What should fund managers be concerned about when dealing with Bitcoin? quantum computing?
The short answer is yes — but there’s time to prepare and solutions are already being found.
What about you? The mainnet is now able to accept post-quantum Bitcoin transaction. The Starknet Foundation has made it possible for the Starknet Foundation to make the first post-quantum Bitcoin transaction.
Damian Chen spoke at Bitcoin Asia Hong Kong, on Thursday. He is the VP for growth of Starknet Foundation. demonstrated The latest technology from the company can help secure funds that are vulnerable to future attacks. This is done without having to fork the entire network.
“This is a monumental moment,” Chen says “This is the first post-quantum-resistant Bitcoin transaction on bitcoin mainnet today. It required no soft forks; it required no hard forks; it required no core protocol upgrades, and it’s live today.”
This transaction was made using the method developed by StarkWare’s Avihu Levi. Bitcoin transactions wait in a queue for a short time before they are confirmed. In that time, the transactions expose material which a powerful enough quantum computer can use to steal funds and forge signatures before the transaction has been confirmed.
Instead of accepting the very first signature that is valid, this method creates millions until it finds a signature with specific structural properties that do not expose the sensitive material that’s waiting for the signature in the memory pool.
The following is a list of the most popular ways to contact us “signature grinding” is deliberately computationally expensive — a single transaction takes hours to produce — but that cost is what makes it resistant to quantum shortcuts.
Touting Quantum safe Bitcoin transactions — dubbed “QSB” — to institutions, Chen said that even if attackers have a fund’s private keys, they couldn’t make a fraudulent transfer.
“QSB introduces a new hash authorization, and so an attacker with a sufficiently capable computer, even if they have your exposed public key, even if they derive your private key from your public key, even if they try to use that to authorize a spend to move your coins out of your wallet, those things are not enough for them to do so,” “He said”
It’s worth noting that ordinary Bitcoin nodes currently don’t recognize this non-standard transaction format, so it couldn’t go into the public mempool and instead had to be handed straight to a miner willing to accept it — with mining company MARA’s Slipstream service being the one that mined the QSB transaction.
Quantum researchers have warned that a time will come when Bitcoin’s software — which underpins the biggest and strongest computer network in the world — will need to be upgraded to deal with quantum computing.
Bitcoin’s top developers, however, have argued against the call for action by some crypto VC companies. They claim that quantum computers are limited in their capabilities and can only perform trivial operations.
Still, they have noted that their development could arrive unexpectedly — just like advances with artificial intelligence — and have started developing some solutions.
Chen added “The question to me has never been when will quantum arrive. We all know quantum will arrive at one stage, but the question to me has always been, how long will it take for you to be ready when quantum does arrive?”
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Source: bitcoinmagazine.com
