Bitcoin Magazine
How Do We Protect Bitcoin From Quantum Computers? Not With A Joke
Recently, Project Eleven, a quantum computing research study group, revealed a benefit of 1 bitcoin for the first string efficient in showing the breaking of an elliptic curve cryptography (ECC) essential making use of Shor’s algorithm on a quantum computer system.
The difficulty is set to conclude on April 5th, 2026. To receive the benefit, individuals should effectively show the capability to break a crucial set before this due date.
From a vital point of view, the proposal of this reward raises a number of issues. Foremost amongst these is the incredibly tight timeline of less than one year. Even the most positive projections concerning improvements in quantum computing recommend that accomplishing such a job might reasonably take in between 5 to ten years. Therefore, the expectation of a practical evidence of idea that breaks a crucial set within a single year appears to do not have trustworthiness, especially when thinking about quantum computing as an instant hazard.
Furthermore, the financial reward connected with this reward is disproportionately low in contrast to the prospective abilities of an operating quantum computer system. Currently valued at around $80,000, a single bitcoin uses very little monetary inspiration, especially provided the transformative capabilities of quantum computing, which can carry out particular calculations at a rapid speed relative to classical computer systems.
Hypothetically, a completely functional quantum computer system might interrupt a wide range of safe and secure interaction channels, consisting of those utilized by banks, brokerage companies, and numerous business networks that have actually not transitioned to post-quantum cryptography. It might possibly jeopardize personal messaging applications, decrypt PGP-encrypted e-mails for which the general public secret is understood, and take apart the stability of the DNS system’s certificate authority hierarchy, therefore making it possible for the impersonation of any server worldwide.
The worth stemmed from these abilities far goes beyond that of getting a single bitcoin. Hence, it raises the concern of why a specific having a functional quantum computer system would decide to openly divulge this ability to declare such a modest benefit, instead of leveraging the substantial variety of benefits managed by their innovative innovation.
For the sake of argument, even if one were to presume a worldwide shift to post-quantum cryptography—leaving out Bitcoin—there stays an absence of rationality in pursuing this reward with an operating quantum computer system. If the innovation were just partially efficient, the time needed to break a single secret would still lead to the presence of many public secrets protecting big outputs from the very first mining date, totaling up to thousands. The reasoning of targeting a single secret and after that advertising this accomplishment for a simple bitcoin appears illogical, as one would rather look for to make use of as numerous early coinbase benefits as possible before detection.
Moreover, the property of accomplishing success within such a compressed timeframe is essentially flawed. Current quantum computer systems are not even efficient in factoring prime numbers that people can do psychologically. The idea that the innovation might progress from this ability to breaking Bitcoin’s cryptographic secrets within a single year is, undoubtedly, improbable.
This raises an engaging concern: what truly validates the function of this reward, if not a simple promotion stunt? It does not have any major benefit as a bounty and does not function as an efficient indication for the continuous discourse surrounding the prospective hazard of quantum computing.
This bounty can be classified as unimportant.
This short article represents an individual perspective. The viewpoints revealed are entirely those of the author and do not always show the views of BTC Inc or Bitcoin Magazine.
This post, How Do We Protect Bitcoin From Quantum Computers? Not With A Joke, very first appeared on Bitcoin Magazine and is authored by Shinobi.
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