AI advancements have cut the cost for quantum-safe Bitcoin transactions from $320 to $66, but the new estimate is yet to be validated.
AI-driven coding advancements have significantly reduced the cost of preparing a quantum-resistant Bitcoin transaction from $320 to about $66, according to research conducted by StarkWare.
The coding competition organized by StarkWare showcased participants using AI tools to accelerate the computational process, achieving speeds approximately five times faster than previous efforts. However, the new cost estimate has yet to be confirmed through an actual Bitcoin transaction.
The original $320 estimate was derived from an August transaction, which took around 3,100 hours of computation and used 100 graphics processors. This figure was calculated prior to the transaction’s addition to the Bitcoin blockchain, excluding transaction fees.
StarkWare's competition aimed to refine the coding approach, prompting participants to create more efficient search algorithms. The competition's top entry evaluated close to 881 million candidates per second, a stark improvement from the 146 million candidates per second offered by the initial code.
These developments are crucial for addressing future threats to Bitcoin, particularly from advanced quantum computers that could breach public keys to access private keys, risking the funds involved. StarkWare’s method integrates hash-based safeguards designed to withstand potential quantum attacks, and importantly, it maintains compatibility with Bitcoin's existing protocol, negating the need for network upgrades.
This solution provides a temporary pathway for Bitcoin users to transfer their coins at risk before a more comprehensive network fix is in place. The new estimated transaction cost of $66 makes this alternative more practical compared to the previous figure.
Nonetheless, the $66 estimate is still theoretical and relies on computational trials, with the improved software needing validation through further mined transactions. CoinDesk noted that applying efficiencies to the original cost could suggest a new approximate cost of $83, though record-setting performances may have driven costs even lower.
It’s important to note that this method has limitations; transactions must be routed directly to miners, bypassing regular network procedures, and it does not protect coins with public keys that have already been exposed, which are the most vulnerable to quantum threats.
