Naoris, a cybersecurity company specializing in protecting digital assets from the emerging dangers of quantum computing, is offering rewards to individuals capable of breaking the encryption methods used to secure major blockchain networks.
In a statement shared on Thursday, Naoris announced a bounty program with a total prize pool of $120,000 – roughly equivalent to one Bitcoin (BTC) – for successfully cracking cryptographic algorithms vital to the cryptocurrency sector.
The largest single reward, amounting to $50,000, is designated for anyone who can compromise secp256k1, the core cryptographic standard underlying Bitcoin, Ethereum, and numerous other blockchain-based systems. A $30,000 bounty is offered for successfully breaking Ed25519, an algorithm employed by Solana, as well as encrypted communication applications like Signal and WhatsApp.
Naoris is also providing a $20,000 incentive for a successful breach of NIST P-256, the elliptic curve used within the Transport Layer Security (TLS) protocol, which safeguards internet communications. An additional $10,000 is allocated for breaking other elliptic curves, including P-224, P-384, and P-521.
Why Cracking Cryptography is a Big Deal
The focus of these bounties is the elliptic curve parameters, which serve as the defining values or sets of values for specific elliptic curves used in cryptographic systems. These parameters fundamentally dictate the security and operational aspects of the cryptographic method.
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Modern society is deeply reliant on cryptographic systems; therefore, a compromise of these systems would carry grave and widespread repercussions.
If the secp256k1 algorithm were to be broken, it would result in the failure of Bitcoin, numerous other blockchains, the Lightning Network, several Ethereum Layer-2 protocols, and more. Current estimates indicate that cracking this algorithm using today’s GPU technology would require approximately 10 billion trillion years.
A successful attack on Ed25519 would compromise the OpenSSH protocol used for secure server access, disrupt Git version control systems, and jeopardize portions of the DNS security infrastructure.
NIST P-224 is primarily found in older systems like legacy smartcards and is slated to be phased out after 2030 by the US National Institute of Standards and Technology. It is estimated to be about 30,000 times easier to break than 256-bit curves like secp256k1.
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Bitcoin’s Quantum Vulnerability
While the consensus is that quantum computers are unlikely to compromise modern cryptography in the immediate future, many experts consider it a matter of when, not if. Consequently, the crypto community is proactively preparing, even though current projections indicate that quantum computers need tens of millions of qubits to break existing systems.
Bitcoin, specifically, is taking initial preventative measures. A newly proposed Bitcoin Improvement Proposal (BIP) introduced this month aims to address potential threats posed by quantum computers through the gradual replacement of Bitcoin’s current signature schemes.
“A successful quantum attack on Bitcoin would inflict substantial economic turmoil and widespread damage throughout the ecosystem,” the proposal details. “Beyond its direct impact on the asset’s price, it could also undermine the ability of miners to provide network security.”
In an interview conducted in mid-April, early cypherpunk Adam Back, who was referenced by Satoshi Nakamoto in the Bitcoin whitepaper, suggested that pressure from quantum computing advances could potentially reveal whether the individual or group behind the pseudonym Satoshi Nakamoto is still active.
He suggested that as quantum computing poses an increased threat to Bitcoin holdings, this might necessitate Satoshi Nakamoto moving the original Bitcoins, providing insights on identity.
Researchers are actively exploring solutions with broader blockchain compatibility. Earlier this week, Sui Research presented a cryptographic framework designed to provide quantum-resistant protection to various blockchains, without the need for hard forks, address modifications, or key updates.
However, while this particular solution boasts compatibility with blockchains utilizing EdDSA, it excludes Bitcoin and Ethereum. Blockchains supported include Sui, Solana, Near, and Cosmos.
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