Galaxy Launches Bitcoin Quantum Security Initiative to Protect Bitcoin Against Potential Threats

BlockBeats News, July 21st. According to official sources, Galaxy today announced the launch of the "Bitcoin Quantum Security Initiative," a multi-faceted plan aimed at helping Bitcoin address the potential threat posed by quantum computing development.

The plan includes: providing up to $5 million in developer grants to support the research of post-quantum cryptography solutions for Bitcoin; establishing a dedicated research and publishing project by Galaxy Research to advance quantum security-related research; forming a Quantum Advisory Council to bring together top experts in quantum computing and post-quantum cryptography to guide Bitcoin's quantum security.

Bitcoin's current security relies on elliptic curve cryptography. In theory, once a sufficiently powerful quantum computer emerges, this encryption system may be compromised. Although currently there are no quantum computers globally that possess the capability to break modern encryption, the industry expects the realization of this technology to be accelerating.

The National Institute of Standards and Technology (NIST) of the United States officially released the first set of post-quantum cryptography standards in 2024. In addition, a recent executive order issued by the United States requires the federal government to complete quantum-resistant deployment of traditional cryptographic systems by 2031, further highlighting the urgency of quantum security concerns.