Bitcoin Core developer from New York said he has figured out how to secure the BTC network from super-powered quantum computers. However, he admits that this is a problem that probably won’t need to be solved for a few years yet.
Bitcoin Core developer knows how to secure the BTC network from quantum computers
Quantum computers can, in theory, generate millions of times the hash rate, or mathematical calculations, of ordinary computers.
So, with the power to guess billions of passwords with relentless brute force, quantum computers can spell trouble for the security of email accounts, cell phones, banks, and even BTC wallets.
Now, in a discussion among BTC developers, Erik Aronesty said he has the answer to that.
Simply put, their proposal involves a new method of public key creation that uses quantum security algorithms.
Users would generate wallets resistant to this type of computation and continue to send and receive BTC as normal. The only difference would be improved security and new wallets.
However, he also said that any changes, while seeming straightforward, would be “a lot of work”. So it suggests that a “premium fee” for using these addresses might be an option.
According to Aronesty, the threat of quantum computing may not be the main problem facing the BTC network, suggesting that it may be “putting the cart like six and a half miles in front of the horse.”
Either way, approving changes to the BTC Core software is an arduous and painstaking process. According to him, proposals often take years to pass code and community reviews.
Aronesty has not yet submitted an official BTC Improvement Proposal (BIP). But he said he will do so if he has enough support from the community.
Aronesty’s proposal calls for a soft fork that requires a consensus vote by thousands of miners around the world.
Due to storage requirements, the fork would reduce the number of transactions BTC could process per block.
Another BTC Core developer Lloyd Fournier suggested a workaround that could provide quantum resistance and include root exits. He suggested adding it as a search issue on the community-led bitcoinproblems.org.
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