Proposal to Freeze Quantum-Vulnerable Bitcoin Coins Under BIP-361
- Jameson Lopp and five co-authors propose freezing quantum-vulnerable coins on the Bitcoin network, including Satoshi’s $74 billion stash.
- The proposal is part of BIP-361, which aims to address risks from quantum computers potentially stealing about 1.7 million BTC.
- BIP-361 includes three phases, with phase A preventing new BTC from being sent to old-style addresses after three years.
- Phase B would render old signatures invalid and freeze any remaining coins in vulnerable addresses five years post-activation.
- Community reactions have been mixed, with some viewing the proposal as authoritarian and a departure from Bitcoin’s ethos.
The proposed BIP-361 aims to secure Bitcoin against future quantum threats by transitioning users to quantum-resistant address types, addressing approximately 34% of the current supply that remains at risk unless transferred.
If implemented, this could affect user access to their funds if they do not upgrade, highlighting significant community concerns regarding control over assets. (Source)
