Galaxy, led by billionaire Mike Novogratz, has launched the Galaxy Bitcoin Quantum Readiness Initiative with $5 million in grants to fund developers working on post-quantum security. The initiative aims to develop new signature schemes, protocol upgrade proposals, and wallet migration solutions. Galaxy notes that while no quantum computer can currently break Bitcoin’s security, the cryptocurrency’s reliance on elliptic curve cryptography poses a long-term risk, with potentially millions of coins at stake under certain scenarios. However, Bitcoin’s slow-moving governance, lacking a central authority, remains a major hurdle to any quantum-resistance upgrade.
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