Galaxy Digital Launches Bitcoin Quantum Security Initiative, Offering Up to $5 Million in Developer Grants

Odaily reports that digital asset firm Galaxy Digital has launched a Bitcoin Quantum Preparedness Initiative, which will offer up to $5 million in developer grants, conduct research through Galaxy Research, and establish a Quantum Advisory Council composed of academic experts.

Galaxy Digital stated that the initiative will fund work related to post-quantum cryptography solutions and expects to begin accepting grant applications immediately. The inaugural members of the Quantum Advisory Council include University of Calgary Professor Barry Sanders, MIT Sea Grant Knauss Fellow Damien Bérubé, and Boston University Computer Science Professor Eran Tromer.

The initiative is reportedly aimed at what researchers call “Q-Day,” when a quantum computer could use Shor's algorithm to break the elliptic curve cryptography protecting Bitcoin, deriving private keys from exposed public keys, forging signatures, and accessing wallet assets. Old addresses and reused addresses face higher risks. A May report by quantum security firm Project Eleven suggested that a quantum computer capable of such cryptographic tasks is more likely to emerge by 2033, possibly as early as 2030, and estimated that approximately 6.9 million bitcoins are in quantum-exposed addresses. In June, Coinbase's Quantum Advisory Council urged developers to begin migration efforts, estimating the vulnerable supply at around 7 million BTC. (Decrypt)