9 blockchain organizations establish Quantum Alliance to address quantum computing security risks

Nine blockchain organizations have established the Quantum Alliance with the aim of developing quantum readiness standards and establishing anti quantum capability testing methods for networks, wallets, and infrastructure. The founding participants of the alliance include Quantus, Postquant Labs, and others, whose work covers blockchain migration, post quantum zero knowledge systems, wallet security, and cross chain compatibility. The alliance claims that elliptic curve signatures put 6.04 million bitcoins in a state of quantum risk exposure. If a quantum computer with sufficient computing power runs the Shor algorithm, theoretically it can reverse engineer the private key and control the asset. The alliance cited predictions that the risk window is in the late 2020s, and Google Quantum AI research will lower the number of quantum bits required to crack Bitcoin cryptography to less than 500000. (Source: Decrypt)