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Bitcoin OG Willy Woo has suggested a mode to support your Bitcoin harmless until there’s a solution to the quantum Bitcoin menace — hodling your Bitcoin successful a SegWit wallet for astir 7 years.
Quantum computing has been a long-feared (and debated) inflection constituent for the crypto industry. Computers susceptible of breaking encryption person been theorized to person the capableness to uncover idiosyncratic keys, exposure delicate information and idiosyncratic funds.
In an X station connected Tuesday, Woo floated 1 “intermediary measure,” involving the transportation of one’s Bitcoin to a SegWit-compatible address, and holding the Bitcoin determination until a quantum-safe protocol is developed.
SegWit, oregon Segregated Witness, is simply a Bitcoin (BTC) protocol upgrade that was implemented connected Aug. 23, 2017.
Source: Willy WooSegWit could assistance fell keys
Woo argues that quantum computers tin discern a backstage cardinal from a nationalist key, and present-day taproot addresses, “embed the nationalist cardinal into the address,” making them susceptible to quantum computers, portion a SegWit hides the nationalist cardinal until a transaction is logged.
“In the past it was astir protecting your PRIVATE KEY (your effect phrase). In the property of large scary quantum computers (BSQC) that are coming, you request to support your PUBLIC KEY also,” helium said.
“Prior formats fell the nationalist cardinal down a hash, truthful a BSQC can’t easy ace it.”However, this would mean that the Bitcoin idiosyncratic volition person to refrain from sending immoderate Bitcoin retired of the SegWit code until a solution to the quantum menace is developed, explained Woo.
Woo nevertheless besides acknowledged that Bitcoin held by exchange-traded funds, treasury companies, and successful acold retention could beryllium quantum-resistant if the custodians instrumentality action, adjacent earlier a quantum-resistant protocol is rolled out.
He besides pointed retired that the “general consensus” is that quantum astir apt won’t beryllium a menace to Bitcoin until astatine slightest 2030 onward, and “quantum-resistant standards and upgrades are already rolling out.”
SegWit is “no extortion model” exec argues
However, Charles Edwards, the laminitis of quantitative Bitcoin and integer plus money Carpriole, who has warned astir the quantum menace to Bitcoin before, argued the solution “ain’t quantum safe.”
“SegWit is nary extortion model. We request to upgrade the web ASAP, and these benignant of posts suggesting we person 7 years would mean the web collapses first,” helium said.
Source: Charles EdwardsRelated: Quantum menace to Bitcoin inactive years away, says Borderless Capital partner
Critics accidental quantum fears are overblown
Meanwhile, critics argue the menace posed by quantum computers is overblown due to the fact that the exertion is inactive decades distant from being viable, and banking giants and different accepted targets volition beryllium cracked agelong earlier Bitcoin.
In July, Bitcoin bull Michael Saylor downplayed concerns implicit quantum computing’s interaction connected Bitcoin, calling it a selling ploy to pump quantum-branded tokens.
Bitcoin advocator Adrian Morris said successful a Feb. 20 station to X that quantum computing is “barely a viable technology,” with “major issues” astir thermodynamics, representation and persisting calculations.
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