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Bitcoin’s Quantum Problem Gets A Recovery Tool

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Bitcoin's Quantum Problem Gets A Recovery Tool
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Project Eleven has launched a novel zero-knowledge proof system that is aimed to help recover Bitcoin that may be vulnerable to any future quantum computing attack. This recovery mechanism can be used in combination with the BIP-361proposal in order to allow wallet owners to prove their ownership without revealing private keys and without the need for quantum-resistant signatures if quantum computers ever become able to crack the cryptographic signatures securing Bitcoin wallets.

The suggested method uses modern wallet seed phrases and hash-based cryptography that cannot be hacked by any quantum computer. It will, however, be unable to recover Satoshi Nakamoto’s estimated 1.1M BTC, as his wallet does not comply with the suggested technical requirements. Although the prototype has shown a number of performance gains compared to other methods, it still is not audited and requires considerable changes in Bitcoin consensus rules.

 

 

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