When it comes to cryptocurrency security, the most common topics that come to mind are hacking, phishing, or losing private keys. But with the advancement of technology, another potential risk is increasingly being discussed, namely quantum computing. Although there is currently no quantum computer that can break Bitcoin's security, many organizations are already preparing for the future.
Source
BitGo recently added some new security features to its Bitcoin Custody service, which are specifically designed to identify and mitigate potential quantum-related risks. I find this important, because it is always wise to prepare in advance when it comes to security.
The most interesting thing is the Quantum Risk Score. This feature allows an organization to assess the level of potential quantum risk in its wallet. As a result, it is easy to understand which wallets are relatively more risky and take the necessary steps.
In addition, BitGo has added a Fix Exposed Addresses Workflow. The goal is to remove assets from addresses whose public keys have already been published on the blockchain. This is because if a very powerful quantum computer is built in the future, such addresses could be at greater risk.
Another important addition is the improved UTXO Selection Method. It selects coins in a way that reduces the likelihood of unnecessary new public keys being published. At the same time, the policy for using new addresses has also been made more secure, which could help increase wallet security in the long run.
According to current estimates, about 6.9 million Bitcoins are in addresses where public keys have already been published. While this does not mean that those Bitcoins are at risk right now, it is certainly important to consider when considering future technological changes.
BitGo has also clearly stated that no quantum computer is capable of breaking Bitcoin security today. However, they believe that it is more effective to strengthen security measures in advance, rather than after a crisis.
In my view, this initiative is not just about adding a new feature; Rather, it is a positive message for the entire crypto industry. As technology advances, security systems must also improve rapidly. Starting to work on potential future risks now will benefit both users and institutions in the long run.
Overall, BitGo's move shows that Bitcoin security is being considered not only for the present, but also for future technological challenges. And in my opinion, such forward-thinking initiatives are most needed for the sustainable development of the crypto world.
Posted Using INLEO
