The modern proposal to improve Bitcoins (BIP) aims to solve the threat posed by quantum computers by withdrawing older Bitcoin signatures, which can be susceptible to quantum attacks, in favor of alternatives resistant to quantum.
The proposal, entitled “Migration and Legacy Signature Sunset”, was prepared At the beginning of this week, by a group of cryptography and blockchain experts, including the American software engineer Jameson LOPP and the founder of Bitcoinqs Christian Papathanasiou.
While quantum computers sturdy enough to break Bitcoin cryptography is not here yet, the last events narrowed the window. Some academic forecasts suggest that quantum machines capable of threatening bitcoins (BTC) may arrive in 2027–2030, according to McKinsey.
Bitcoin is currently based on ECDS and SCHORR signatures to secure the transaction. Despite this, about a quarter of all unreleased results of Bitcoins has already revealed public keys, thanks to which these funds are particularly susceptible to a quantum opponent.
“A successful quantum attack on bitcoin would cause a significant economic disruption and damage throughout the ecosystem,” warns the proposal. “In addition to its impact on the price, miners’ ability to ensure network security can have a significant impact.”
Related: Quantum computers can restore Lost Bitcoin back to life: Here’s how
Stage approach to solving the quantum computing problem
The proposal suggests a gradual approach to solving the problem related to quantum computers. The first phase suggests stopping people from sending Bitcoin to older, less secure addresses that quantum computers can easily break.
About five years after this change, the plan will go further, preventing the issue of bitcoins stored in these senior, sensitive addresses, basically freezing these coins.
There is also a possible future step that can allow people to regain frozen bitcoins by proving property with special cryptographic methods related to the spare return of their portfolio, but this part depends on further research and demand.
“The longer we postpone the migration, the harder it is to coordinate,” the authors write. They claim that a vivid plan, in time, will create certainty, equalize stakeholders and minimizes the risk of catastrophic quantum theft.
Related: Google will present a modern quantum calculation system: clock ticking for cryptographic encryption?
Quantum calculations threaten Bitcoin
In a recent opinion for Cointelegraph David Carvalho, general director of Naoris Protocol, said that the enhance in quantum calculations is the most sedate threat to Bitcoin security, potentially capable of breaking cryptographic security over five or smaller.
He noticed that recent progress, such as Microsoft Majorana chip, accelerated the development of powerful quantum computers that work differently than classic machines. These quantum systems threaten the basic Bitcoin safety algorithms, especially since about 30% of BTC coins are at addresses susceptible to quantum attacks.
https://www.youtube.com/watch?v=zeeru9ftbc8
“The violation would be catastrophic for owners whose funds would disappear forever, and the ecosystem at all,” said Carvalho. He added that quantum technology itself is not a real threat, but “delaying the community in decisive action to secure the future of Bitcoin.”
Warehouse: Bitcoin vs. The Quantum Computer Threats – TIME ABSE (2025–2035)
