TechFlow news, July 16 — According to Decrypt, Casa CTO and co-founder Jameson Lopp submitted a Bitcoin Improvement Proposal (BIP) on Tuesday aimed at addressing the potential threat quantum computers pose to the Bitcoin network. Co-authored by six developers, the proposal outlines a three-phase plan to gradually phase out address types vulnerable to quantum attacks.
Recent research from Deloitte indicates that approximately 25% of all bitcoins are currently at risk from quantum computing, including the one million bitcoins believed to belong to Bitcoin's creator, Satoshi Nakamoto. Experts warn that as quantum computing advances, the private keys of these long-dormant wallets could be reverse-engineered within the next decade.
The proposal would prohibit sending funds to quantum-vulnerable addresses and freeze bitcoins held in such addresses for a period of five years, while encouraging users to adopt "post-quantum" Bitcoin address types. The authors stated: "Bitcoin has never faced an existential threat to its cryptographic foundations; a successful quantum attack would cause significant economic disruption and damage across the entire ecosystem."
