The initiative to freeze bitcoins held in vulnerable addresses is gaining traction among developers as a response to potential risks posed by quantum attacks on Bitcoin's cryptographic keys.
Quantum Threats and Bitcoin Freezing Initiative
On July 15, Jameson Lopp and five other developers introduced a radical Bitcoin Improvement Proposal (BIP) aimed at preventing loss of access to bitcoins due to quantum attacks. Estimates suggest that around 25% of circulating bitcoins, including 1 million BTC allegedly owned by Satoshi Nakamoto, could be at risk. Before navigation to new addresses occurs, holders of old BTC must migrate, or they risk losing their assets.
Consensus Challenges in Bitcoin Community
The proposal will face significant technical and political challenges. Consensus within the Bitcoin community often develops slowly, and lack of unity could result in substantial collective risk. Lopp points out that if the community cannot come together, it may lead to critical consequences for all users.
Options for Security Solutions
Developers are exploring various methods of addressing quantum threats. Alternative approaches, such as the 'Hourglass' solution, aim to limit transaction throughput from old wallets without freezing them. This highlights that the community is actively working on numerous options to ensure Bitcoin network security against future threats.
The proposal to freeze vulnerable bitcoins may change the game in terms of cryptographic security. However, without proper consensus among developers and users, any changes may face serious obstacles.
