Blockstream researchers propose a hash-based signature scheme to defend against quantum threats.

In a revised paper published on December 5th, Blockstream researchers Mikhail Kudinov and Jonas Nick proposed that hash-based signature technology may be a key solution to protect Bitcoin from the threat of quantum computers. The researchers argue that hash-based signatures are a compelling post-quantum solution because their security relies entirely on a mechanism similar to the hash function assumptions already present in Bitcoin's design. This scheme has undergone extensive cryptanalysis during the post-quantum standardization process at the National Institute of Standards and Technology (NIST), enhancing the credibility of its robustness. It is estimated that older Pay-To-Public-Key Bitcoin wallets created before 2012 (including Satoshi Nakamoto's $98 billion holdings) contain approximately $600 billion worth of BTC, and these wallets will be the first to face the threat of quantum computers. (DL News)