El Salvador Secures $678M Bitcoin Reserve in 14 Wallets to Guard Against Quantum Hacking Threat
The post El Salvador Secures $678M Bitcoin Reserve in 14 Wallets to Guard Against Quantum Hacking Threat appeared on BitcoinEthereumNews.com. Key Takeaways: El Salvador has transferred its entire 6,274 BTC (~$678M) into 14 separate wallet addresses. The move aims to mitigate future threats posed by quantum computing to Bitcoin’s cryptographic security. A new public dashboard will allow continued transparency without compromising security through address reuse. El Salvador has taken a significant step in crypto asset security by distributing its national Bitcoin reserve into multiple wallets. The measure is designed to shield the country’s BTC holdings from potential quantum computing breakthroughs that could threaten public-private key cryptography. Read More: El Salvador Opens Door for Fully Bitcoin-Based Banks, Targeting $250K+ Investors El Salvador’s Bitcoin Split, What Happened? In a proactive effort to bolster the safety of its digital assets, the National Bitcoin Office (ONBTC) of El Salvador confirmed the redistribution of its entire Bitcoin reserve – 6,274 BTC valued at approximately $678 million into 14 newly generated wallet addresses, each holding a maximum of 500 BTC. Up to this point, the whole national reserve was held at one address and this had become a point of concern due to the possible vulnerability. Although this approach supported transparency, it made the funds a theoretical target for quantum attacks, particularly once any transaction from the address was signed and broadcast. ONBTC stated that the new multi-address system enhances both security and transparency, and follows best practices for Bitcoin custody. Why Quantum Computing Is a Serious Concern for Crypto Understanding the Threat to Bitcoin’s Cryptography Quantum computing, in its early stages of development is capable of shattering elliptic curve cryptography (ECC), which forms the foundation of the security of Bitcoin. With a signed transaction, the public key will be revealed to the blockchain, and within a brief period there can be a vulnerability to the fact that a quantum computer with significant power can potentially…
The post El Salvador Secures $678M Bitcoin Reserve in 14 Wallets to Guard Against Quantum Hacking Threat appeared on BitcoinEthereumNews.com.
Key Takeaways: El Salvador has transferred its entire 6,274 BTC (~$678M) into 14 separate wallet addresses. The move aims to mitigate future threats posed by quantum computing to Bitcoin’s cryptographic security. A new public dashboard will allow continued transparency without compromising security through address reuse. El Salvador has taken a significant step in crypto asset security by distributing its national Bitcoin reserve into multiple wallets. The measure is designed to shield the country’s BTC holdings from potential quantum computing breakthroughs that could threaten public-private key cryptography. Read More: El Salvador Opens Door for Fully Bitcoin-Based Banks, Targeting $250K+ Investors El Salvador’s Bitcoin Split, What Happened? In a proactive effort to bolster the safety of its digital assets, the National Bitcoin Office (ONBTC) of El Salvador confirmed the redistribution of its entire Bitcoin reserve – 6,274 BTC valued at approximately $678 million into 14 newly generated wallet addresses, each holding a maximum of 500 BTC. Up to this point, the whole national reserve was held at one address and this had become a point of concern due to the possible vulnerability. Although this approach supported transparency, it made the funds a theoretical target for quantum attacks, particularly once any transaction from the address was signed and broadcast. ONBTC stated that the new multi-address system enhances both security and transparency, and follows best practices for Bitcoin custody. Why Quantum Computing Is a Serious Concern for Crypto Understanding the Threat to Bitcoin’s Cryptography Quantum computing, in its early stages of development is capable of shattering elliptic curve cryptography (ECC), which forms the foundation of the security of Bitcoin. With a signed transaction, the public key will be revealed to the blockchain, and within a brief period there can be a vulnerability to the fact that a quantum computer with significant power can potentially…
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