Key Takeaways
VanEck's Matthew Sigel stated the Bitcoin community recognizes quantum risks and is working on technological paths for resistance.
According to Bitcoin Magazine, asset manager VanEck's Head of Digital Assets Research, Matthew Sigel, stated that the Bitcoin community recognizes quantum computing as a risk. Speaking to CNBC, Sigel noted that while progress may be slow due to the decentralized nature of the crypto network and its governance process, the community is working on solutions.
While a machine capable of breaking Bitcoin's cryptography does not currently exist, the crypto community has sounded the alarm about hypothetical future advancements. Developers and companies are already preparing for a post-quantum future by testing quantum-resistant signatures on live sidechains.
Sigel highlighted that talented individuals have formed a framework to upgrade the system. Major companies, including Coinbase and Blockstream, are working on solutions. Coinbase announced plans for a post-quantum signing pipeline, and a Bitcoin Security Consortium comprising BlackRock, Fidelity Digital Assets, and Block formed in July to donate funds and engineers to open-source work supporting proposals like BIP-360.
Source & Fact-Check Note
This report is synthesized from coverage by Bitcoin Magazine. Information has been fact-checked and structured for market clarity by CoinQuickly’s research desk.
Read original article at Bitcoin Magazine ↗
