Alex Thorn of Galaxy Research discusses strategies to protect Bitcoin from quantum computing threats, emphasizing the need to preserve Satoshi's coins.
Alex Thorn, head of Galaxy Research, recently addressed the implications of quantum computing on Bitcoin, highlighting emerging consensus within the crypto community.
Thorn emphasized that Satoshi Nakamoto's original coins should remain untouched to preserve the integrity of Bitcoin’s value. He argued that altering the ownership of these coins could violate property rights and disrupt trust in the cryptocurrency.
He reassured that the risk of hacking these coins is less significant than often perceived. With the coins distributed across approximately 22,000 addresses, an attacker would need to infiltrate each wallet individually, rather than compromising the overall network. Moreover, major exchanges and active users have the opportunity to transition to quantum-resistant addresses proactively.
Thorn pointed out that the market is capable of absorbing a sudden influx of coins, suggesting that Bitcoin holders would rather face a temporary dip in prices than jeopardize the core principles of the protocol.
He advocated for the advancement of post-quantum cryptography, suggesting that testing new algorithms and optimizing signatures would be beneficial for the network, as long as it does not cause division among community members or distract from other priorities.
To prepare for potential quantum threats, Thorn recommended developing a technical solution and keeping it on standby for quick deployment when necessary. He assessed the risk of quantum technologies having a critical impact on Bitcoin as relatively low, at just 1%, but viewed ongoing discussions as important for future preparedness.
Earlier in April, a proposal by Bitcoin developer Jameson Lopp and other experts aimed to freeze coins that could be vulnerable to quantum attacks. This proposal faced backlash from the community, which criticized it as authoritarian.
