StarkWare's Avihu Levy unveiled Quantum Safe Bitcoin, a method to enhance Bitcoin security against quantum threats without altering the protocol.
StarkWare's Chief Product Officer, Avihu Levy, announced a new mechanism designed to protect Bitcoin transactions from potential quantum computing threats without the need for a soft fork in the protocol.
The proposed system, called Quantum Safe Bitcoin (QSB), utilizes an innovative method to secure Bitcoin transactions using the existing Bitcoin Script capabilities. Traditional Bitcoin transactions rely on Elliptic Curve Digital Signature Algorithm (ECDSA), which could be compromised by quantum computers deploying Shor's algorithm. QSB counters this vulnerability by introducing a one-time signature method known as Binohash.
Binohash ensures the integrity of transactions through a Proof-of-Work mechanism, but Levy acknowledged it is still susceptible to quantum issues. QSB enhances security by implementing a "hash-to-signature" approach that shifts the problem-solving process to hashing, which is purportedly resistant to quantum attacks.
“This approach is entirely secured from Shor's algorithm due to its reliance on the resistance of RIPEMD-160 against preimage attacks,” Levy stated.
Cost and Practicality
Levy estimated that implementing QSB would range from $75 to $150 per transaction, a significant increase compared to the current average Bitcoin transaction fee of approximately $0.30. He described QSB as a "last resort measure" due to its expenses and complexity, though he believes the price is manageable since the computations could be shared across various graphics processors.
Despite its potential, QSB faces challenges, including limitations on code and script sizes, and it currently lacks support for features like microtransactions through the Lightning Network. As an experimental approach, QSB does not require broad consensus for protocol changes, setting it apart from alternatives like BIP-360.
“As we confront the quantum threat, it's crucial to seek solutions that enhance Bitcoin's security effectively and user-friendly, ideally through protocol-level adjustments,” Levy asserted.
This follows a recent development from Bitcoin developer Olaoluwa Osuntokun, who also introduced a prototype aimed at shielding Bitcoin wallets from potential quantum attacks.
