BIP proposes destroying bitcoins to save the ecosystem from quantum attack
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BIP proposes destroying bitcoins to save the ecosystem from quantum attack
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BIP proposes Quantum-Resistant Address Migration Protocol
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Importantly, the BIP would effectively alter the supply of BTC. After its deadline transpires, it would deny transactions from legacy UTXOs. That would be a de facto burn of those coins from BTC’s circulation.
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For context, Bitcoin’s Elliptic Curve Digital Signature Algorithm (ECDSA) secures UTXOs. Unfortunately, ECDSA cannot defend against a sufficiently advanced quantum attacker. Although no quantum computer has stolen UTXOs yet, it’s possible that a more advanced machine may be able to steal them at some point in the next few years.
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