Galaxy Digital bulletin indicates that the encrypted financial services company has set up a $5 million fund to provide funding to Bitcoin developers to prepare in advance for potential security risks from quantum calculations. The company has started to accept applications, with a focus on supporting antiquantular signature programmes, wallet migration tools and security audits.
The direction of funding is clear
The project is called “Bitcoin Quantum Readinies Initiative”. Galaxy states that the current quantum computer is not sufficient to compare the TT$ to constitute a real attack, but the associated protection cannot be activated until the risk approaches.
- Quantum signature program development
- Wallet Migration Tool Development
- Security audit and implementation readiness
Galaxy also indicated that it wished to attract more businesses to participate in funding and research inputs in order to accelerate the transition of bitcoin to an anti-quantifiable password system.
Large scale of potential risk
The encryption technology that Bitcoin currently relies on is still not capable of being effectively decrypted by existing computers within a feasible time. However, as quantum computing studies advance, both Governments and enterprises have been accelerating the deployment of antiquator standards in recent years.
According to the CriptoQuant study, some 6.9 million bitcoin may be at risk of theft if the future quantum computer has the capacity to break through the existing password system for bitcoin. The corresponding size is estimated at $46.1 billion, based on the prices described.
At the same time, it was mentioned that the researchers generally agreed that the threat was not imminent, but that the preparatory work needed to begin as soon as possible. This is due to the fact that bitcoin may be significantly more complex than previous upgrades, such as Taproot, in order to migrate to the back quantum password system, involving long-term coordination among developers, wallets, exchange and users.
U.S. Synchronized Quantum Layout
At the policy level, the U.S. has also recently advanced both quantum computing and defence. It was reported that Trump had recently signed two executive orders, one requiring the United States to build large-scale quantum computers and the other requiring the federal system to enhance protection against quantum attacks.
In addition, the United States Department of Commerce has signed a letter of intent to support nine Quantum Calculators totalling over $2 billion. These enterprises are developing quantum computing devices that can challenge existing mainstream password systems, technologies that relate not only to bitcoin and Ethera, but also to Internet infrastructure security.
Additional information:The article mentions that it may be more difficult for Bitcoin to implement post-push quantum code upgrades than Taproot, as this type of migration is not only about updating agreements, but also requires a synchronized completion tool and process transition for wallets, exchanges and users.