Bitcoin’s quantum threat: Naoris offers bounty to break crypto encryption

1 day ago

Naoris, a cybersecurity steadfast focused connected safeguarding integer assets from quantum computing threats, is offering bounties to anyone who tin interruption the encryption algorithms that unafraid large blockchain networks.

In an announcement shared with Cointelegraph connected Thursday, Naoris said it has acceptable a bounty of $120,000 — equivalent to astir 1 Bitcoin (BTC) — for successfully compromising cardinal cryptographic algorithms utilized successful the crypto industry.

The largest bounty, $50,000, is for anyone who tin interruption secp256k1, the cryptographic modular that underpins Bitcoin, Ethereum and galore different protocols. A $30,000 reward is disposable for breaking Ed25519, which is utilized by Solana, arsenic good arsenic encrypted messaging services similar Signal and WhatsApp.

Naoris is besides offering $20,000 for a palmy onslaught connected NIST P-256, the elliptic curve utilized successful the Transport Layer Security (TLS) protocol, which secures net traffic. Another $10,000 is acceptable speech for breaking different elliptic curves, including P-224, P-384 and P-521.

What would hap if cryptography broke?

The bounties are acceptable for breaking elliptic curve parameters, which are values oregon sets of values that specify a circumstantial elliptic curve utilized successful cryptography, thereby determining the information and functionality of the cryptographic system.

The modern satellite heavy relies connected cryptography, and the consequences of its being compromised would beryllium dire and far-reaching.

Cryptocurrencies, Security, Bitcoin Price, Quantum Computing, Bitcoin Adoption, Features

If secp256k1 were compromised, Bitcoin and aggregate different blockchains, the Lightning Network, galore Ethereum layer-2 protocols and others would break. Current estimates suggest breaking this algorithm would necessitate astir 10 cardinal trillion years utilizing today’s GPU technology.

A palmy onslaught connected Ed25519 would compromise the OpenSSH protocol utilized for unafraid server access, disrupt Git mentation power systems and endanger portions of the DNS information layer.

NIST P-224 is mostly utilized successful bequest systems, specified arsenic aged smartcards, and is acceptable to beryllium deprecated aft 2030 by the US National Institute of Standards and Technology. It is astir 30,000 times easier to interruption than 256-bit curves specified arsenic secp256k1.

The quantum sword of Damocles hangs supra Bitcoin’s head

While quantum computers are improbable to interruption modern cryptography anytime soon, galore experts judge that it is simply a question of erstwhile alternatively than if. Consequently, contempt quantum computers being estimated to request tens of millions of qubits to interruption those systems, the crypto assemblage has started preparing.

Bitcoin, successful particular, is taking its archetypal steps. A caller Bitcoin Improvement Proposal (BIP) introduced this period aims to tackle the menace posed by quantum computers by phasing retired Bitcoin’s bequest signature schemes.

“A palmy quantum onslaught connected Bitcoin would effect successful important economical disruption and harm crossed the full ecosystem,” the connection reads. “Beyond its interaction connected price, the quality of miners to supply web information whitethorn beryllium importantly impacted.”

During a mid-April interrogation with Cointelegraph, aboriginal cypherpunk Adam Back, cited by Satoshi Nakamoto successful the Bitcoin achromatic paper, suggested that quantum computing unit whitethorn reveal whether the blockchain’s pseudonymous creator is alive.

He explained that quantum computing could marque the Bitcoin held by Satoshi Nakamoto susceptible to being stolen, forcing him to determination it to sphere it.

Researchers are besides looking for much blockchain-agnostic solutions. Earlier this week, Sui Research introduced a cryptographic model that could supply protection against quantum computing threats to aggregate blockchains without requiring hard forks, code changes oregon cardinal updates.

Still, portion that peculiar solution boasts compatibility with each EdDSA-based blockchains, this request excludes Bitcoin and Ethereum. Compatible blockchains see Sui, Solana, Near and Cosmos.