The Bitcoin development organization is proposing a gradual phase-out of addresses vulnerable to quantum computers to protect the security of users' private keys.
With unprecedented risks from quantum technology, the plan to ban transactions with these addresses for 5 years aims to reduce damage while ensuring the recovery of frozen assets through future technical updates.
MAIN CONTENT
The plan to prevent transactions to quantum-vulnerable Bitcoin addresses for 5 years.
Affects about 25% of the current total Bitcoin, including 1 million Bitcoin of Satoshi Nakamoto.
Proposal to recover locked assets thanks to future technical updates.
What is the new Bitcoin Improvement Proposal (BIP) aimed at protecting Bitcoin from quantum attacks?
The project proposed by CTO Casa, Jameson Lopp, and a development team aims to phase out Bitcoin addresses at risk of quantum computer attacks, enhancing the safety of private keys.
This plan is crucial as studies indicate that quantum computers could break Bitcoin's encryption, causing severe economic damage to the entire cryptocurrency ecosystem.
What is the purpose of the plan to ban transactions to vulnerable quantum addresses?
The proposal will prevent transferring Bitcoin to addresses at risk of quantum attacks for 5 years, limiting the risk of asset reduction for users.
This directly protects about 25% of the total circulating Bitcoin; including 1 million Bitcoin of Satoshi Nakamoto, which has been encoded with high-risk addresses.
"Implementing these measures helps protect the network from unprecedented security threats from quantum computers, ensuring the sustainability of Bitcoin in the long run."
Jameson Lopp, CTO Casa, 07/16/2024
How will users and the Bitcoin ecosystem be affected if this plan is not implemented?
Failure to respond to quantum attacks may cause a shock economic event, where many wallets containing large amounts of Bitcoin are stolen or frozen due to being unable to transfer safely.
A report from Decrypt warns that the current address component is not secure enough against potential quantum technology, requiring an urgent technical solution.
How can locked assets be recovered in the future?
The proposed plan creates a new BIP allowing the release of Bitcoin frozen due to transaction bans at risk addresses, ensuring user rights as quantum technology becomes more prevalent.
This solution helps balance between protecting the current network and accessing assets in the long term, demonstrating deep insights from Bitcoin development experts.
"We are committed that frozen assets will not be lost but can be safely recovered through future technical methods."
Bitcoin development team, 2024
Comparison table of the impact of the new plan on current and future Bitcoin
Current Criteria Future after BIP Quantum risk addresses About 25% of total Bitcoin Gradual phase-out, limitation on affected Bitcoin transactions Including 1 million Bitcoin of Satoshi Temporarily frozen for 5 years Network safety Currently poses risks Enhanced against quantum attacks Asset recovery No solutions Recovery through new BIP in the future
Frequently Asked Questions
How much % of current Bitcoin does the new BIP affect?
About 25% of the total circulating Bitcoin, including Satoshi's Bitcoin, will be directly affected.
Why is it necessary to ban transactions to vulnerable quantum addresses?
To prevent the risk of Bitcoin theft through quantum computer attacks, protecting user safety.
Can cryptocurrency frozen due to BIP be released?
Yes, the BIP proposes a solution to safely recover frozen assets when new technology is feasible.
Who proposed this plan?
Jameson Lopp, CTO Casa along with 5 experienced developers in the Bitcoin development community.
What consequences can quantum attack pose?
Source: https://tintucbitcoin.com/bitcoin-nguy-co-sup-do-truoc-luong-tu/
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