By cryptoadmin A 16-year-old message from Bitcoin’s anonymous founder, Satoshi Nakamoto, describing a possible solution should quantum computers threaten the cryptographic systems Bitcoin uses, has resurfaced.
In a message published on the BitcoinTalk forum on July 10, 2010, Nakamoto stated that if Bitcoin’s digital signature system weakened gradually rather than suddenly, the network could be switched to a stronger cryptographic algorithm.
Satoshi Nakamoto stated the following in his announcement:
“If this happens suddenly, that’s fine. But if it happens gradually, we can switch to a more robust system. When you run the updated software for the first time, all your money will be re-signed with the new, more powerful signature algorithm.”
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According to Nakamoto, this process can be accomplished by users sending their Bitcoins to a new address that uses a stronger signature system. In other words, users can switch to a cryptographic structure that is more resistant to quantum attacks by transferring their assets to a new address of their own.
The debate began over the possibility of quantum computers breaking Bitcoin’s elliptic curve cryptography. Nakamoto argued that if the threat were detected in advance and revealed gradually, the Bitcoin protocol could be updated.
*This is not investment advice.