Bitcoin Developers Propose Phased Migration to Quantum-Resistant Addresses by 2030

Key Points

1. A team of Bitcoin contributors introduced the 'Post Quantum Migration and Legacy Signature Sunset' proposal to transition Bitcoin's cryptographic infrastructure to quantum-resistant alternatives.

2. Approximately 4.9 million BTC ($593 billion) are at risk due to legacy address formats like Pay-to-Public-Key (P2PK) and reused public keys, including Satoshi Nakamoto's 1 million BTC.

3. The proposal outlines a phased migration strategy: Phase B enforces a hard cutoff for non-upgraded wallets, while Phase C (under development) proposes a recovery mechanism using zero-knowledge proofs.

4. Quantum computers could potentially break current cryptographic schemes within the next decade, posing an imminent threat to Bitcoin's security model.

5. The plan aims to balance security and user flexibility, requiring extensive community consensus for implementation.