A quantum-safe transaction settled on the Bitcoin network yesterday for the first time ever! How did this happen in layman’s terms (tried my best to find the closest relatable analogies for our clients)? Most Bitcoin is safer while it sits unspent. About 35% of the supply (check out our real time dashboard below) is more exposed to a quantum threat because the public key is already visible. As a reminder, a quantum computer could reverse-engineer a private key (think of it as your PIN code) like the one on your banking app from capturing your account number (public key), or IBAN for our European folks, when you transact. The quantum-safe transaction happened thanks to two innovations: a software product by StarkWare and a dark pool by BTC miner MARA. Let’s walk through them. 1/ StarkWare invented a sort of password-generator technology (think of it as 1Password) compatible with Bitcoin to add extra randomness and complexity for a quantum computer trying to retrieve private keys when someone transacts on the Bitcoin network. This add-on software costs at least $150 per transaction. 2/ This transaction was broadcasted to a dark pool invented by US-based BTC miner MARA to include the transaction in a block and settle it on the Bitcoin network. This is not the ultimate solution for the whole Bitcoin network to be fully quantum-safe, as there are lost and dormant coins (like Satoshi’s). The ultimate upgrade may require a software upgrade, whether a hard fork or other software change, and we do not yet have consensus. link to our @Dune Quantum Risk Tracker: https://dune.com/21sharesresearch/bitcoin-quantum-vulnerability-monitor/70b98eb5-dde1-40c8-9f1e-d467e66f2120 congrats @EliBenSasson @avihu28 @StarkWareLtd(Ξliézer Ndinga)