Galaxy Digital pledges $5M to quantum-proof Bitcoin
Grants will fund post-quantum cryptography projects by open-source developers.
1Bitcoin's Defense Against Quantum Threat
Galaxy Digital has committed $5 million to enhance Bitcoin's resistance against potential quantum computer threats. The funds will support open-source developers in creating post-quantum cryptography solutions. The company also established an advisory council under its Bitcoin Quantum Readiness Initiative.
2Advisory Council and Experts
Galaxy Digital's quantum advisory council includes renowned experts like Barry Sanders from the University of Calgary, Damien Bérubé from MIT, and Eran Tromer from Boston University. The council will guide the development of technical solutions to boost Bitcoin's quantum resistance.
3Funded Project Areas
The grants will support quantum-resistant upgrade proposals, post-quantum cryptography techniques, Bitcoin signature schemes, and wallet migration tools. Additionally, security audits for these projects will also be funded.
4Bitcoin's Quantum Risks
According to analytics provider Glassnode, about 30% of Bitcoin's supply could be at risk if cryptographically relevant quantum computers emerge. 10% of this risk stems from 'structurally unsafe' output types, while 20% arises from key management practices.
5Industry Disagreements
There is no consensus on when quantum computers will pose a practical threat. Blockstream CEO Adam Back claims Bitcoin won't face a meaningful quantum threat for at least 20-40 years, while Bernstein's report suggests a 3-5 year preparation period is necessary.
6A Critical Step for Bitcoin's Future
Galaxy Digital's initiative is vital for Bitcoin's long-term security. Adopting post-quantum cryptography standards is seen as a strategic move to ensure Bitcoin's future viability and reliability in the face of emerging quantum threats.