Tuesday, 02 January 2024 12:17 GMT

BTQ Technologies Stock Jumps After Quantum-Safe Bitcoin Demonstration


(MENAFN- AsiaNet News)

BTQ Technologies (BTQ) saw its shares rise more than 20% in midday trade on Thursday after the company announced it had made headway in making Bitcoin (BTC) quantum-resistant. 

The company said it has successfully demonstrated a quantum-safe version of Bitcoin called Bitcoin Quantum Core 0.2, using the National Institute of Standards and Technology's (NIST) standardized post-quantum cryptography. 

BTQ's stock was among the top trending tickers on Stocktwits on Thursday. Retail sentiment on the platform around the company trended in 'bullish' territory, but chatter remained at 'normal' levels.

BTQ's Bitcoin Quantum Core 0.2 replaces Bitcoin's traditional Elliptic Curve Digital Signature Algorithm (ECDSA), which is said to be vulnerable to quantum computers, with the Module-Lattice Digital Signature Algorithm (ML-DSA), which is resistant to quantum attacks. 

"The quantum threat to Bitcoin is an existential risk to the entire $2.4 trillion Bitcoin economy," said CEO of BTQ Technologies, Olivier Roussy Newton. "Once quantum computers can break ECDSA signatures, every single transaction becomes vulnerable to interception and theft.”

In addition, BTQ announced the creation of the BTQ Foundation, co-chaired by BTQ Technologies. The foundation will focus on funding development, building dynamic consensus, leading standards-setting efforts, and providing migration frameworks to transition Bitcoin holders to quantum-secure systems.

The company outlined a roadmap aimed at protecting the entire Bitcoin market by 2026. By the fourth quarter (Q4) of 205, it plans to complete the testnet launch and security auditing. Following this, the company plans to complete enterprise pilot programs with institutional digital asset managers in the first quarter (Q1) of 2026, and then launch its mainnet with migration tools for current Bitcoin holders in the second quarter (Q2). A full integration with major exchanges and wallet providers is expected between 2026 and 2027.

Get updates to this developing story<directly on Stocktwits.

Read also: Bitfarms Slides On $300 Million Offering After Rallying To Near 4-Year High, Retail Buzz Stays Elevated

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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