The new Bitcoin Improvement Proposal aims to combat the quantum computer threat by replacing Bitcoin’s old signature schemes with quantum-resistant ones.
The title of the proposal is “Post Quantum Migration and Legacy Signature Sunset,” You can learn more about it here drafted The group, which included American software engineer Jameson Lopp as well as BitcoinQS co-founder Christian Papathanasiou, met earlier in the week.
Although quantum computers strong enough to crack Bitcoin’s cryptography have not been developed yet, recent advances have narrowed that window. Quantum machines that can threaten Bitcoin are predicted by some academics.BTCAs early as 2030 or 2027,. McKinsey.
Bitcoin’s current security relies heavily on ECDSA or Schnorr Signatures. About a quarter (25%) of Bitcoins’ unspent outputs already have their public keys revealed onchain. This makes them vulnerable to quantum adversaries.
“A successful quantum attack on Bitcoin would result in significant economic disruption and damage across the entire ecosystem,” The proposal is clear. “Beyond its impact on price, the ability of miners to provide network security may be significantly impacted.”
Related: Quantum computers could bring lost Bitcoin back to life: Here’s how
Quantum computing: a phased approach
A phased approach is suggested to deal with the quantum computer risks. In the first phase, people are asked to stop sending Bitcoins to old addresses which quantum computers can easily crack.
Five years after the change in plan, it will be impossible to use any Bitcoin stored on those vulnerable old addresses. These coins are effectively frozen.
The future study is looking at a method that would allow the user to recover his or her frozen Bitcoin by proving their ownership using special cryptographic methods tied to their backup phrase. But this step depends on research and demand.
“The longer we postpone migration, the harder it becomes to coordinate,” They write. According to them, a plan that is clear and time-bound will help create certainty for all parties, align stakeholder interests, minimize risk, and ensure that quantum theft does not occur.
Related: Google unveils new quantum computing chip: Clock ticking for crypto encryption?
Bitcoin is threatened by quantum computing
David Carvalho of Naoris Protocol stated in a recent Cointelegraph opinion that quantum computing is on the rise. poses the most serious threat to Bitcoin’s security Yet, it is possible to break its cryptographic security within a five-year period.
He pointed out that new advances such as Microsoft’s Majorana chips have led to the rapid development of powerful quantum machines, which work differently than classic machines. They are also a danger to Bitcoin’s fundamental security algorithms.
“A breach would be catastrophic for holders, whose funds would be gone forever, and the ecosystem at large,” Carvalho said. He said the threat from quantum technology was not real, but rather the “community’s delay in acting decisively to secure Bitcoin’s future.”
Magazine: Bitcoin vs. the quantum computer threat — Timeline and solutions (2025–2035)
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Source: cointelegraph.com
