Post-Quantum Cryptography (PQC)

Signature and key-exchange schemes designed to resist quantum computers; NIST finalised the first standards in August 2024.

Post-quantum cryptography replaces problems a quantum computer can solve quickly (factoring, discrete logarithms) with problems it is not known to: structured lattices, hash functions, codes. NIST published the first final standards on 13 August 2024: FIPS 203 (ML-KEM, key encapsulation), FIPS 204 (ML-DSA, lattice signatures) and FIPS 205 (SLH-DSA, stateless hash-based signatures). For blockchains the cost is size: a post-quantum signature is hundreds to thousands of bytes against 64 for Schnorr, which is why migration designs such as BIP-360 focus on output types and script trees rather than a simple key swap. Hash-based schemes (XMSS, Winternitz, SLH-DSA) rely on the weakest assumptions and are the ones already deployed on a few chains. The readiness table on /quantum lists which chains have shipped what, with sources.

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Other terms

Quantum-Exposed Bitcoin Supply
Bitcoin held in outputs whose public key is already visible on-chain, so a large...
P2PK (Pay-to-Public-Key)
The original Bitcoin output script that pays directly to a public key; most of i...
BIP-360 (P2MR)
A Bitcoin Improvement Proposal for a Merkle-root output type that never puts a p...
Q-Day
Shorthand for the day a quantum computer can break today's public-key cryptograp...
Funding Rate
Periodic payment between perpetual futures longs and shorts that keeps the contr...
Open Interest
Total notional value of all open futures positions at a given moment....

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