James Check, the founder and chief analyst of Bitcoin Onchain Analysis Service Checkonchain said on Monday that a quantum problem is more a matter of consensus than technology.
In a Sunday X postCheck said that “there is no chance we come to consensus to freeze” BitcoinBTCThis is because the development politics limit community reaction. It would mean that the lost Bitcoin will flood the market when old addresses get compromised. quantum computer attacks become feasible.
BitBo data According to the data, 32.4% all Bitcoin has been in storage for more than 10 years. 16.8% was in storage over 7-10 years. There is debate about how many of these assets are lost or unreachable, and for how long they are stored.
Check’s response was to comments Ceteris Parabis, the head of crypto research for Delphi Digital. Bitcoin’s “quantum threat” problem, according to Paribus, is not a technological issue. “what makes the problem specifically unique to BTC is that the tech problem is secondary.” “Quantum resistant Bitcoin will be feasible but it doesn’t solve what you do with the old coins,” “He said”
In late April when Adam Back was interviewed by Cointelegraph, the early cryptopunk cited in Satoshi’s Bitcoin whitepaper, Adam Back said: the community will have to choose Deprecating vulnerable, old addresses is preferable to letting funds be taken. Check believes that community members should be able to access funds. “allow the old coins to come back to market.”
Related: VanEck boss questions Bitcoin’s privacy, encryption against quantum tech
Fix for only new addresses
US National Institute of Standards and Technology, NIST has developed the technical fundamentals that will make Bitcoin resistant to quantum computing. endorsed Last year, there were multiple public-key post-quantum schemes. If the Bitcoin community decides to implement them, quantum-resistant Bitcoin addresses are already within reach thanks to those encryption standards — and the Bitcoin Improvement Proposal 360 addresses There is a need for this.
Bitcoin still uses Elliptic Curve Digital Signature Algorithms (ECDSAs) for the legacy addresses, and Schnorrs for Taproot. Both are susceptible to quantum computers. It is therefore almost certain that the solution will require a post-quantum standard. Still, this raises the question of what will happen to the large amount of lost Bitcoin left in non-quantum-resistant addresses.
Back even suggested that quantum computing could reveal the identity of Bitcoin’s pseudonymous founder. Back said quantum computing could force Nakamoto’s Bitcoin to be moved to prevent it from being stolen by quantum computer. He said last week that Bitcoin was unlikely to be threatened by quantum computing. for at least two to four decades.
Related: What happens to Satoshi’s 1M Bitcoin if quantum computers go live?
Some bitcoins have gotten their fix
It is generally agreed by experts that there will never be a Bitcoin fix that protects old addresses and also works backwards compatible. The same can’t be said about some other blockchains.
Researchers revealed a new study in late July. backwards-compatible quantum-resistant fix That would not require signature changing. Sadly, this new approach will only affect Sui, Solana and Near networks. Ethereum and Bitcoin are not included.
The implementation used the Edwards curve Digital Signature Algorithm that was employed by those networks. The researchers developed a system of zero-knowledge verification that allows one to demonstrate they possess the seed. If such a proof were required, a quantum-computer-falsified signature would not be enough to hack an address.
Magazine: Bitcoin vs. the quantum computer threat: Timeline and solutions (2025–2035)
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Source: cointelegraph.com
