Svmuu News: BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy have formed the Bitcoin Security Consortium, committing a total of $15 million over three years to fund security research and open-source development for the Bitcoin, with a focus on quantum computing defenses.
The consortium does not hold or allocate funds; each member will directly select the developers and researchers to fund. The consortium stated that it will not direct the development of Bitcoin nor take a position on protocol changes; Mike Schmidt, a developer who funds the nonprofit organization Brink, will coordinate the relevant work on a volunteer basis.
Currently, no quantum computer exists capable of breaking the cryptography of Bitcoin. Approximately 6.9 million BTC, valued at $450 billion, are stored in addresses that could be affected should such a quantum computer emerge; addressing this issue would require coordination among multiple parties, including wallets, exchanges, miners, and users.
Relevant efforts include proposals such as BIP 360, which designs a new output type to limit public key exposure and works in conjunction with post-quantum signature schemes. Robert Mitchnick, Head of Digital Assets at BlackRock, stated that Core developers are engaged in important work and that the organization will provide additional funding to ensure the long-term security of Bitcoin.