roadmap<\/a> to protect the \u201cU.S. digital asset ecosystem\u201d from the dangers of decryption via quantum computing. <\/p>\n\u201cWe believe that a structured approach is needed to neutralize the forward-looking threat of quantum computing, and we present this framework as a starting point for that critical work,\u201d wrote Costa in the proposal.<\/p>\n
The 74-page framework outlines a roadmap for transitioning the cryptographic foundations of digital assets and upgrade them so that they become quantum-resistant standards.<\/p>\n
If such measures to quantum-proof crypto assets are not taken, Costa warns regulators that trillions of dollars in digital assets are in danger of being exposed once quantum attacks succeed in breaking through current encryption methods.<\/p>\n
<\/p>\n
Some of the recommendations presented in the proposal include automated vulnerability assessments of digital asset platforms, prioritization of high-risk systems like institutional wallets and exchanges and a phased migration using classical and post-quantum cryptography.<\/p>\n
The plan also refers to the National Institute of Standards and Technology or NIST standards updated in 2024. It also warns of the dangers of the budding \u201cHarvest Now, Decrypt Later\u201d strategy, where bad actors collect encrypted data today so that they may decrypt it with quantum machines in the future.<\/p>\n
Quantum computing is considered by many as a threat to cryptocurrency, as enough computing power could very well crack the Bitcoin (BTC) encryption and infiltrate wallets. Such an occurrence is dubbed by many as \u201cQ Day.\u201d <\/p>\n
\u201cEstablishing a quantum-resilient digital asset ecosystem is needed to secure investor assets and ensuring the long-term integrity of US capital markets,\u201d wrote Costa in the proposal<\/p>\n
Seeing as how the U.S. government has ambitions to build a national crypto reserve, measures to quantum-proof its holdings become more vital than ever before.<\/p>\n
<\/p>\n
How much time do we have until quantum computing cracks Bitcoin?<\/h2>\n
In a previous interview with crypto.news, founder and CEO of the decentralized post-quantum infrastructure Naoris Protocol David Carvalho explained that there is less time than people think when it comes to how long it will take before quantum computing technology can hack into BTC\u2019s encryption.<\/p>\n
He predicted that it will take less than five years for the technology to catch up.<\/p>\n
\u201cWe\u2019ll get to a point where quantum computers have enough qubits and sufficient error correction to be a real threat to ECDSA encryption,\u201d said Carvalho.<\/p>\n
Moreover, he explained that once the encryption can be cracked, then it\u2019ll be a matter of time before bad actors take advantage of the technology to target large dormant wallets, such as Satoshi\u2019s BTC trove. Next, they will go after the smaller wallets.<\/p>\n
\u201cThe most frightening thing about quantum is that when we get to \u201cQ-Day\u201d, the attacks will be swift, quite possibly simultaneous, and certainly devastating,\u201d he said.<\/p>\n
\u201cAnd most importantly, retroactive, meaning that even transactions that have been signed and executed could be at risk,\u201d continued Carvalho, adding that wallets and blockchains will have to take preemptive measures to quantum-proof their holdings.<\/p>\n
He believes that the world\u2019s best bet for preparing for Q Day lies in the hands of BlackRock, as one of the largest institutions that hold BTC, and the U.S government.<\/p>\n
\u201cBut they better do it quickly,\u201d said Carvalho.<\/p>\n
Most recently, a quantum computer in China was able to break through 22\u2011bit RSA integer using a quantum computer, breaking the previous 19-bit record. Back in May, BlackRock also issued a warning to investors about the potential security risks related to Bitcoin\u2019s encryption.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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