Major financial institutions and Bitcoin companies have launched the Bitcoin Security Consortium to address emerging threats facing the network. The group includes Strategy, Coinbase, BlackRock, ARK Invest, Anchorage Digital, Block, Blockstream, Fidelity Digital Assets, and Galaxy. Members have committed a combined $15 million over the next three years to support Bitcoins long-term security.
Focus on Quantum Computing
The consortium will prioritize research and development efforts that could protect Bitcoin against future quantum computing threats. Additionally, it will support developers and researchers already working to improve the networks resilience.
Quantum computers could eventually threaten cryptographic systems that protect digital assets. Consequently, the group aims to encourage early preparation rather than wait for technology to reach a critical stage.
Supporting Bitcoins Open Development
Moreover, the consortium plans to provide investors, media outlets, and the public with reliable information about Bitcoin security efforts. However, it will not control Bitcoin development or advocate specific protocol changes.
Brink Executive Director Mike Schmidt will coordinate the consortium‘s daily operations voluntarily. Besides funding research, members will independently choose developers and organizations that receive their contributions. Hence, Bitcoin’s decentralized development model will remain unchanged.
Related: Gate US, BitGo Explore Partnership to Secure US Crypto Infrastructure