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Bitcoin developers will create a system to protect the blockchain from quantum computers

DIGESTS | NEWS
8:11 pm, January 1, 2025
Bitcoin developers BTC $111,515.00 Mezo Wrapped BTC -0.15% Market capitalization $58.84 million VOL. 24 hours $1.26 billion are actively working to protect the network from the potential threat of quantum computing. The introduction of Google’s Willow quantum chip in 2024 has raised concerns because quantum computers could theoretically breach the security of the cryptography used to secure transactions on the Bitcoin network. Particularly vulnerable are the addresses where coins are stored as public keys, which accounts for about 37% of Bitcoin’s issuance.
In response to the challenge, an update proposal called BIP-360 was presented. This solution involves the use of a new type of address with additional security, where the public key is hashed using the HASH256 algorithm. This approach reduces the risk of attacks and provides additional cryptographic security. It is also proposed to introduce post-quantum algorithms to create a more stable system.

Switching to new addresses will require significant time and resources. The full migration of UTXO may take more than 142 days of active network operation. This is a difficult task, but the developers emphasize the need to act in advance to minimize risks to the system.

The quantum threat to Bitcoin remains a serious problem, but the community is showing a willingness to address it. The proposed technical updates, such as the QuBit softfork, are a step towards ensuring the network’s security in the face of new technological challenges.

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