Bitcoin is now in the news for reasons other than its price action or the regulatory moves surrounding it. A group of prominent Bitcoin developers has proposed a Bitcoin Improvement Proposal to safeguard it against quantum threats.
The plans were unveiled on GitHub and could lead to a stronger Bitcoin ecosystem when quantum threats emerge. The proposal has once again started a conversation around which could be the best crypto to buy now in terms of security. Will altcoins be able to adapt to quantum threats as well?
Three-Phased Proposal to Quantum-Proof Bitcoin
The conversation around quantum threats to Bitcoin has been going on since last year. In April of this year, one of the developers, Augustin Cruz, submitted a proposal titled Quantum-Resistant Address Migration Protocol. The proposal was meant for legacy Bitcoin wallets (wallets that had Bitcoin when the crypto first emerged) and aimed to secure them through post-quantum cryptography.
This new proposal, titled Post Quantum Migration and Legacy Signature Sunset, has been put forward by multiple developers headed by Jameson Lopp. The other devs include Christian Papathanasiou, Ian Smith, Joe Ross, Steve Vaile, and Pierre-Luc Dallaire-Demers.
This proposal has three phases:
Phase A involves disallowing funds to be sent to quantum-vulnerable addresses.
Phase B involves rendering ECDSA/Schnorr spends invalid to prevent spending funds in quantum-vulnerable UTXOs.
Phase C involves creating a separate proposal to develop a method that allows quantum-safe recovery of legacy wallets.
The developers have stated that everyone holding BTC should act in the first phase, and it could take three years to implement fully. Phase B (the second phase) will also be acted on by the entire BTC-holding community and could take another two years. The final phase is for those who failed to migrate their assets to quantum-resistant wallets before Phase B. Overall, the idea is to make Bitcoin quantum-proof by 2030.
“Even if Bitcoin is not a primary initial target of a cryptographically relevant quantum computer, widespread knowledge that such a computer exists and is capable of breaking Bitcoin’s cryptography will damage faith in the network,” the official document states.
The proposal also highlights that quantum attacks on Bitcoin may not be motivated economically, but politically, in a bid to destroy its decentralized principles. Therefore, existing proposals aren’t sufficient, as they allow for quantum threats, enabling anyone to steal vulnerable coins.
While many say that this is too soon, since viable quantum computing does not exist yet, developers argue that it is an urgent issue and must be addressed immediately. They warn that it currently poses risks to 25% of all existing Bitcoin, as these coins reside in addresses with exposed public keys.
Why is thinking about it important? If quantum computers are powerful enough, they can implement Shor’s algorithm to break through the core security of cryptos that rely on the Elliptic Curve Digital Signature Algorithm, RSA, or any other classical public-key cryptosystems.
In simple terms, quantum computers can run the algorithm to derive private keys from exposed public keys. Could this impact Bitcoin’s future as an apex crypto? Yes and no.
If the coins extracted by quantum attacks get lost, it would reduce Bitcoin’s circulating supply, potentially increasing the apex crypto’s value. However, if the theft is done for economic reasons, the stolen coins could be dumped back into the market. This could lead to panic selling, a price crash, and damage to Bitcoin’s reputation.
Bitcoin Price Prediction if the Quantum Proofing Plans Are Put into Action
If the quantum proofing proposal is accepted and, in time, enacted, the Bitcoin price could move in a positive direction.
For one, it will show that Bitcoin can evolve and protect itself, which will likely bring more buyers to the space. Secondly, strengthened network security will shift more responsibility to users to keep their assets safe. Even centralized exchanges can upgrade their accessibility measures to give users more flexibility, which could also push the BTC price.
Older addresses could also be phased out eventually, and more preference could be given to quantum-safe addresses. This could lead to deflationary momentum, pushing the Bitcoin price to new highs.
That being said, if the upgrade is delayed and there is a quantum threat that successfully attacks the Bitcoin network, panic selling could take place. As 25% of wallets are said to be exposed due to their public keys being public, theft and BTC dumping could lead to a major crash.
Best Crypto to Buy Now – Top 3 Picks for Investors as Bitcoin Moves Towards Quantum Proofing
Bitcoin’s move towards quantum proofing is a signal that nothing in blockchain is stagnant. Technology, regardless of how old, will eventually evolve. With that in mind, here are our top picks that could be considered some of the best cryptos to buy now.
Bitcoin Hyper
Bitcoin Hyper could gain from Bitcoin’s growth as quantum proofing arrives. And since proofing has nothing to do with providing a strong use case, this project fills the gap.
Designed on Solana, Bitcoin Hyper features the principles of Bitcoin and the security of Ethereum. Its primary goal is to inject more utility into the Bitcoin network. It has put multiple systems in place to make that real: a Solana Virtual Machine, an L2 scaling system, and a Canonical Bridge.
Bitcoin Hyper is also a meme coin, which gives it an edge among short-term investors who seek a community-focused crypto.
So far, the project has raised over $3 million, which shows that a strong community could be building around it.
Furthermore, since Bitcoin has only recently reached its all-time high, all eyes are on Bitcoin Hyper, as many analysts suggest that if the meme coin launches during the current bull cycle, it could experience a 10x increase.
Token6900
Bitcoin’s pursuit of becoming more quantum-resistant could be thought of as a topic too technical for those investors who are only here to have fun. For these investors, Token6900 could be the best investment option.
This project does not take itself too seriously. In fact, its focus is on making fun of all the core effort investors go through to pick the right cryptocurrency investments. It talks about how to approach every investment like a degen, to focus on the social aspects of a cryptocurrency, and to go all in if needed in order to make gains.
It does not have any utility, nor does it have the intention to provide any long-term value. Its primary focus is on creating a community of degens, brought together thanks to their mutual love for all things memes and crypto.
Popular crypto analyst Borsch Crypto has also put his weight behind this project and has given his reasons for believing that Token6900 could explode upon launch.
Snorter
Protection against quantum threats is important to focus on now, but the reality is that we are still years away from seeing a commercial-grade and viable quantum computer. However, the theme of protection still stands, and that theme is how Snorter has been able to make its mark on the market.
Originally a meme coin, Snorter powers a trading bot of the same name on Telegram. Its purpose is to find and invest in emerging Solana-based meme coins automatically while also providing users ample protection. Honeypot protection and rug pull protection systems are added to the ecosystem, and the bot is equipped with MEV protection.
This trading bot could give users a way to invest in meme coins and gain an upper hand as meme coin traders. And since it is also a meme coin, Snorter is equipped with short-term upsides that could bring massive gains to early buyers.
Experts like The Crypto Mark have called it the next meme coin gem, citing its use cases as the core reason.
Conclusion
With Bitcoin’s quantum proofing proposal, focus on blockchain security has emerged yet again. While the proposal has some important points, it is also critical to note that most investors aren’t concerned with immediate threats right now. Still, the revelation of products such as Microsoft’s Majorana 1 chip shows that the days of quantum computing are not that far away.
Meanwhile, investors looking for the best crypto to buy now should look for altcoins with a secure ecosystem. While, like Bitcoin, none of them are quantum-resistant, they can roll-out futuristic security measures faster than Bitcoin.
This article has been provided by one of our commercial partners and does not reflect Cryptonomist’s opinion. Please be aware our commercial partners may use affiliate programs to generate revenues through the links on this article.
