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Project Overview
Blockstream is a leading blockchain development company founded in 2014. Its core focus is on developing new infrastructure for the legacy financial system, with key developments revolving around Bitcoin sidechains and other blockchain-related applications. Their flagship technologies include their own implementation of the Lighting protocol and the Elements Project, an open-source sidechain blockchain platform. Blockstream has launched a number of products, such as Liquid, an inter-exchange settlement network based on Bitcoin, Blockstream Green, a secure bitcoin wallet, as well as other products that provide real-time and historical cryptocurrency trade data, and colocation services for bitcoin mining operations.
Bitcoin’s Quantum Security Crisis: 6.9 Million BTC at Risk, Governance Challenges Impede Response
According to CoinDesk, while quantum computers cannot break Bitcoin’s mining mechanism or blockchain ledger, they could potentially crack the elliptic curve cryptography (ECC) that secures wallet ownership—using Shor’s algorithm. Currently, approximately 6.9 million BTC—roughly one-third of the total supply—are at potential risk because their public keys are already visible on-chain; this includes Satoshi Nakamoto’s estimated early holdings of about 1 million BTC. Transactions generated after Ethereum’s 2021 Taproot upgrade are similarly exposed due to public key disclosure. Ethereum has maintained an official post-quantum migration plan since 2018, with four full-time teams and over ten independent development groups, and operates a dedicated progress website at pq.ethereum.org. In contrast, Bitcoin currently lacks a unified roadmap for quantum resistance: existing proposals such as BIP-360 and BitMEX Research’s detection framework have not gained broad support among core developers. Prominent Bitcoin advocate Nic Carter has bluntly labeled Bitcoin’s quantum response “the worst,” while Blockstream CEO Adam Back acknowledges that current quantum systems remain confined to laboratory settings—but still endorses deploying optional upgrade paths in advance. Analysts note that Bitcoin’s decentralized governance culture makes coordinating large-scale security upgrades extremely difficult, and resolving historical issues—such as how to handle Satoshi’s holdings—presents a particularly thorny dilemma. A related Google paper warns that once quantum attacks become feasible, the window for effective response may already have closed.
Adam Back Advocates Optional Quantum-Resistant Upgrades, Diverging from BIP-361’s Mandatory Freeze Proposal
According to Decrypt, Blockstream CEO Adam Back stated at Paris Blockchain Week that he supports advancing Bitcoin’s quantum resistance upgrade on an opt-in basis, opposing proposals to forcibly freeze quantum-vulnerable addresses. He emphasized that “preparation well in advance is far safer than scrambling to respond during a crisis,” and noted that the Bitcoin community possesses strong coordination capabilities to rapidly address critical vulnerabilities. Previously, developer Jameson Lopp and five others proposed BIP-361 (“Post-Quantum Migration and Legacy Signature Sunset”), which advocates phasing out quantum-vulnerable addresses over five years and ultimately freezing coins held in unmigrated addresses—including approximately 1.7 million bitcoins held by Satoshi Nakamoto.
Adam Back advocates for Bitcoin to promptly advance optional post-quantum upgrades and opposes pre-emptively freezing vulnerable addresses.
According to CoinDesk, Adam Back, CEO of Blockstream, stated at Paris Blockchain Week that Bitcoin developers should move forward early with optional post-quantum upgrades—even though practical quantum computers remain far from realization. He noted that Taproot’s flexible design supports integrating new post-quantum signature schemes without affecting existing users. Previously, Jameson Lopp and others proposed BIP-361, aiming to phase out quantum-vulnerable addresses over five years and freeze bitcoins in addresses that fail to complete the migration. Adam Back believes the Bitcoin community can rapidly coordinate a response in an emergency—without needing to predefine freezing arrangements.
Bitcoin’s Quantum Security Crisis: 6.9 Million BTC at Risk, Governance Challenges Impede Response
According to CoinDesk, while quantum computers cannot break Bitcoin’s mining mechanism or blockchain ledger, they could potentially crack the elliptic curve cryptography (ECC) that secures wallet ownership—using Shor’s algorithm. Currently, approximately 6.9 million BTC—roughly one-third of the total supply—are at potential risk because their public keys are already visible on-chain; this includes Satoshi Nakamoto’s estimated early holdings of about 1 million BTC. Transactions generated after Ethereum’s 2021 Taproot upgrade are similarly exposed due to public key disclosure. Ethereum has maintained an official post-quantum migration plan since 2018, with four full-time teams and over ten independent development groups, and operates a dedicated progress website at pq.ethereum.org. In contrast, Bitcoin currently lacks a unified roadmap for quantum resistance: existing proposals such as BIP-360 and BitMEX Research’s detection framework have not gained broad support among core developers. Prominent Bitcoin advocate Nic Carter has bluntly labeled Bitcoin’s quantum response “the worst,” while Blockstream CEO Adam Back acknowledges that current quantum systems remain confined to laboratory settings—but still endorses deploying optional upgrade paths in advance. Analysts note that Bitcoin’s decentralized governance culture makes coordinating large-scale security upgrades extremely difficult, and resolving historical issues—such as how to handle Satoshi’s holdings—presents a particularly thorny dilemma. A related Google paper warns that once quantum attacks become feasible, the window for effective response may already have closed.
