New BIP proposes phasing out legacy Bitcoin signature schemes to prevent catastrophic losses if quantum computers break existing cryptography.
A new Bitcoin Improvement Proposal (BIP) aims to tackle the threat posed by quantum computers by phasing out Bitcoin’s legacy signature schemes, which can be vulnerable to quantum attacks, in favor of quantum-resistant alternatives.
The proposal, titled “Post Quantum Migration and Legacy Signature Sunset,” was drafted earlier this week by a group of cryptography and blockchain experts, including American software engineer Jameson Lopp and BitcoinQS founder Christian Papathanasiou.
While quantum computers powerful enough to crack Bitcoin’s cryptography are not yet here, recent developments have narrowed the window. Some academic forecasts suggest quantum machines capable of threatening Bitcoin (BTC) could arrive as early as 2027 to 2030, per McKinsey.
