A group of cryptocurrency companies and finance companies have launched a security initiative focused on Bitcoin.
The Bitcoin Security Consortium was announced in press release Thursday (July 22), backed by $15 million in pledges from its members, is designed to strengthen the security and long-term viability of the Bitcoin network.
Among the founding members of the group Anchorage Digital, Ark Investment, Black Rock, roadblock, Blockstream, Coinbase, Fidelity digital assets, Galaxy and strategy.
“As long-term holders, we have every incentive to see Bitcoin remain safe for generations,” Strategy CEO said. Fung Lu. “Funding the people doing this work, and helping to inform the conversation about it, is a natural way for us to contribute.”
According to the statement, the consortium will help fund and support researchers and developers working on Bitcoin security, including work on preparing it for quantum computing.
“On a large scale Quantum computers The statement added: “There is no ability to threaten Bitcoin’s crypto today, and reliable estimates place such a capability years away. However, setting up post-quantum protection is a meaningful long-term priority, and something the Bitcoin technical community is already actively working on.”
The consortium says it is modeled on industry support for open source software, providing resources and awareness without controlling the core business.
“It does not develop or direct the Bitcoin protocol, takes no position on specific changes to the protocol, and does not speak on behalf of Bitcoin or its developers,” the statement added. “The development of Bitcoin is, and will continue to be, the work of a decentralized global community of contributors.”
The announcement comes on the heels of a report earlier this month from Reuters that the cryptocurrency sector was preparing to defend against it Threats related to quantum computingdue to concerns that the technology may circumvent the cryptography that protects crypto transactions and digital wallets.
As this report points out, the cryptocurrency space already has a $2 trillion value Hacking history. Quantum computing could exacerbate this problem, as it could be used to break standard digital encryption methods.
Meanwhile, PYMNTS wrote in May that the factors Destabilization of digital assets The same ones impact a variety of sectors, including trucking logistics networks, e-commerce companies, industrial supply chains, financial institutions, and enterprise software systems.
“Infrastructure designed to build trust online, from passwords and digital certificates to vendor onboarding systems and payment rails, is increasingly vulnerable to industrial fraud, AI-powered impersonation and next-generation encryption threats,” this report said.
