New Quantum-Safe Bitcoin Transactions Introduced, Costs Up to $200 Each
Quantum-safe bitcoin now possible without a soft fork, but costs $200 a pop, new research shows
Coindesk
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A new method for quantum-safe Bitcoin transactions, developed by StarkWare researcher Avihu Levy, allows for secure transactions without changing the Bitcoin protocol. However, this method requires significant off-chain GPU computation, leading to costs between $75 and $200 per transaction, making it a complex and expensive alternative to standard Bitcoin payments.
- 01The new method is called Quantum Safe Bitcoin (QSB), allowing for quantum-resistant transactions without protocol changes.
- 02QSB transactions require extensive off-chain GPU computation, costing between $75 and $200 each.
- 03This method is seen as an emergency solution rather than a permanent fix.
- 04Long-term solutions like BIP-360 are still years away from implementation.
- 05QSB transactions do not integrate with the Lightning Network and are more complicated to execute.
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Avihu Levy, a researcher from StarkWare, has introduced a new method called Quantum Safe Bitcoin (QSB) that enables Bitcoin transactions to be resistant to quantum attacks without altering the existing Bitcoin protocol. This method replaces traditional signature-based security with hash-based proofs, which are designed to withstand quantum threats. However, the implementation of QSB requires extensive off-chain GPU computation, leading to transaction costs ranging from $75 to $200, significantly higher than the typical transaction fee of around 33 cents. QSB is intended as a last-resort solution while proposals like BIP-360, which aim to provide long-term quantum resistance through protocol changes, face delays in activation. Currently, the timeline for BIP-360 remains uncertain, with low odds of it being implemented soon. As quantum computing technology advances, QSB offers a way for Bitcoin users to protect their transactions today, albeit at a high cost and complexity, as these transactions cannot utilize faster systems like the Lightning Network and require direct processing by miners.
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This development could significantly affect Bitcoin users who wish to secure their transactions against future quantum threats, but at a high cost.
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