Bitcoin continued to use the SHA-256 (Secure Hash Algorithm 256) consensus algorithm that would exposed to potential quantum computer attacks. Because as the security of classical cryptographic algorithms is eroded by advances in quantum computing, Bitcoin will need to contemplate a series of upgrades to the consensus algorithm to remain secure over the long term.
Quantum-Resistant Algorithms:
Some of the quantum-resilient algorithms that are being considered include:
1. SHA-3 (Keccak): A type of hash function said to be resistant to quantum attacks.
2. BLAKE3: A fast cryptographic hash; it is not a general purpose cryptographic hash so you may not want to use as your only hash function.
3. SPHINCS: A Post-Quantum Secure Hash-Based Signature Scheme
4. Argon2 - Quantum-safe Memory-hard Function
Some challenges that may be faced:
1. Backward Compatibility: New algorithm must be compatible with existing infrastructure as well as wallets.
2. Mining Hardware: Upgrading mining equipment to support new algorithms.
3. Network Effects: Manage the transition impact on network difficulty and hash rate.
4. Security Trade-Offs: Balancing security gains with potential performance and efficiency losses.
Potential Benefits:
1. Security Boost: Shielding from future quantum computer attacks.
2. Future-Proofing: Preparing Bitcoin for long-term security and sustainability.
3. Increased Confidence: Improving Bitcoin's security and robustness to foster greater trust.
Questions:
1. Which quantum-resistant algorithm is best suited for Bitcoin?
2. How do we manage the transition to avoid disruption?
3. What are the potential performance and efficiency implications?
