A new Bitcoin Improvement Proposal (BIP) has been introduced aimed at addressing the threat posed by quantum computers to Bitcoin’s security. The proposal is focused on transitioning to quantum-resistant alternatives.
Initiative for Bitcoin Protection
The proposal, titled "Post Quantum Migration and Legacy Signature Sunset," was drafted by a group of cryptography and blockchain experts, including software engineer Jameson Lopp and BitcoinQS founder Christian Papathanasiou. Currently, quantum computers powerful enough to compromise Bitcoin's cryptography are not yet available; however, some academic forecasts suggest that such machines could arrive as early as 2027 to 2030.
Phased Approach to Quantum Computer Threats
The proposal suggests a phased approach to address the risks posed by quantum computers. The first phase involves stopping the transfer of Bitcoin to older, less secure addresses that could be easily compromised. About five years after this change, the next phase aims to make it impossible to spend any Bitcoin stored in those vulnerable addresses, effectively freezing those coins.
Quantum Computers Threaten Bitcoin Security
In a recent opinion for Cointelegraph, David Carvalho, CEO of Naoris Protocol, stated that the rise of quantum computing poses the most serious threat to Bitcoin's security, potentially capable of breaking its cryptographic protections within five years or less. Approximately 30% of Bitcoin is held in addresses vulnerable to quantum attacks. Carvalho noted that the real threat lies not in the quantum technology itself, but in the community's delay in taking decisive action to secure Bitcoin's future.
Thus, the new BIP represents an important step toward ensuring Bitcoin's security as quantum technologies emerge. Effective implementation of the proposed measures will help mitigate risks and maintain network functionality over the coming years.
