As discussions intensify in the cryptocurrency world regarding the potential threat of quantum computers to the Bitcoin network, a new approach recently put forward by Adam Back, who is also claimed to be Satoshi Nakamoto, has attracted attention.
Back introduced a different perspective within the developer community by advocating for optional upgrades rather than a mandatory transition in the process of making Bitcoin quantum resilient.
Speaking at the Paris Blockchain Week event, Back argued that changes to the system should be implemented in a controlled and gradual manner. “Preparation is critical; it’s much safer to implement changes in a controlled way rather than acting hastily in a crisis,” Back said, also highlighting the Bitcoin network’s capacity for rapid coordination in emergencies. Recalling that previously discovered security vulnerabilities could be fixed within hours, Back stated that consensus could be reached quickly in critical moments.
Back’s proposal differs significantly from BIP-361, a more stringent version developed by developers. This proposal, drafted by Jameson Lopp and other developers, was updated on April 15th and incorporated into the Bitcoin codebase under the title “Post-Quantum Transition and Deprecation of Traditional Signatures.” The proposal envisions the gradual deactivation of addresses vulnerable to quantum attacks over five years and the freezing of assets that do not transition (including Bitcoins believed to belong to Satoshi Nakamoto).
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Behind these discussions lies the rapid advancement in quantum computing technology. Recent research published by Google Quantum AI has revealed that elliptic curve cryptography may be broken with lower hardware requirements than previously expected. According to the research, Bitcoin’s encryption system could become decipherable with approximately 20 times fewer physical qubits than previously anticipated.
Experts state that, in light of these developments, approximately 6.9 million BTC may be at risk of quantum attacks. It is estimated that about 1.7 million BTC of this amount dates back to the Satoshi Nakamoto era. On the other hand, BitMEX Research has offered an alternative solution. According to this proposal, a “canary fund” consisting of assets vulnerable to quantum risk would be created, and a full-fledged freezing mechanism would be activated only if transfers occurred from addresses within this fund.
*This is not investment advice.
Continue Reading: Adam Back, One of the Satoshi Nakamoto Candidates, Has Proposed a New Idea for Bitcoin
