Blockstream's Bitcoin researchers propose a hash-based signature scheme to defend against quantum computer threats

According to DL News, Blockstream researchers Mikhail Kudinov and Jonas Nick proposed in a revised paper published on December 5 that hash-based signature technology could be a key solution to protect the $1.8 trillion Bitcoin blockchain from the threat of quantum computers.

The researchers believe that hash-based signatures are a compelling post-quantum solution because their security relies entirely on mechanisms similar to the hash function assumptions already present in Bitcoin's design. This scheme has undergone extensive cryptanalysis during the post-quantum standardization process at the National Institute of Standards and Technology (NIST), enhancing the credibility of its robustness.

It is estimated that older Pay-To-Public-Key Bitcoin wallets created before 2012 (including Satoshi Nakamoto's holdings worth $98 billion) contain about $600 billion in Bitcoin, and these wallets will be the first to face the threat of quantum computers.