Quantum-Safe Bitcoin Proposal Offers Emergency Protection Without Network Upgrade

Quantum Safe Bitcoin proposal claims to protect BTC from quantum attacks without upgrades, but high costs and limits raise concerns.

A new proposal is drawing attention in the Bitcoin community over future security risks. One of the researchers has proposed a way of securing transactions against quantum attacks. This method works without changing the Bitcoin network rules. However, experts say it is costly and suited only for emergencies.

New Research Introduces Quantum-Safe Bitcoin Without Protocol Changes

This is a suggestion of StarkWare researcher Avihu Levy. In a research paper, he proposed Quantum-Safe Bitcoin (QSB). The approach is to secure Bitcoin against mighty quantum computers. Importantly, it works on the live network without any upgrades.

Bitcoin is now based on Elliptic Curve Digital Signature Algorithm to secure transactions. Such digital signatures are robust nowadays but might not be effective in the future. A powerful quantum computer could break them with the help of Shor Algorithm. Thus, new protection techniques are under investigation.

Related Reading: Google Says Quantum Computers Could Crack Bitcoin in 9 Minutes

QSB substitutes signature-based security with hash-based cryptography. In this system, users have to solve a complicated puzzle before they can spend money. The puzzle involves searching a valid input that has a correct hash output. The verification in this process is done with RIPEMD-160.

The hash problems are difficult to reverse, and hence they are resistant to known quantum attacks. Consequently, the approach transforms security into a computation rather than signatures. Additionally, QSB relies on the existing Bitcoin scripts and thus does not need a protocol modification. This renders it an instant choice to users who desire additional security.

High Costs and Practical Limits Restrict Everyday Use

QSB has severe disadvantages in spite of its advantages. To start with, the price of every transaction is extremely high. Estimates show costs range between $75 and $200 per transaction. This expense is due to the intensive use of GPUs or cloud computing.

Second, it is a lengthy process. It may require several hours to solve the necessary puzzle. Even the mighty multi-GPU systems require time to locate the right answer. QSB is thus not applicable to everyday payments.

The other challenge is connected with network acceptance. Many nodes now consider QSB transactions to be non-standard. This implies that they might not get into the regular transaction pool. Rather, users might be required to forward them to miners to be approved.

Currently, QSB is still in prototype. The code and research are publicly accessible, but complete live testing is restricted. Other solutions such as BIP-360 are in the meantime being developed. These long-term solutions involve upgrades to the network and can take years to implement.

Michael Saylor on the other hand has expressed a different opinion on quantum risks. He said that the threat is still largely hypothetical at the moment. He further added that Bitcoin might have reached a bottom price of around $60,000 when the market pressure subsided.

Finally, QSB provides a quick yet expensive quantum safety solution. It operates without altering Bitcoin regulations, which is unique. Its high cost and slow process however, restrict its use. Nevertheless, it demonstrates the way developers are getting ready to face future risks in crypto security.

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