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Post Quantum Cryptography to Protect Against Quantum Computers

On BTC and Post-Quantum Migration:

An ELI 5 versionπŸ‘‡

1/5 A new way of encrypting data, called Post Quantum Cryptography, is being developed to protect against hacking by quantum computers. Yes those that currently look like your grandma chandelier!

2/5 This new PQC method will NOT be compatible with the ECDSA old one that BTC currently uses, so everyone will need to upgrade to the new PQC system.

3/5 Some people are skeptical about how soon quantum computers will be developed, ranging from 5 years to never. So due to decentralization there will be a natural disagreement about when to make the switch to the new selected PQC system. Off course, it has to be selected first!

4/5 Once the new PQC system is in place, ALL old non SHA hashed coins* that are not quantum-resistant will be vulnerable to quantum hacking by factorization algorithms!

*Even the hashed ones as the TXs have to stay undisclosed as PK in the mempool. Taproot shares PK as well...

5/5 There WILL always be some coins that are vulnerable to hacking because the owners of those coins have lost the private keys and they cant move those ever, unless, off course, the owner has access to a powerful Quantum Computer and declares himself as Satoshi πŸ˜ƒ

This post is based on this twitter thread.


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