Bitcoin’s cryptocurrency security is under serious threat with the rise in quantum computers. CASA CTO Jameson Lopp and five developers are proposing a new defensive shield to help BTC networks fight this threat.
The new Bitcoin Improvement Proposal (BIP) announced in San Francisco aims to create a post-Quantum address security system. Its most notable proposal: Freezes around 1 million bitcoins believed to belong to Nakamoto Atshi, which has been dormant for many years.
Experts say that with quantum computer development, methods like Shor’s algorithms can reverse engineering private keys once sufficient processing power is available. According to Deloitte’s research, about a quarter of Bitcoin is vulnerable to quantum attacks. If this occurs within the next 10 years, it could result in a massive market crash, including the loss of millions of BTC held by Nakamoto Atoshi.
The BIP proposals presented by LOPP and his team include a three-phase security plan.
- Blocks entrances at addresses that are vulnerable to Quantum.
- Automatic freeze of old coins that have not been moved in five years.
- Ability to selectively unlock these assets with quantum resistance signatures.
Holds BTC from Nakamoto Atshi’s known wallet.
However, Lopp’s proposal is not the only solution. Anduro Protocol Engineer Hunter Beast has previously proposed post-Quantum address designs using BIP 360, offering various levels of security. Such solutions typically balance differently between technical factors such as algorithm choice, key length, and transaction throughput.
Like all BIPs, this proposal must undergo intense discussion and technical testing before implementation. Lopp argues that successful quantum attacks can cause massive economic disruptions and that the Bitcoin community must quickly unite and act.
However, post-canthom signatures have much larger file sizes. This increases transactional data and allows for greater block space consumption. You need to coordinate the entire infrastructure from miners to wallets.
*This is not investment advice.
