I think bitcoin quantum proof patience is paying out for the developers

[Oshosondy]

The first that I read recently about was Galaxy capital which I read about two days or of few days ago.

Galaxy launches Bitcoin quantum computing initiative, commits up to $5 million in developer grants
https://www.theblock.co/post/409129/galaxy-bitcoin-quantum-computing-threat-initiative

But there is another one that I am reading now, BlackRock, Coinbase, Strategy and six other Bitcoin companies have pledged a combined $15 million over three years to fund network security work, including defenses against future quantum computers.

Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets and Galaxy Digital are also founding members of the newly created Bitcoin Security Consortium, which brings together asset managers, exchanges, custodians, infrastructure providers and corporate Bitcoin holders, Strategy revealed in a Thursday press release.

https://bitcoinfoundation.org/news/bitcoin/blackrock-coinbase-join-15m-bitcoin-quantum-push/

That is the best link that I saw about it which can make you understand it better.

What I can learn from this is that bitcoin has gone a long way, bitcoin is what many companies are concerned about now.

[BlackHatCoiner]

The money is the easy part anyway. Agreeing on a signature scheme and getting the old exposed coins migrated is where the real fight will be, and no grant fixes that.

Absolutely worth paying attention. The quantum algorithm and how the migration happens will probably be the most discussed topic on Bitcoin for the next 5 years.

[Dogedegen]

The money is the easy part anyway.

We could say that, but we have seen considerable absence of money compared to how much money these companies are earning. Actually each of these big companies should have at least been sponsoring 1 full time Core developer or some should be doing more. I really welcome these grants, but they should be doing much more and regularly. We are talking about massive profits that are being generated because of Bitcoin's existence and creation. Where is Binance and their contribution? It can't be because they are involved in shitcoins that they are not participating, because Coinbase is involved in shitcoins too so calling one a Bitcoin company and not the other is a big reach.

Agreeing on a signature scheme and getting the old exposed coins migrated is where the real fight will be, and no grant fixes that.

The first part is not a big issue actually compared to the second one. Many schemes that already exist from what I can see simply don't work for Bitcoin because they are too big or something else is wrong with them, so they can be dismissed in a clear order that is quantifiable and objective and not subjective preferences. It is more that the current schemes are not seen as good enough for Bitcoin, so it is about advancing the development on schemes. The second part will be a massive battle, because there is no way to migrate old coins. There are only three options: leave them, freeze them, or confiscate them for some reason like tail emission mining rewards. Each option has its benefits and brings its own downsides. That will be the next huge battle of Bitcoin.

[Floczy]

The fact that this big companies are interested in the security of Bitcoin has shown how important the coin has become.
Everyday I keep on seeing different things that make my believe for bitcoins prosperity increase and this also motivates me to accumulate more to increase my position.

Well it's a good one that microstrategy is involved, at least we all can see that Michael Saylor is in support of the security of the coin, no need suspicion conserning him any more

[Hamza2424]

That is the best link that I saw about it which can make you understand it better.

What I can learn from this is that bitcoin has gone a long way, bitcoin is what many companies are concerned about now.

All of these companies are holders of Bitcoin or manage Bitcoin for their customers. So in short, they do care about this industry because they are making a lot of money from it. Their grants for developers are going to motivate them even more, which is exactly what they need. If it is true that they are forming a coalition, that also means the threat is serious, but not big enough to panic about now.

Or ever.

Bitcoin has definitely come a long way, bro. It was proven when all of these companies started to invest in it. Now they just want to secure it from any threat, which is a good sign that they are not ready to abandon it, which we feared at the start of 2024 before the halving.

[X-ray]

They should do it, especially those exchanges that have made billions out of bitcoin market yet giving nothing back to Bitcoin.

I hope the other follow too because million of dollars is only a crumb compared to the profit Bitcoin have generated for the top exchanges which amounts to several billion yearly.

If not for Bitcoin, those exchanges won't even exist, they won't even be able to stand on the same ground as top stock brokerage and creating the same revenue.

If there is the best time to create good PR out of grant, this is it. It also involves the security of their exchange anyway.

