With increasing interest in quantum computing, Bitcoin's security faces serious threats. A new initiative has emerged to enhance the network's defenses against these threats.
Example of Quantum Computer Threat
The development of quantum computers offers methods like Shor's algorithm capable of reverse-engineering private keys. According to Deloitte research, approximately 25% of Bitcoins are at risk of quantum attacks, potentially leading to a market crisis.
New Bitcoin Improvement Proposal
New amendments to the Bitcoin Improvement Proposal (BIP) have been presented, including freezing approximately 1 million Bitcoins believed to belong to Satoshi Nakamoto, which have remained dormant. The proposal includes a three-phase security plan.
Possible Alternatives and Challenges
In addition to Lopp's proposals, Anduro protocol engineer Hunter Beast previously suggested an alternative solution with BIP 360. However, post-quantum signatures may require larger file sizes, impacting the network's throughput.
Bitcoin's resilience to quantum threats necessitates a swift response from the community and careful consideration of the technical aspects of new proposals.
