“Bitcoin’s CrypTography Has Never Faced An Existential Threat and Still Doesn’t, Except PremPutive Ones That Can Possibly Target Early Wallets.”, – WRITE: www.coindesk.com
That’s accounting to a new draft proposal co-ahuhored by Jameson Lopp and Other Crypto Security Researchers, Which Introduuces A Prased Soft Fork That Tuns Quantum Migration Into. Fail to Upgrade, and Your Coins Become Unspendable.
That includes the roughly 1.1 Million btc tied to early pay-to-pubkey addresses, like Those of Satoshi’s and other early Mines.
“This Proposal Is Radically Different from Any in Bitcoin’s History Just as The Threat Passed by Quantum Computing Is Radical Different from Any Other Threat in Bitcoin proposal. “Never Before Has Bitcoin Faced An Existential Threat To Its Cryptographic Primities.”
“A SUCCESSFUL QUANTUM ATTACK ON BITCOIN Wuld Result in Significant Economic Disruption and Damage Across The ENTIRE ECOSYSTEM. BEYOND ITS IMPACTI Significantly Impacted, ”they added.
The DRAFT BIP OUTLINED THREE PHASES:
Phase A: Banning Sending Funds to Legacy Ecdsa/Schnorr Addresses, Nuding USERS TOWARD QUANTUM-REASISTANT FORMATS LIKE P2QRH. (Starts 3 Years After BIP-360 Implementation)
Phase B: Make All Legacy Signatures Invalid at the Consensus Layer. Coins in Quantum-Vulnerable Addresses Become Permanently Frozen. (Kicks in 2 Years After Phase A)
Phase C (Optional): Introduce A Recovery Path for Stuck Coins Using Zero-Knowledge Proof of BIP-39 Seed Posssion. This Could Be A Hard or Soft Fork.
But WHY NOW?Bitcoin’s CrypTography Has Never Faced An Existential Threat and Still Doesn’t, Except Pre-Empty Ones That Can Possibly Target Early Wallets. Researchers Say Quantum Computers Capable of Breaking Ecdsa May Arrive as Soon As 2027.
A May Report by Coindesk Flagged A New Study Suggesting that Breaking Rsa Encryption With Quantum Computers May Require 20 Times Fewer Resources Than Previously Thought.
Althugh Bitcoin Uses Elliptic Curve Cryptography, It Remains Vulneval to Quantum Attum Attacks Similar to Those Threatening Rsa. Current Quantum Computers Are Not Yet Capable of Breaking the TESE Encryption Methods, But Research Is Rapidly Advanceing.
Earlier in July, Eight Legacy Bitcoin Wallets Moved Over $ 8.5 Billion Worm of ‘Satoshi-Era’ Bitcoin After 15 Years of Dormancy Security As
That’s the Red Line for Lopp and the Team.
AROUND 25% OF ALL BITCOIN HAVE Exposed Their Public Keys, Meaning They’re Vulneval to A “Q-Day” Style Attack. If attackers are patient, they could use quantum tools to quetly drain domant wallets over time with tripping alarms.
“Quantum Attackers Could Compute The Private Key for KNOWN PUBLIC Keys Then Transfer All Funds Weeks or Months Later, in a Covert Bleed to Not Alert Chain “Q-Day May Be Only Known Much Later If The Attack Withholds Broadcasting Transactions In Order to Postpone Revealing Their Capabilities.”
The Proposal Is Still in Draft Stage and Has No Bip Number Yet. And it may be the only Way Bitcoin Survives a quantum Future.
Read More: Is Crypto Ready for Q-Day?
Shaurya Holds Over $ 1,000 in Btc, Eth, Sol, Avax, Sushi, Crv, Near, YFI, YFI, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, CAKE, Vet, Vet, Vet RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, Banana, Rome, Burger, Spirit, and ORCA.
He Provides Over $ 1,000 to Liquidity Pools on Compound, Curve, Sushiswap, Pancakeswap, Burgerswap, Orca, AnaSwap, Spiritswap, Roki Protocol, Yearn Finance Olympusdao, Rome, Trader Joe, and Sun.
X Icon