[Somegory]

The money is the easy part anyway. Agreeing on a signature scheme and getting the old exposed coins migrated is where the real fight will be, and no grant fixes that.

Absolutely worth paying attention. The quantum algorithm and how the migration happens will probably be the most discussed topic on Bitcoin for the next 5 years.

There are still many years away before quantum threats becomes intense, but yes we don't have to sit down on our hands till that time arrives, now is the best time to start preparing, talking about this is better that talking about BIP 110

It's good to see that these people or organisation combined don't want Bitcoin to fail, that's good one but I am happy that this threat isn't about Bitcoin and the Blockchain alone, Banks will feel the heat the most, they will be the first targets.

The money side is the simplest of all like you said, I can't do anything to help but I can surely hope that the best decision is made on this threat.

[Curious T]

The risks that quantum computers pose are not something I have been worried about. I knew it was something will get sorted out, just like every other problem that the world has found a solution to.

Agreeing on a signature scheme and getting the old exposed coins migrated is where the real fight will be, and no grant fixes that.

I don't even see why that should be a problem. Maybe it's because of my ignorance on the matter. Shouldn't it just be there for anybody who wants to use it? Does it have to be mandatory? Currently, people are allowed to use any kind of address they want to, be it taproot, segWit, or any other kind, so why should it be different with quantum proof addresses?

[Luzin]

The money is the easy part anyway. Agreeing on a signature scheme and getting the old exposed coins migrated is where the real fight will be, and no grant fixes that.

This is the main issue, because basically I once read that in reaching BIP consensus there were a lot of debates, making this development require a very long process. Honestly, hearing about the security development makes me quite happy. But as far as I think, the interesting logic is that if Quantum can hack, it should also be able to provide extra security.

On my local board, I also discussed this issue.

There was a similar article I found, by Dan Robinson, proposing Provable Address-Control Timestamps (PACTs), a new way for Bitcoin owners to record proof of private key ownership off-chain. This method uses cryptographic commitments and OpenTimestamps to securely prove key control without revealing identity or moving funds on the blockchain, addressing the risk from quantum computers that can steal coins from exposed addresses. PACTs offer a way to maintain privacy while reclaiming ownership.

[Odohu]

Now my mind is a bit relaxed seeing that instead of spreading fears about quantum threats, people are actually making effort to protect Bitcoin against such threats.  This is the time the Bitcoin community need to come together and I'm glad seeing notable players making financial commitments. If need be, low corners like us can support via donations because everyone need to get involved.

If the projection by Google Research¹ is something to put into consideration, it means protecting Bitcoin is a race against time.

Google Quantum AI indicates quantum computers might crack conventional elliptic curve cryptography (ECDSA) as early as 2029.

1. https://research.google/blog/safeguarding-cryptocurrency-by-disclosing-quantum-vulnerabilities-responsibly/

[IjawMan]

What I can learn from this is that bitcoin has gone a long way, bitcoin is what many companies are concerned about now.

Every individual, corporation or agency would always want to protect their asset, and bitcoin has become an asset for roughly millions of people in the world today, and it expedient that a collaboration of this kind for the security of the Bitcoin network is done.

Despite how we the Bitcoin plebs could do nothing, I never at any stop thought that the Bitcoin whales will seat back folding hands doing nothing about any threat to their holdings.

[Dogedegen]

Now my mind is a bit relaxed seeing that instead spreading fears about quantum threats, people are actually making effort to protect Bitcoin against such threats.  This is the time the Bitcoin community need to come together and I'm glad seeing notable players making financial commitments. If need be, low corners like us can support via donations because everyone need to get involved.

If the projection by Google Research¹ is something to put into consideration, it means protecting Bitcoin is a race against time.

Google Quantum AI indicates quantum computers might crack conventional elliptic curve cryptography (ECDSA) as early as 2029.

