Bitcoin

BlackRock

Security

President Donald Trump

Strategy, <a href="https://med.etoro.com/B10215_A127826_TClick_Scb-BlackRock.aspx?TargetURL=https://www.etoro.com/markets/blk" rel="noopener noreferrer nofollow">BlackRock</a>, <a href="https://med.etoro.com/B10215_A127826_TClick_Scb-coinbase.aspx?TargetURL=https://www.etoro.com/markets/coin" rel="noopener noreferrer nofollow">Coinbase</a>, and six other members have launched the Bitcoin Security Consortium to support developers and research into the Bitcoin Network’s long-term security and post-quantum cryptography.
The companies have pledged $15 million over three years to the initiative in support of security research.
<h2 id="the-bitcoin-security-consortium">The Bitcoin Security Consortium</h2>
Nine companies, including Strategy, BlackRock, <a href="https://med.etoro.com/B10215_A127826_TClick_Scb-coinbase.aspx?TargetURL=https://www.etoro.com/markets/coin" rel="noopener noreferrer nofollow">Coinbase</a>, Galaxy, Fidelity Digital Assets, Anchorage Digital, ARK Invest, Block, and Blockstream, have launched the Bitcoin Security Consortium, an initiative to support the long-term security of the Bitcoin network. The consortium brings together <a href="https://coinstats.app/coins/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> holders, cryptocurrency exchanges, custodians, infrastructure providers, payment companies, and asset managers. The founding members have collectively pledged $15 million to support developers working on security and post-quantum cryptography. Day-to-day activities will be coordinated by Mike Schmidt, the Executive Director of Brink, a non-profit organization that funds Bitcoin open-source developers.
<h2 id="focus-on-post-quantum-cryptography">Focus On Post-Quantum Cryptography</h2>
The initiative’s first focus will be post-quantum cryptography. It noted that while the risk from quantum computers is years away, preparing Bitcoin for these risks is a key priority for the community. Strategy CEO Phong Le stated that Strategy and other Bitcoin holders are hugely incentivized to ensure Bitcoin’s security.
“As long-term holders, we have every incentive to see Bitcoin remain secure for generations. Funding the people who do this work, and helping inform the conversation around it, is a natural way for us to contribute.”
The consortium will publish, update, and maintain information about Bitcoin’s security and continue to support and fund the network’s developer community. It will also help spread awareness about the Bitcoin network and its security.
According to Strategy’s statement, the consortium will not participate in developing or governing the Bitcoin protocol, take positions on protocol changes, or speak on behalf of developers. The responsibility for the network’s development will remain with the Bitcoin community. Robert Mitchnick, <a href="https://med.etoro.com/B10215_A127826_TClick_Scb-BlackRock.aspx?TargetURL=https://www.etoro.com/markets/blk" rel="noopener noreferrer nofollow">BlackRock</a>’s global head of digital assets, stated,
“Bitcoin Core developers do incredibly important work, and we’re pleased that our firm and the others in this group will now be making significant additional funding available to support <a href="https://coinstats.app/coins/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>’s long-term security needs.”
<h2 id="post-quantum-preparations-an-industry-priority">Post-Quantum Preparations: An Industry Priority</h2>
The launch comes amid growing efforts by governments and institutions to counter the quantum computing threat. Galaxy announced its Bitcoin Quantum Readiness Initiative this week and committed $5 million towards developer grants to support post-quantum cryptographic tools. It also announced a research program and an advisory council focusing on Bitcoin-specific quantum risks.
US President Donald <a href="https://med.etoro.com/B10215_A127826_TClick_Scb-trump.aspx?TargetURL=https://www.etoro.com/markets/trump" rel="noopener noreferrer nofollow">Trump</a> signed two executive orders, EO 14409 and EO 1441, focusing on quantum computing capabilities and pushing for full post-quantum cryptography migration for high-value federal assets.
The Consortium and other initiatives by Galaxy and the US government indicate that stakeholders acknowledge the threat to Bitcoin by quantum computing.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
This article was originally published as <a href="https://www.cryptobreaking.com/strategy-blackrock-launch-bitcoin-security/?utm_source=rss&amp;utm_medium=syndication&amp;utm_campaign=article_footer" rel="noopener noreferrer nofollow">Strategy, BlackRock Launch Bitcoin Security Consortium To Counter Post-Quantum Threat</a> on <a href="https://www.cryptobreaking.com/?utm_source=rss&amp;utm_medium=syndication&amp;utm_campaign=article_footer" rel="noopener noreferrer nofollow">Crypto Breaking News</a> – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Strategy, BlackRock Launch Bitcoin Security Consortium To Counter Post-Quantum Threat

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