I assume we proceed the same way any other soon-to-be-obsolete cryptography algorithm is usually replaced.
- It starts with hardware starting to catch up and algorithms becoming faster while both still be a some years away from actually breaking anything.
- The next step is finding a replacement algorithm and implementing it.
And what algorithm is that exactly? They always talk like one exists but I havent seen it yet.
- Then I suppose it depends on the new algorithm. For example if we still use the same secp256k1 curve then it could possibly be done using a soft fork where we only replace ECDSA while nobody would have to move their coins.
What algorithm is quantum resistant that works with secp256k1 and exactly how it works that is kind of a mystery, dont you think?
But if the curve is also changed then we need a transition period with a hard fork when people have to move their coins to outputs created using the new algorithm.
maybe the network could automatically move everyone's coins that way "no one gets left behind" otherwise satoshi might find out one day he's broke.