Naoris, a cybersecurity firm, has launched a $120,000 bounty program aimed at testing the resilience of cryptographic algorithms used in major blockchain networks against potential quantum computing threats.

David Carvalho, CEO of Naoris Protocol, emphasized that the initiative is focused on defending cryptocurrency and ensuring global commerce remains secure in the face of quantum advancements.

While current quantum computers cannot break modern cryptography, experts warn that it is only a matter of time, prompting the crypto community to prepare for potential threats.

This initiative highlights concerns that existing cryptographic standards may be compromised by advances in quantum computing within the next two decades.

Current quantum computers possess about 1,000 physical qubits, while breaking 256-bit elliptic curve cryptography is estimated to require 2,330 logical qubits, underscoring the urgency of addressing these challenges.

Experts believe that quantum computers may eventually be able to break current cryptographic systems, leading to significant economic disruptions for Bitcoin and the broader crypto ecosystem.

In response to these potential threats, a new Bitcoin Improvement Proposal (BIP) aims to phase out Bitcoin's legacy signature schemes to enhance security.

Elliptic curve cryptography is critical for securing various digital systems, including financial services and blockchain networks, making its resilience against quantum threats a priority.

The bounty program is structured with specific rewards, including $50,000 for breaking secp256k1 (used in Bitcoin and Ethereum), $30,000 for compromising Ed25519 (used in Signal and WhatsApp), and additional amounts for other major curves.

Researchers are exploring blockchain-agnostic solutions to enhance security against quantum threats, although some proposed solutions may not be compatible with Bitcoin and Ethereum.

Naoris' initiative reflects the growing awareness in the crypto industry about quantum risks and the necessity for proactive measures to secure digital assets.