BlockBeats news, July 21: According to official announcements, Galaxy today launched the "Bitcoin Quantum-Safe Initiative," a multi-faceted program designed to help Bitcoin address potential threats arising from advancements in quantum computing.
The initiative includes: providing up to $5 million in developer grants to support the development of post-quantum cryptographic solutions for Bitcoin; establishing a dedicated research and publication program through Galaxy Research to advance quantum-safe research; and forming a Quantum Advisory Board composed of leading experts in quantum computing and post-quantum cryptography to guide Bitcoin’s quantum security efforts.
Bitcoin's current security relies on elliptic curve cryptography. Theoretically, once a sufficiently powerful quantum computer is developed, this encryption system could be broken. Although no quantum computer capable of breaking modern cryptography currently exists worldwide, the industry expects the timeline for this technological breakthrough to be accelerating.
The National Institute of Standards and Technology (NIST) in the United States officially released its first post-quantum cryptography standards in 2024. Additionally, a recent U.S. executive order mandates that the federal government must complete the deployment of quantum attack defenses against traditional cryptographic systems by 2031, further underscoring the urgency of quantum security.