Proposal to Freeze Quantum-Vulnerable Bitcoin Coins Unveiled
- Jameson Lopp and five co-authors proposed 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 posed by quantum computing to approximately 1.7 million BTC in early P2PK addresses.
- BIP-361 includes three phases, with the first preventing new BTC from being sent to old addresses three years post-activation.
- Phase B would render old-style signatures invalid five years after activation, effectively freezing any BTC in vulnerable addresses.
- The proposal has faced backlash from the community, with critics labeling it as authoritarian and contrary to Bitcoin’s ethos.
The initiative aims to protect the Bitcoin ecosystem from potential threats posed by quantum computing, which could compromise significant amounts of BTC currently stored in outdated address formats.
If implemented, this proposal could freeze a substantial portion of Bitcoin assets unless users transition to quantum-resistant addresses within specified timeframes. (Source)
