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- 1 Proof-of-Work eliminates the need for third-party service providers.
- 2 The US might simply be underestimating the full potential of Bitcoin.
A United States Space Force member Jason Lowery has suggested using Bitcoin (BTC), a Proof-of-Work (PoW) cryptocurrency, as a security measure. It may help mitigate the risks of cyber warfare in the country. In his letter to the US Department of Defense, he discussed how the asset is more than a financial instrument.
There’s More to Just Finance
“I contend that reusable proof-of-work networks like Bitcoin represent an offset strategy for the 21st century. Although commonly associated with cryptocurrency,” Lowery explained. “Bitcoin protocol could alternatively be described as the most operationally successful implementation of what early engineers called a reusable proof-of-work protocol.”
PoW eliminates the need for third-party service providers. Networks like Bitcoin offer stakeholders a way to secure peer-to-peer transactions on the blockchain. It involves some complex mathematical problems that a miner encounters to solve hashes and add blocks to the blockchain. The process in turn leaves no room for intermediaries but trusted validator nodes powering the network.
Major Lowery also believes that, although secured, Proof-of-Stake protocols can be hacked too. He said, “No amount of encoded logic is impervious to the systemic exploitation of that same logic, regardless of its sophistication. In other words, it’s impossible to fully secure computing and information systems against hacking by relying exclusively on software alone, because all software can be hacked.”
He also believes the nation might simply be underestimating its full potential under the cloak of finance. Lowery explained, “Our limited view of Bitcoin as just a monetary system may be causing us to underestimate its potential to fundamentally transform the base-layer architecture of the internet, with profound downstream implications on cybersecurity.”
The Major suggests that BTC is not just a crypto asset but a cybersecurity revolution. He also called it the “world’s first operational macrochip” in the letter. “Bitcoin symbolizes a collective global effort to create a robust physical defense mechanism in cyberspace using the same time-tested strategy that humanity has used to protect its interests in every other domain for thousands of years, by developing novel technologies to physically overpower adversaries,” he said.
Lowery concluded the letter by saying that, “I strongly recommend that the Defense Innovation Board advise the Office of the Secretary of Defense to prioritize the investigation of the national strategic importance of proof-of-work protocols like Bitcoin. If the observations in this letter are accurate, the DoD might have already lost valuable time and opportunities by not fully appreciating this technology’s potential beyond its original classification as electronic cash.”
Cybersecurity is among the major concerns globally. Research shows that it takes over 200 days to identify a data breach. A bad actor can draw a significant amount of sensitive information from servers. In 2020, the United States was the target for 46 percent of malicious actors. According to a study by IT company Accenture, 97 percent of companies have witnessed a rise in cyber attacks since Russia invaded Ukraine in 2022.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
