A new Bitcoin Improvement Proposal aims to ensure Bitcoin's security against potential quantum computer threats. It proposes a phased approach to eliminate reliance on ECDSA/Schnorr signatures, considering them vulnerable. The plan states that failure to upgrade will result in loss of access to funds as quantum attacks could compromise private keys. Three phases include shifting to quantum-resistant addresses, invalidating old transaction types, and potentially introducing a recovery method. Motivated by rapid advancements in quantum computing, the proposal highlights the existential threat it poses to Bitcoin's cryptographic foundations.
The proposal introduces a phased plan to eliminate reliance on current ECDSA/Schnorr signatures, which may be vulnerable to future quantum computer attacks that could break private keys to steal bitcoin.
We seek to secure the value of the UTXO set and minimize incentives for quantum attacks. Never before has Bitcoin faced an existential threat to its cryptographic primitives.
Phase A would prohibit sending bitcoin to quantum-vulnerable addresses, encouraging the adoption of the post-quantum address type (P2QRH).
A successful quantum attack on Bitcoin would result in significant economic disruption and damage across the entire ecosystem.
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