The National Institute of Standards and Technology (NIST) has stated that ECDSA will be deprecated after 2030. The government will abandon Bitcoin's signature cryptography.
The fundamental technology behind Bitcoin's digital signatures—the Elliptic Curve Digital Signature Algorithm (ECDSA)—will be deprecated by the government after 2030. Some Bitcoin users urge the community to prepare and find ways to make cryptocurrency resistant to quantum attacks, while others are less concerned.
This debate is not new; it emerged after the advent of quantum computers, which use quantum mechanics to process data at speeds exponentially faster than traditional computers.
Such levels of processing power could render certain cryptographic algorithms, such as ECDSA and RSA (Rivest-Shamir-Adleman), ineffective, as these algorithms are foundational for privacy-centric systems like communication, banking, and of course, Bitcoin.
And now, a report released by the National Institute of Standards and Technology (NIST) in November shows that after sixty months, the government will deprecate the so-called 'quantum vulnerable' algorithms, including ECDSA, reigniting the years-long debate about making Bitcoin resistant to quantum attacks.
'I really don't like seeing the government take this seriously while so many Bitcoin users remain indifferent,' user 'Bitcoin Isaiah' said in a post. 'A cautious approach is a wise one.'
One of the advocates taking a more relaxed wait-and-see approach is Adam Buck, CEO and co-founder of the Bitcoin technology company Blockstream. Buck holds a PhD in computer science and is respected in the community because Satoshi referenced his Hashcash algorithm on the third page of the Bitcoin white paper.
'Bitcoin ECDSA and Schnorr are 128 bits instead of 112 bits, so they are talking about 2035 instead of 2030,' Buck stated when responding to Isaiah's post. 'This is also defensive, as government systems operate slowly. It might be an overreaction.'
Schnorr signatures are a core component of the Bitcoin Taproot upgrade and are a simpler and more efficient alternative to ECDSA. Buck noted that NIST's deprecation date for the 128-bit algorithm is 2035 rather than 2030 is correct.
Another X user also responded to Isaiah, classifying his post as 'quantum FUD.' FUD is an acronym in the crypto space that stands for 'fear, uncertainty, and doubt.' He said that the capability to attack Bitcoin wallets using quantum computers 'has a long way to go without measures,' to which Buck responded, 'it will take decades.'
However, others are not so optimistic. One user, codename 'Marketwizard87,' stated: if it is deprecated in five years, then it is vulnerable today.
(Article organized and written by Gold from Alaska, likes, follows, and comments are welcome)