Breaking Bitcoin, Ethereum and Solana for $120K is a lucrative way to earn rewards

Naoris offers rewards for anyone who is able to crack the cryptographic algorithms protecting 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 vulnerable to a $30,000 bounty.

Naoris also offers $20,000 to anyone who successfully attacks NIST P-256. P-256 is an elliptic curvature used by the Transport Layer Security Protocol (TLS), which protects the internet. A further $10,000 will be set aside to break other elliptic curvatures, such as P-224. P-384, and P-521.

What would occur if the cryptography system broke down?

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

Modern society relies heavily on cryptography. The consequences of its compromise are dire.

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 trillion years to break this algorithm.

If Ed25519 is successfully attacked, it will compromise OpenSSH for server security access and disrupt Git Version Control Systems. It may also threaten parts of DNS Security Layer.

NIST P-224 is used to create legacy smart cards and other systems. deprecated The US National Institute of Standards and Technology will implement the new standard after 2030. This curve is 30,000 times more vulnerable to breaking than the 256 bit secp256k1 curve.

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.

Bitcoin is making its first moves. This month, a new Bitcoin Improvement Proposal was introduced. 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,” This is how the proposal looks. “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 whitepaper by Satoshi, claimed that the pressure of quantum computing may be able to reveal secrets. whether the blockchain’s pseudonymous creator is alive.

He said that the quantum computer could render Satoshi’s Bitcoin vulnerable, forcing him move it in order to protect it.

Researchers also seek to find more solutions which are not tied to blockchains. Sui Research presented a cryptographic frame work that may provide a solution earlier this week. protection against quantum computing threats to multiple blockchains You can update your keys and address without having to change the hard forks or make any changes.

Bitcoin and Ethereum are not compatible, even though this solution claims compatibility. Sui Solana Near Cosmos and Cosmos are all compatible.

Magazine: Bitcoin vs. the quantum computer threat: Timeline and solutions (2025–2035)