- Bitcoin developers are proposing a hard fork to move funds into quantum-resistant wallets.
- The proposal has caused debate since inactive wallets like Satoshi’s could lose funds if they are not updated.
Bitcoin developers are proposing a critical upgrade to protect the cryptocurrency from emerging quantum computing threats. Recently, Agustin Cruz put forward the proposal known as the Quantum-Resistant Address Migration Protocol (QRAMP) in the form of BIP.
The proposed upgrade includes a hard fork that requires the users to transfer their funds before a specific date. If the users do not follow the rule, the nodes in the network will decline their transactions with no chance of reversal.
Cruz has forwarded code and an approach to erase coins still protected by BTC with the Elliptic Curve Digital Signature Algorithm (ECDSA), a cryptographic algorithm expected to be hackable with a quantum compass in the next few years.
While no quantum computer poses a threat to Bitcoin at the moment, experts believe that this could happen in about a decade. The QRAMP proposal is designed to allocate the blockchain that is associated with the biggest digital asset by market capitalization beforehand.
Proposal Sparks Controversy Over Lost Coins
The proposal generated a lot of controversy on the Bitcoin forums and developers’ chats. Other opponents believe that a cut-off approach will completely deny access to the minority who fails to migrate before the stipulated time. QRAMP could have an impact on Bitcoin’s circulating supply because unclaimed coins become effectively unusable if not moved prior to a given period of time.
Cruz also supports the strategy, citing that it directs the users on how to protect their assets. However, critics hold a crucial concern as pockets with no interaction, potentially associated with the true holder of Bitcoin, Satoshi Nakamoto, would also be excluded. These coins in such wallets could be removed as invalid if they remain untouched, raising concerns over the potential contraction of supply in the cryptocurrency.
The primary challenge of executing a hard fork lies in a decentralized system that requires the approval of some consensus. Online discussions show a mix of support, caution, and resistance. No official BIP number has been assigned to the proposal yet, and it is still being discussed with other active developers.
Quantum Tech Advances Urge Preemptive Action
Quantum computing is still progressing and, therefore, still poses concerns for blockchain developers. Quantum computing threatens cryptography by yielding significant capability to process a large amount of data using quantum bits or qubits. While the mining algorithm, SHA-256 currently still holds up to its position, the ECDSA implemented for signing transactions can be vulnerable to quantum attacks.
Cruz’s warning is based on the fact that old public keys, which are used in previous transactions, might be vulnerable to exploitation in the future, should quantum systems become powerful enough. This risk would be mitigated by migrating to quantum-resistant wallets, which would provide new levels of cryptographic security for the funds.
The QRAMP plan entails tools provided by the wallet providers and the block explorers, preparing the users for the transition. These nodes were at risk of operating in a network that was incompatible with the new protocol post-deadline. Cruz also states that Bitcoin can embrace innovations from quantum-secure blockchains like BTQ in enhancing the system.
