Jameson Lopp, CTO of Casa, has proposed a significant change to Bitcoin's software to combat the looming threat of quantum computers. Co-authored by five developers, the proposal aims to incentivize Bitcoin holders to adopt secure storage methods that are resistant to quantum attacks. The abstract emphasizes that failing to upgrade to a new address type could result in losing access to funds. Experts warn that quantum computers could soon reverse-engineer private keys, potentially flooding the market with old Bitcoin. The proposal outlines a phased approach: initially disallowing transactions to quantum-vulnerable addresses, followed by a five-year timeline to prevent spending of such Bitcoin. An optional phase may establish a separate Bitcoin Improvement Proposal (BIP) for recovering frozen Bitcoin securely. This initiative was introduced at the Quantum Bitcoin Summit in San Francisco, highlighting the urgency of addressing this unprecedented threat. Although it affects only 25% of Bitcoin, including 1 million coins believed to belong to Satoshi Nakamoto, the authors stress that significant action is necessary to protect the ecosystem. Read more AI-generated news on: https://app.chaingpt.org/news

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