Grayscale's research reveals
This data has decreased by about 20 times compared to previous estimates. Once ready, machines could execute an attack in approximately nine minutes.
Pandl highlighted four key findings from Google's research.
From an engineering perspective, Pandl believes that Bitcoin, due to its UTXO model, proof-of-work consensus, lack of native smart contracts, and certain address types that can resist quantum attacks when not reused, faces lower quantum risks compared to its competitors.
The dilemma of Satoshi's coins
A more complex issue is that approximately 6.9 million Bitcoins are stored in wallets with public keys permanently displayed on the blockchain. About 1 million of these belong to Satoshi Nakamoto.
He mentioned that if Satoshi's coins were to move during a migration, “it would imply he is still alive, which is intriguing.” If these coins do not move, he added, locking or destroying these addresses might be a better option.
Grayscale proposed three options: destroy the exposed coins, take no action, or limit the spending rate from vulnerable wallets.
The company noted that the Bitcoin community has a fierce history regarding protocol disputes, referencing last year's conflict involving image data stored in blocks.