam Back, an early cypherpunk, who was cited in Satoshi’s Bitcoin white paper by Satoshi, claimed that the pressure of quantum computing may be able to reveal secrets. whether the blockchain’s pseudonymous creator is alive.
The Bitcoin Satoshi held could be vulnerable to theft, forcing Satoshi to move the Bitcoin to keep it safe.
Researchers are looking to develop solutions that can be used with any blockchain. Sui Research released a new cryptographic framework earlier this week. protection against quantum computing threats to multiple blockchains You can update your keys and address without having to change the hard fork or any other key.
Bitcoin and Ethereum are not compatible, despite the fact that this solution claims compatibility with all EdDSA based blockchains. Sui, Solana and Near are compatible blockchains.
Magazine: Bitcoin vs. the quantum computer threat: Timeline and solutions (2025–2035)
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