Adam Back Advocates Optional Quantum-Resistant Upgrades, Diverging from BIP-361’s Mandatory Freeze Proposal
According to Decrypt, Blockstream CEO Adam Back stated at Paris Blockchain Week that he supports advancing Bitcoin’s quantum resistance upgrade on an opt-in basis, opposing proposals to forcibly freeze quantum-vulnerable addresses. He emphasized that “preparation well in advance is far safer than scrambling to respond during a crisis,” and noted that the Bitcoin community possesses strong coordination capabilities to rapidly address critical vulnerabilities. Previously, developer Jameson Lopp and five others proposed BIP-361 (“Post-Quantum Migration and Legacy Signature Sunset”), which advocates phasing out quantum-vulnerable addresses over five years and ultimately freezing coins held in unmigrated addresses—including approximately 1.7 million bitcoins held by Satoshi Nakamoto.
Adam Back advocates for Bitcoin to promptly advance optional post-quantum upgrades and opposes pre-emptively freezing vulnerable addresses.
According to CoinDesk, Adam Back, CEO of Blockstream, stated at Paris Blockchain Week that Bitcoin developers should move forward early with optional post-quantum upgrades—even though practical quantum computers remain far from realization. He noted that Taproot’s flexible design supports integrating new post-quantum signature schemes without affecting existing users. Previously, Jameson Lopp and others proposed BIP-361, aiming to phase out quantum-vulnerable addresses over five years and freeze bitcoins in addresses that fail to complete the migration. Adam Back believes the Bitcoin community can rapidly coordinate a response in an emergency—without needing to predefine freezing arrangements.
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Bitcoin’s Quantum Security Crisis: 6.9 Million BTC at Risk, Governance Challenges Impede Response
According to CoinDesk, while quantum computers cannot break Bitcoin’s mining mechanism or blockchain ledger, they could potentially crack the elliptic curve cryptography (ECC) that secures wallet ownership—using Shor’s algorithm. Currently, approximately 6.9 million BTC—roughly one-third of the total supply—are at potential risk because their public keys are already visible on-chain; this includes Satoshi Nakamoto’s estimated early holdings of about 1 million BTC. Transactions generated after Ethereum’s 2021 Taproot upgrade are similarly exposed due to public key disclosure. Ethereum has maintained an official post-quantum migration plan since 2018, with four full-time teams and over ten independent development groups, and operates a dedicated progress website at pq.ethereum.org. In contrast, Bitcoin currently lacks a unified roadmap for quantum resistance: existing proposals such as BIP-360 and BitMEX Research’s detection framework have not gained broad support among core developers. Prominent Bitcoin advocate Nic Carter has bluntly labeled Bitcoin’s quantum response “the worst,” while Blockstream CEO Adam Back acknowledges that current quantum systems remain confined to laboratory settings—but still endorses deploying optional upgrade paths in advance. Analysts note that Bitcoin’s decentralized governance culture makes coordinating large-scale security upgrades extremely difficult, and resolving historical issues—such as how to handle Satoshi’s holdings—presents a particularly thorny dilemma. A related Google paper warns that once quantum attacks become feasible, the window for effective response may already have closed.
Blockstream CEO: Bitcoin Price Could Soon Approach $500,000 to $1 Million
Odaily News Blockstream CEO Adam Back pointed out that Bitcoin's role as a store of value and the increasing institutional demand could drive its price to $500,000 to $1 million sooner than expected. (Cointelegraph)
Adam Back Advocates Optional Quantum-Resistant Upgrades, Diverging from BIP-361’s Mandatory Freeze Proposal
According to Decrypt, Blockstream CEO Adam Back stated at Paris Blockchain Week that he supports advancing Bitcoin’s quantum resistance upgrade on an opt-in basis, opposing proposals to forcibly freeze quantum-vulnerable addresses. He emphasized that “preparation well in advance is far safer than scrambling to respond during a crisis,” and noted that the Bitcoin community possesses strong coordination capabilities to rapidly address critical vulnerabilities. Previously, developer Jameson Lopp and five others proposed BIP-361 (“Post-Quantum Migration and Legacy Signature Sunset”), which advocates phasing out quantum-vulnerable addresses over five years and ultimately freezing coins held in unmigrated addresses—including approximately 1.7 million bitcoins held by Satoshi Nakamoto.
Adam Back advocates for Bitcoin to promptly advance optional post-quantum upgrades and opposes pre-emptively freezing vulnerable addresses.
According to CoinDesk, Adam Back, CEO of Blockstream, stated at Paris Blockchain Week that Bitcoin developers should move forward early with optional post-quantum upgrades—even though practical quantum computers remain far from realization. He noted that Taproot’s flexible design supports integrating new post-quantum signature schemes without affecting existing users. Previously, Jameson Lopp and others proposed BIP-361, aiming to phase out quantum-vulnerable addresses over five years and freeze bitcoins in addresses that fail to complete the migration. Adam Back believes the Bitcoin community can rapidly coordinate a response in an emergency—without needing to predefine freezing arrangements.