Quantum computing, cited as one of the biggest risks Bitcoin and the cryptocurrency market may face in the future, has recently prompted numerous measures to be taken against the industry.
However, a joint effort against the quantum threat has also come from leading companies in the sector.
Accordingly, Strategy (MSTR), founded by Michael Saylor, announced the establishment of the Bitcoin Security Consortium with the support of BlackRock, Coinbase, Fidelity, and numerous industry stakeholders.
What is the purpose?
The consortium’s primary goal is to support the Bitcoin network in preparing for the cryptographic risks that quantum computers may pose in the future. To this end, a total of $15 million in direct funding is planned to be provided to selected researchers, developers, and organizations over the next three years.
“The Bitcoin Security Consortium has two main objectives:
1. To fund and support developers and researchers who have already secured Bitcoin.
2. To inform the broader discussion about Bitcoin’s security,
“…The Bitcoin Security Consortium’s initial focus is quantum computing. Large-scale quantum computers that could threaten Bitcoin’s cryptography don’t exist today, and credible estimates suggest they will be years away. However, preparing for this is a meaningful long-term priority and something the community is already working on.”
Strategy CEO Phong Le said: “As long-term holders, we have every incentive to see Bitcoin remain safe for generations to come. Funding the people who are doing this and helping to inform the discussion around it is a natural way for us to contribute.”
He Won’t Manage the Bitcoin Protocol!
Strategy’s statement specifically emphasized that the consortium would not be a body that manages or makes decisions about the development process of the Bitcoin protocol.
Instead, the consortium will operate as an independent sponsor, providing investors and developers with security research, technical analysis, and training content.
Strategy’s announcement stated that its founding members include Anchorage, ARK Invest, BlackRock, Blocks, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy Digital, and Strategy.