1. https://research.google/blog/safeguarding-cryptocurrency-by-disclosing-quantum-vulnerabilities-responsibly/

This is not true and you are misreading what this mean. Tomorrow the Earth could be destroyed by any number of phenomena that occur in the universe, that does not mean that this will happen tomorrow. Statements of could present estimates of the earliest possible cases when it might happen in this case, but there is no certainty of that and there is not even certainty about exactly what it means. To understand it a person must have a good background of knowledge that relates to the issues of quantum computers and in relation to Bitcoin. Being able to crack elliptic curve cryptography in some conditions and in some time does not make Bitcoin broken.

Every individual, corporation or agency would always want to protect their asset, and bitcoin has become an asset for roughly millions of people in the world today, and it expedient that a collaboration of this kind for the security of the Bitcoin network is done.

Despite how we the Bitcoin plebs could do nothing, I never at any stop thought that the Bitcoin whales will seat back folding hands doing nothing about any threat to their holdings.

That is not how Bitcoin works and to me this demonstrates that you do not understand it. Bitcoin whales have nothing to do with this topic at all, even in the best case they could invest in some other people that could work on the technical aspects of this issue. Be it as it may, most will not do that and will just let others deal with the problem. Besides that, neither whales nor anybody else can solve the problem for others on Bitcoin because that is the opposite of consensus. Neither can the force people to accept the solution as in the proposal for the network, nor can they force them to actually use it. We can implement some kind of technological restrictions but that is still not an imposed forceful migration.

[AmoreJaz]

The fact that this big companies are interested in the security of Bitcoin has shown how important the coin has become.
Everyday I keep on seeing different things that make my believe for bitcoins prosperity increase and this also motivates me to accumulate more to increase my position.

Well it's a good one that microstrategy is involved, at least we all can see that Michael Saylor is in support of the security of the coin, no need suspicion conserning him any more

With how bitcoin has progressed throughout the years, we can see that the number of companies and other investors increased in this market. Top companies are trying to get a hold of this asset and some want to influence how market moves.

[Ayers]

Galaxy launches Bitcoin quantum computing initiative, commits up to $5 million in developer grants

But there is another one that I am reading now, BlackRock, Coinbase, Strategy and six other Bitcoin companies have pledged a combined $15 million over three years to fund network security work, including defenses against future quantum computers.

Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets and Galaxy Digital are also founding members of the newly created Bitcoin Security Consortium, which brings together asset managers, exchanges, custodians, infrastructure providers and corporate Bitcoin holders, Strategy revealed in a Thursday press release.

I rather see this as positive news. Companies are worried, so Bitcoin is weak, there is really no room for such thinking. , em! Rather, the opposite is true.

Institution like BlackRock, Fidelity, Coinbase, Strategy, Galaxy are sitting on billions of dollars of BTC exposure. So they are already preparing against potential quantum risk. I would call this maturity, it is not panic in any way. New Bitcoin Security Consortium will also not control the governance of Bitcoin or determine the protocol. They will mainly fund open source developer and security research. Each member will provide funding on their own, not centrally control Bitcoin.

[PrivacyG]

Despite how we the Bitcoin plebs could do nothing, I never at any stop thought that the Bitcoin whales will seat back folding hands doing nothing about any threat to their holdings.

What you are saying is like being surprised that the fire fighter is not nervous about a small fire while you are.  That actually tells you why you should calm down and wait for the right solution to be found.  'Bitcoin Whales' would spend a Million Dollars to protect their Bitcoin if this threat was so big it had a significant risk of damaging their Wealth.  They are 'sitting back folding hands' because the threat exists but it is still insignificant and will be for enough time that it is really not worth stressing out over it.

[shinratensei_]

If the projection by Google Research¹ is something to put into consideration, it means protecting Bitcoin is a race against time.

Google Quantum AI indicates quantum computers might crack conventional elliptic curve cryptography (ECDSA) as early as 2029.

2029 is target deadline for their migration to PQC algorithm. Their willow qubit correction might take longer and it's not even certain whether Google will be the first.
Basically what they're saying is to start working on PQC because "Harvest now, Decrypt later" risk exist and in 2029 things might be starting to get dangerous. Doesn't mean in 2029 ECDSA suddenly got cracked.