In a bold move that has sent shockwaves through the crypto world, cybersecurity firm Naoris is offering $120,000 in bounties to anyone who can break the cryptographic standards protecting Bitcoin and other major blockchains. This unprecedented challenge highlights the growing concerns about quantum computing’s potential to disrupt the very foundations of cryptocurrency security.
Why is Naoris offering bounties for breaking blockchain encryption?
The company’s initiative targets several critical cryptographic algorithms that form the backbone of blockchain security:
- $50,000 bounty for breaking secp256k1 (Bitcoin and Ethereum’s standard)
- $30,000 bounty for compromising Ed25519 (used by Solana and messaging apps)
- Additional rewards for breaking NIST elliptic curve standards (P-256, P-224, P-384, P-521)
Quantum computing threat to Bitcoin: Real or exaggerated?
While Naoris’s bounty program signals urgency, experts are divided on the immediate risk:
| Perspective | Viewpoint |
|---|---|
| Adam Back (Blockstream) | Quantum threat unlikely in next decade |
| Naoris | Proactive testing needed now |
| Sui Research | Developing quantum-resistant solutions |
How is the crypto community responding to quantum threats?
The industry is taking several approaches to address potential vulnerabilities:
- Bitcoin Improvement Proposal (BIP) to phase out legacy signatures
- Sui’s quantum-resistant framework (compatible with select chains)
- Ongoing research into post-quantum cryptography
What would happen if blockchain encryption was broken?
The consequences could be catastrophic:
- Collapse of major blockchain networks
- Disruption of secure communications
- Vulnerabilities in internet infrastructure
- Massive economic impact
FAQs About the Naoris Bounty and Blockchain Security
Q: How long would it take to break Bitcoin’s encryption with current technology?
A: Estimates suggest about 10 billion trillion years using today’s GPU technology.
Q: Which cryptocurrencies are most vulnerable to quantum attacks?
A: Those using secp256k1 (Bitcoin, Ethereum) and Ed25519 (Solana) would be primary targets.
Q: Can Bitcoin be upgraded to be quantum-resistant?
A: Yes, through protocol upgrades, but coordination challenges exist.
Q: What’s the timeline for practical quantum computers?
A: Experts estimate 10-30 years for machines capable of breaking current encryption.
