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It might be too late for bitcoin’s quantum migration, Project Eleven report argues
Key takeaways
- Project Eleven focuses on post-quantum security and migration for digital assets and recently announced a collaboration with the Solana Foundation to prepare its network against the threat of quantum computing.
- The report states that the same public-key cryptography security used by bitcoin, ether and stablecoins also underpins banking systems, cloud infrastructure, authentication networks and military communications.
- This means blockchains, banking infrastructure, cloud systems, military comms and other digital identity systems are also vulnerable, not just bitcoin, ethereum, stablecoins, and other blockchains, the report emphasizes.
Project Eleven focuses on post-quantum security and migration for digital assets and recently announced a collaboration with the Solana Foundation to prepare its network against the threat of quantum computing.
“The digital asset industry holds over $3 trillion in aggregate value, and virtually all of it is secured by the same class of cryptographic primitive: elliptic curve digital signatures,” which are vulnerable to quantum computing attacks, the report said.
But it is not only crypto that is at stake here. The report states that the same public-key cryptography security used by bitcoin, ether and stablecoins also underpins banking systems, cloud infrastructure, authentication networks and military communications.
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