Opinion by: David Carvalho, founder, CEO and Chief Scientist of Naoris Protocol
Satoshi Nakamoto changed how we defined the money. In response to the collapse of 2008 by financial institutions where millions of places to put their confidence, Satoshi created a decentralized financial system developed in elliptic curve cryptography.
The combination of cold mathematics and decentralization is a powerful one, which attracts not only those who are skeptical diehards but also the largest financial institutions in the world, such as Blackrock.
In 16 years of its existence, Bitcoin has not been hacked. All of that is about to change soon, however, with the advent of computing volume. This is the biggest threat to Bitcoin since it began from the ashes of the global financial crisis.
Once stable in the Kingdom of Science fiction, computers volume became advanced that they could be thrown through Bitcoin’s cryptography for five years or less. Some, like Quantum Pundit Michele Mosca, Guess It may be possible even next year.
Government agencies such as the US National Institute of Standards and Technology and the National Security Agency aim to fully switch to secure standards by 2030. However, the Bitcoin community appears to be confined to theoretical solutions, such as the BIP-360 (pay-to-quantum-resistant -hash) or Reveal Revelections Schese schemes.
The time for theorizing is over. If the concrete steps to adapt the Bitcoin blockchain is not acquired today, the bitcoin (Btc) The full $ 2.2-trillion market cap can climb the smoke. All that is to do is a compromised purse or botched transaction to erase 16 years of painful constructed trust.
The rise of supercomputers
This year’s real success is Microsoft’s Majorana Chip, which has accelerated the timeline in creating a truly unique supercomputer of volume from decades to year. In simple terms, this is done by placing a way to cultivate and stable volume systems – two of the key issues that are standing in this technological method.
A few months forward, and we are currently finding ourselves with nearly 100 quantity computers running the world. McKinsey Estimates There will be 5,000 by 2030. These computers are not only faster than the machines we are all accustomed to – they are a new breed of computer that runs calculations similarly rather than in order.
Recently: Is Bitcoin’s future at risk from quantum tech?
It is deadly in classical cryptography, such as the ECDSA algorithm that protects the private keys of Bitcoin. At least 30% of Bitcoin, or around 6.2 million coins, are currently sitting on pay-to-public-key (P2PK) or re-used P2PK-Hash addresses, particularly vulnerable to this volume threat.
A violation will be a catastrophe for the holders, with the funds going to disappear forever, and the ecosystem is large. This will prove that the unlucky system can be damaged. That’s why Blackrock recently identified the threat of volume in bitcoin In the updated ETF filing. That’s why it’s time to act now, before it’s too late.
Preparing for the Q-day
“Q-day“Is the term given on the day that the quantity computers are finally ready to break traditional cropography. When it comes to this day, bitcoin transactions are proven and that is now, or even 10 years ago, it can still be weak because the blockchain is completely clear, and the data remains permanently accessible to this ledger forever.
Above this, the evil actors have already collected encrypted data in preparation for the Q-Day, in a move called “Harvest Today, Decrypt later.” It doesn’t make sense to think that many attacks can happen at the same time around the world when the Q-Day. When this happens, Bitcoin is better to be prepared.
A post-quantum future
The problem of upgrading an entire blockchain from legacy to post-quantum cryptography is that it will need a difficult fork, which has become almost a taboo topic in crypto communities. This big step can damage UX, fragment liquidity, risk dividing the network and potential alienate diehard OGS.
There are alternatives: hybrid solutions dedicated to securing transactions first and most importantly without touching the base layer, layered security models and quantum-secure key management, and infrastructure that can prepare bitcoin for the fierce invasion that will surely come.
This is not a quick fix. Especially considering how the conservative and slow moving bitcoin has become history. Unfortunately, there is no time to waste. Decisions should be made and solutions should be selected because Bitcoin cannot live as in a post-quantum future.
Satoshi has given the world a new financial system but never said it could never change. Now it’s in the community to make the option to change it and prepare for the Q-Day, rather than wait until it is too late. It’s not whole that is the most significant risk of Bitcoin – it’s pleasure.
Opinion by: David Carvalho, founder, CEO and chief scientist of Naoris Protocol.
This article is for general information purposes and is not intended to be and should not be done as legal or investment advice. The views, attitudes, and opinions expressed here are unique and do not necessarily reflect or represent the views and opinions of the cointelegraph.
