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Sigman warned that “quantum computers may one day break the cryptography” of Bitcoin.
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BIP-360 would establish a quantum-safe transaction system.
In response to the uncertainty generated by the launch of Google’s Willow chip and analyst opinions about its potential to compromise the security of Bitcoin (BTC), the BIP-360 improvement proposal emerges as a possible solution.
This proposal seeks to introduce a transaction mechanism resistant to quantum computing, ensuring compatibility with current systems and preparing Bitcoin for future cryptographic threats.
Among the specialists who believe that quantum computing could affect Bitcoin is Chamath Palihapitiya, engineer and venture capitalist. He explained that 8,000 Willow chips working together could pose a risk to the security of the Bitcoin network.
Furthermore, he assured that within a period of “2 to 5 years”Cryptocurrency networks will have to adopt hashing algorithms resistant to quantum computing.
In this context, Ben Sigman, CEO of Bitcoin Libre, a company that offers a BTC wallet, gave his opinion on how the implementation of the BIP-360 would act. This Bitcoin improvement proposal, known as “QuBit”, was prepared and presented by the developer Cryptoquick on June 8, 2024.
What is the BIP-360 and how does it work?
According to your documentBIP-360 is a proposed improvement in the Bitcoin protocol that introduces the payment method with P2QRH cryptography (in Spanish, “Payment to Quantum Resistant Hash”) and provides a transaction mechanism resistant to quantum attacks .
Currently, the algorithm ECDSA (Elliptic Curve Digital Signature Algorithm) is the encryption that Bitcoin uses to sign transactions and guarantee the private key security.
With this current Bitcoin mechanism, funds are locked with public keys derived from ECDSA, which would be potentially vulnerable to quantum attacks.
The risk would be given, according to Sigman, by the possibility that elliptic curve cryptography could be compromised (ECC) currently used in this network, such as the ECDSA algorithm.
BIP-360 would offer a quantum-resistant transaction system. Fountain: Github.
However, algorithms like Shorwhich quantum computers could run on private keys, have the theoretical potential to compromise this system.
BIP-360 would replace that mechanism, locking and unlocking user funds with strong hashes, such as SHAKE256 or SHA-3which would be immune to possible advances in quantum computing, as noted Sigman.
According to the CEO of Bitcoin Libre, using hashes instead of public keys would eliminate the risk of exposure of sensitive informationsince hashes are results of one-way functions that cannot be reversed to obtain the original input, even “with advanced technology”.
BIP-360 includes support for multi-signature
Sigman, continuing his explanation, detailed that P2QRH introduces the ability to use multiple types of keys in a transaction. This means that a user could use both traditional keys (ECDSA) and keys resistant to quantum computing.
This blended approach would allow users to gradually transition to technologies that would be more secure while maintaining compatibility with the current system.
For example, a user could configure a multi-signature wallet that requires a traditional key and a quantum-resistant key to authorize transactions. This would benefit security, and encourage more flexible adoption.
In addition, the design of P2QRH leaves room to incorporate advanced cryptographic primitives. This means that if even more powerful quantum algorithms or new advances in quantum-resistant cryptography emerge in the future, Bitcoin could adapt without the need to introduce new disruptive mechanisms.
BIP-360 would not increase block space in Bitcoin
Regarding the efficiency of P2QRH, Sigman argued that it is “designed to minimize the increase in block size, optimizing signatures resistant to quantum computing.”
Compared to ECDSA, quantum-resistant signatures are typically larger, which could increase the load on the network. P2QRH would propose optimizations to minimize this impact, maintain the compact transactions and it would decrease the data size on the chain.
Next, Sigman expressed that P2QRH follows a similar approach to that of Blockchain/” target=”_blank” rel=”noreferrer noopener”>SegWit. Thus, the BIP-360 separates the additional data required for quantum resistance, ensuring that old nodes can verify transactions without the need for processingr all new information. This would enable a reduction in computational cost for older nodes and facilitate gradual adoption.
The implementation would be done through a soft fork, which means that non-updated nodes will continue to function on the network, even if they do not take advantage of the new P2QRH features. This feature is important for avoid fragmentation of the network and ensure a smooth transition.
In this way, BIP-360 seeks to shield Bitcoin against the possible future risks of quantum computing, offering a transition towards post-quantum cryptography that ensures integrity and trust in the network.
However, as reported in CriptoNoticias, it is valid to remember that, according to many analysts, the risk of quantum over Bitcoin it’s still far away.
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