Blockstream researchers propose a hash-based signature scheme to defend against quantum threats.
TL;DR
Blockstream researchers propose a hash-based signature scheme to protect Bitcoin from quantum computer threats, leveraging existing Bitcoin hash functions and NIST standardization. Older wallets, including Satoshi's holdings, are most at risk.
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According to Odaily Odaily, Blockstream researchers Mikhail Kudinov and Jonas Nick proposed in a revised paper released on December 5 that hash-based signature technology may be a key solution to protect Bitcoin from the threat of quantum computers.
Researchers believe that hash-based signatures are a compelling post-quantum solution because their security relies entirely on a mechanism similar to the hash function assumptions already present in Bitcoin's design. The scheme has undergone extensive cryptanalysis during its post-quantum standardization process at the National Institute of Standards and Technology (NIST), enhancing the credibility of its robustness.
It is estimated that older Pay-To-Public-Key Bitcoin wallets created before 2012 (including Satoshi Nakamoto's holdings worth $98 billion) contain approximately $600 billion worth of BTC, and these wallets will be the first to face the threat of quantum computers. (DL News)