Recent rapid advancements in quantum computing technology have brought the quantum threat back to the forefront of security concerns for cryptocurrencies, particularly Bitcoin.
The possibility that sufficiently powerful quantum computers could break the current cryptographic systems of cryptocurrencies raises concerns about the long-term security of digital assets.
Therefore, transitioning to quantum-resistant technologies and preparing existing networks against quantum attacks is becoming increasingly important in the crypto sector.
At this point, nine cryptocurrency companies formed the Quantum Alliance to develop common standards to address potential security risks posed by quantum computers in the future.
According to CoinDesk, the initiative includes companies such as Quantus, American Fortress, Intmax, Keystone, Midnight Foundation (founded by Cardano founder Charles Hoskinson), Postquant Labs, Abelian, The Vault, and Hacken.
It was also stated that the initiative aims to facilitate the transition of blockchain networks, particularly Bitcoin and Ethereum, to quantum-resistant systems.
6.4 Million Bitcoin May Be at Risk!
The alliance estimated that 6.4 million Bitcoin, or 30.2% of its total supply, could be vulnerable to future quantum computing attacks through exposed public keys. This amount reportedly includes approximately 1.1 million BTC believed to belong to Bitcoin creator Satoshi Nakamoto.
According to the alliance, if quantum computers achieve sufficient processing power, attackers could extract private keys from public keys and use them to steal assets held in these wallets. However, it is emphasized that current quantum computers do not have the capacity to break Bitcoin’s cryptographic security today.
However, experts have differing opinions on when such quantum attacks might become possible. Richard Carback, Chief Technology Officer of Post-Quantum Labs, suggested 2028 as a realistic timeline for quantum risk. Bryn Bennett, director of The Vault, argued that while the timing is difficult to predict, the industry should have a framework in place to move vulnerable assets if technological advancements occur faster than expected.
*This is not investment advice.
Continue Reading: Another Giant Alliance Formed for Bitcoin: A New Move for the Great Threat Awaiting 6.4 Million BTC! Here Are the Details