Leading players in the institutional crypto market have announced the launch of the Bitcoin Security Consortium. Over the next three years, the participating companies have pledged to provide $15 M in funding for research into Bitcoin security. The money will be allocated to independent developers and research organizations working on the network’s long-term security.
The consortium includes BlackRock, Coinbase, Fidelity Digital Assets, Strategy, Block, Blockstream, Galaxy, Anchorage Digital, and ARK Invest. The group will not take part in Bitcoin protocol development or advocate for changes to the network. Instead, its role will be to fund open projects and publish information on Bitcoin’s long-term security.
One of the consortium’s main priorities will be funding research into post-quantum cryptography. According to the group, quantum computers capable of breaking Bitcoin’s cryptography do not yet exist, but preparing for that possibility is considered a long-term priority.
In addition to supporting developers and research organizations, the consortium plans to publish information on the state of Bitcoin’s security and the progress of related research.
Read also:
- Quantum Resistance Race: Post-Encryption Era Protocols
- The Ghost Wallet Hunt: How AI-trackers are finding lost "Satoshi-era" coins and what happens when they move
- Bitcoin Is Closer to Quantum Vulnerability Than Previously Thought — Google
- Galaxy Research Assesses the Risks of Quantum Attacks on Bitcoin