9 Wall Street and Crypto Giants Unite to Protect Bitcoin With $15 Million Initiative

CN
5 hours ago

Key Takeaways

  • Nine major firms launched the Bitcoin Security Consortium.
  • Members pledged $15 million for security research.
  • The group will fund developers without directing Bitcoin’s code.

Blackrock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets and Galaxy announced the launch of the Bitcoin Security Consortium on July 23. The group aims to strengthen Bitcoin’s long-term security and resilience by funding the developers and researchers responsible for maintaining the network.

The founding members pledged a combined $15 million over the next three years. The funding will support developers, researchers and organizations already working on Bitcoin security. The consortium will not manage the money itself. The announcement stated:

“Each member directs its own funding independently to the developers, researchers, and organizations it chooses.”

Founding members of the Bitcoin Security Consortium. Source: Strategy Inc.

The companies said the structure is designed to support Bitcoin’s open-source ecosystem without creating a centralized funding authority or influencing the network’s technical direction.

The consortium’s day-to-day activities will be coordinated by Mike Schmidt, who will serve in a volunteer role. Schmidt is executive director of Brink, a nonprofit that funds and supports open-source Bitcoin developers and finances Bitcoin Core contributors and security research.

The launch comes as institutional investment in bitcoin continues to expand through exchange-traded funds (ETFs), corporate treasury strategies and custody services. As more capital flows into the asset, companies have a growing financial interest in protecting the network that underpins it.

Post-quantum cryptography will be one of the consortium’s main priorities. While quantum computers capable of threatening Bitcoin do not exist today, the consortium said credible estimates place that capability years away.

Even so, upgrading a decentralized network can take years. Developers must research new cryptographic systems, test the software and coordinate any future migration before new protections can be deployed.

Robert Mitchnick, Blackrock’s global head of digital assets, said funding the people responsible for maintaining Bitcoin’s software is a critical part of that effort. He 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 Bitcoin’s long-term security needs.”

Work is already underway. Brink has supported research into hash-based signature schemes and quantum-resistant Bitcoin protocols. The effort reflects a growing focus on preparing Bitcoin for long-term security challenges rather than reacting after they emerge.

Developers are also studying several migration options. One proposal could enable quantum-safe bitcoin transactions without requiring a consensus change, while another would eventually freeze coins left in vulnerable legacy addresses if owners failed to migrate them.

The consortium also plans to publish educational material on Bitcoin security for investors, journalists and the public. Members said the goal is to provide a reliable source of information as research into quantum-resistant technologies continues.

免责声明:本文章仅代表作者个人观点,不代表本平台的立场和观点。本文章仅供信息分享,不构成对任何人的任何投资建议。用户与作者之间的任何争议,与本平台无关。如网页中刊载的文章或图片涉及侵权,请提供相关的权利证明和身份证明发送邮件到support@aicoin.com,本平台相关工作人员将会进行核查。

Share To
APP

X

Telegram

Facebook

Reddit

CopyLink