Naoris, a cybersecurity firm, offers bounties up to $50,000 for breaking secp256k1, the cryptographic standard behind Bitcoin. Additional rewards are available for compromising other encryption algorithms used in blockchain networks and internet security. Breaking these algorithms could have dire consequences for various protocols and systems.

While quantum threats to Bitcoin are currently unlikely, many experts believe it is a matter of when, not if, these systems will be compromised. A successful quantum attack could result in economic disruption and significant damage to the entire ecosystem, impacting miners’ ability to provide network security. Efforts are underway to phase out legacy signature schemes and implement quantum-safe solutions.

Researchers are developing blockchain-agnostic cryptographic frameworks to protect against quantum computing threats. These solutions aim to safeguard multiple blockchains without requiring major changes or updates. However, some popular blockchains like Bitcoin and Ethereum may not be compatible with these new security measures. Compatible blockchains include Sui, Solana, Near, and Cosmos.

Read more at Cointelegraph: $120K bounty to break Bitcoin, Ethereum and Solana