Several authors have submitted a BIP draft, suggesting a future
consensus upgrade in the Bitcoin network and
switch to a quantum-resistant cryptographic standard. I will write a short summary of the paper below.
Authors:
Jameson Lopp
Christian Papathanasiou
Ian Smith
Joe Ross
Steve Vaile
Pierre-Luc Dallaire-Demers
This is a three-phase plan to migrate Bitcoin to a new post-quantum cryptographic standard. In it, the authors suggest adopting the already proposed
P2QRH output types and abandoning ECDSA/Schnorr signatures. The BIP requests a mandatory switch of cryptographic signatures due to concerns of ECDSA/Schnorr being vulnerable to future quantum computers.
As mentioned, three phases are suggested.
Phase A is a soft fork.
- At this stage, Bitcoin is supposed to stop creating new outputs using existing public key formats.
- Sending Bitcoin should only be possible to the new quantum-resistant P2QRH outputs.
- Users must start migrating their funds to the new proposed standard.
- This activation is proposed as soon as P2QRH outputs become available on the network.
Phase B- A deadline will be announced after which it won't be possible to spend and sign using legacy ECDSA/Schnorr signatures.
- This requires a consensus rule change, where nodes will reject the old signature formats.
- Quantum-vulnerable UTXOs become unspendable.
- The recommended deadline is around 5 years after the activation of Phase A.
Phase C (Optional)- A feature could be introduced to recover old legacy UTXOs that were not migrated in time.
- Users in possession of private keys and seeds of old legacy inputs could then still recover their coins.
The BIP requires a change to Bitcoin's consensus and prior activation of BIP-360, introducing P2QRH (quantum-resistant) outputs. The authors encourage an earlier adoption of quantum-resistant standards and prevention of future hard forks and chain splits if/when quantum computers become a real threat.
What does everyone think about this BIP?
If you want to read it in its entirety, you can do so here:
bip-post-quantum-migration.mediawiki