""Even if Bitcoin is not a primary initial target of a cryptographically relevant quantum computer, widespread knowledge that such a computer exists and is capable of breaking Bitcoin's cryptography will damage faith in the network.""
""Today, Bitcoin relies on ECDSA and Schnorr signatures to secure transactions. Both remain robust against classical computing but are theoretically vulnerable to Shor's algorithm, which could allow an attacker to derive private keys from exposed public keys.""
""Estimates cited by the proposal suggest that more than one-third of all bitcoin in circulation falls into this category, including early holdings attributed to Satoshi Nakamoto.""
BIP-361 proposes a transition from legacy signature schemes to quantum-resistant alternatives to mitigate risks posed by quantum computing. The proposal outlines a phased deadline for migration, potentially rendering unmigrated coins unspendable. Current Bitcoin security relies on ECDSA and Schnorr signatures, which are vulnerable to quantum attacks. Over one-third of Bitcoin is at risk, particularly older address types. The proposal aims to safeguard the network's integrity and prevent wealth redistribution in a quantum attack scenario through a structured three-phase transition plan.
Read at Bitcoin Magazine
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