Key highlights:
- Galaxy has rolled out a $5 million grant for developers and researchers working on quantum-proofing Bitcoin.
- A Quantum Advisory Council will evaluate grant proposals, with Galaxy Research publishing progress reports on studies.
- Experts say the earliest quantum threat may show up by the end of the decade.
Galaxy has announced the launch of a Bitcoin Quantum Readiness Initiative, committing $5 million in developer grants to prepare the network for advances in quantum computing. The initiative comes on the heels of a frenetic push by Bitcoin developers to secure the network, underscored by a series of proposals and counterarguments.
Galaxy’s Bitcoin Quantum Readiness Initiative goes live
The first arm of the
To support the proposal, quantum security startup Project Eleven developed a zero-knowledge proof system to recover frozen Bitcoin. However, the solution will exclude Satoshi Nakamoto’s 1.1 million BTC and other early coins mined before the introduction of BIP-32 that created hierarchical deterministic wallets.
Source:: Galaxy Launches $5 Million Quantum Readiness Initiative to Secure Bitcoin