Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥
Key Takeaways
Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥
A group of Bitcoin
Led by Casa’s co-founder and CTO, Jameson Lopp, the proposal suggests changes to Bitcoin’s code that would slowly block the use of crypto wallets seen as weak against future quantum attacks.
The plan would make it more difficult for people to continue using outdated wallets. Those who do not upgrade to more secure wallet types would, over time, lose the ability to send or spend their Bitcoin.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
How to Track Cryptocurrencies? (3 BEST Tracking Platforms Revealed)
First, it would stop users from sending Bitcoin to addresses that could be exposed to quantum attacks. After five years, Bitcoin held in those older addresses would not be allowed to move at all. An optional third step could help figure out how to recover frozen Bitcoin using safer technology.
This idea was released during the Quantum Bitcoin Summit, a private meeting in San Francisco focused on future-proofing Bitcoin against changes in computing power.
According to a report by Deloitte, the developers noted that only about 25% of all Bitcoins are at risk, which includes that belonging to Bitcoin’s anonymous creator, Satoshi Nakamoto.
The concern is that quantum computers might one day be able to figure out wallet keys and unlock Bitcoins that were thought to be secure. If that happens, many old and unused Bitcoins could suddenly hit the market.
Recently, Bitcoin Core 30 announced it will remove the OP_RETURN limit, which allows 4 megabytes of data per output starting October 30. What did the developers say about this change? Read the full story.
To ensure the highest level of accuracy & most up-to-date information, BitDegree.org is regularly audited & fact-checked by following strict editorial guidelines & review methodology.
Carefully selected industry experts contribute their real-life experience & expertise to BitDegree's content. Our extensive Web3 Expert Network is compiled of professionals from leading companies, research organizations and academia.