Here’s how Bitcoin might be secured against quantum computing attacks
According to the initiative’s website, the change would happen in three stages. First, sending funds to quantum-vulnerable addresses would be disallowed. Second, ECDSA/Schnorr spends would be invalidated in a change that would be ‘triggered by a well-publicized flag-day five years after activation.’
Finally, a still-unknown method of recovering legacy unspent transaction output (UTXO) would be developed and implemented as the final stage.
Notably, the proposal could, if adopted, have consequences for Satoshi Nakamoto as his vast and dormant Bitcoin holdings would effectively be frozen unless they implement changes for better security concerning the quantum computing threat.
Are Bitcoin holders at risk due to quantum computing advancements?
Elsewhere, recent developments concerning $BTC security in the era of advancing quantum computing indicate that the BIP-361 proposal is rather timely.
Indeed, Google (NASDAQ: GOOGL) published research in March indicating that a sufficiently powerful computer could successfully hijack a Bitcoin transaction within just 9 minutes in 41% of the cases.
In April, the dire warning gained new evidence of its likely accuracy when a researcher managed to crack a 15-bit elliptic curve cryptography (ECC) key on a publicly accessible quantum computer by deriving the private key from the public key.
Lastly, Glassnode estimated in May that 30.2% of Bitcoin’s issued supply – 6.04 million BTCs – were exposed to quantum computing attacks on account of having publicly-visible keys.
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