Authorities plan to phase out Bitcoin’s signature cryptography.
The Elliptic Curve Digital Signature Algorithm (ECDSA), which the cryptography behind Bitcoin’s digital signatures, is set to be phased out by the government post-2030. Some individuals in the Bitcoin community are encouraging others to come together and devise methods to ensure the crypto currency is secure against quantum threats, although not everyone shares the same level of concern.
The discussion is not a recent one and arose following the introduction of quantum computers – sophisticated devices that leverage quantum mechanics for processing data at a significantly accelerated rate compared to conventional computers.
The level of processing capability could make ineffective some cryptographic methods like ECDSA and RSA, which privacy in communication, banking, and digital currencies like Bitcoin.
report from the National Institute of Standards and Technology (NIST) has sparked renewed discussion about securing Bitcoin against quantum computing threats, as it reveals that within five years, the government plans to phase out cryptographic algorithms deemed vulnerable to quantum attacks, including ECDSA.
named Bitcoin Isaiah expressed concern on X, stating that it’s alarming to see governments treating this issue with gravity while many in the bitcoin community remain nonchalant, advising that caution is the better approach.
Advocate for a more cautious and patient strategy and co-founder of Blockstream, a leading company in Bitcoin technology. With a PhD in Computer Science, Back is highly respected within the community, largely due to the fact that his Hashcash algorithm was cited by Satoshi Nakamoto in the Bitcoin whitepaper, a nod that has contributed to his esteemed reputation.
Claim, pointing out that Bitcoin’s ECDSA and Schnorr algorithms actually operate at a 128-bit level, not 112, which pushes the predicted timeline to 2035 rather than 2030. He also suggested that this approach is overly cautious, given the typically pace of government systems.
Schnorr signatures play a key role in Bitcoin’s Taproot improvement and offer a more straightforward and effective option compared to ECDSA. Back is accurate in noting that NIST has set the deprecation deadline for 128-bit algorithms at 2035 and not 2030.
A different X user chimed in, labeling Isaiah’s post as “quantum FUD,” a term that stands for spreading fear, uncertainty, and doubt in the crypto community. This user suggested that the threat of quantum computers hacking bitcoin wallets is still far in the future, assuming no action is taken, prompting Back to estimate a timeline of “decades” before such a vulnerability becomes a reality.
Nevertheless, some individuals are less hopeful. A user using the username “Marketwizard87” expressed their opinion by stating, “If it is set to be phased out in five years, it is at risk right now.”
