The time when the quantum calculation actually threatens bitcoin remains uncertain, but the industry has begun to pre-empt preparations. Galaxy Digital launched a special project focusing on development funding, research dissemination and academic collaboration to promote community action before risk becomes a reality.
Maximum funding $5 million
The company disclosed that the Bitcoin Quantum Safety Readiness Plan would provide up to $5 million in developer funding to support the development of the Post Quantum Password programme. Galaxy Research will also continue to publish relevant studies and establish a new Quantum Advisory Board.
The first consultant members were from Calgary University, MIT-related research projects and Boston University. Galaxy states that the developer's application for funding will be opened immediately.
The old address is at greater risk.
The plan is for what is known as “Q-Day” within the industry. Once a quantum computer has sufficient capacity, the assailant may use the Shor algorithm to crack the elliptical curve password system currently used for bitcoin.
In such cases, wallets where public keys have been disclosed are more likely to be affected. The attackers can theoretically reverse the private key, forge signatures and transfer assets. The article mentions that old addresses and duplicate addresses are at higher risk.
The response to the current discussion includes the relocation of funds to the antiquator address and the introduction of new signature programmes through proposals such as BIP-360, BIP-361. However, as a result of decentralized Bitcoin governance, the associated upgrades may continue for several years.
Industry warning is warming.
Galaxy's actions echo recent industry judgements. Quantum Safety Project Eleven stated in May that the probability of a quantum computer with a real password-breaking capability would appear by 2033, as early as 2030, with an estimated 6.9 million bitcoin in a quantum exposure address.
The Coinbase Quantum Advisory Board also called on developers in June to start the migration as soon as possible, with an estimated potential vulnerable supply of about 7 million BTCs. In the same month, Trump signed two executive orders to advance the United States Quantum Technology Construction and advanced the Federal Quantum Code migration period to December 2031.
Additional information:Project Eleven proposed a new approach on 16 July, which attempted to allow users to prove the wallet by authenticating the parent key control after Q-Day instead of relying entirely on the original signature. Galaxy has not yet published a timetable for the specific agreement upgrade.