A Post Quantum Migration Proposal

This approach is rooted in the urgency to protect the network against potential quantum attacks that could compromise its cryptographic underpinnings. By introducing a new post-quantum output type (P2QRH) and setting a timeline for phasing out legacy ECDSA/Schnorr signatures, the proposal aims to preemptively secure Bitcoin's future. The initial phase mandates stopping transactions to quantum-vulnerable addresses, advocating for a swift migration to P2QRH address types. Subsequently, spending from quantum-vulnerable UTXOs would be deemed invalid, halting transactions reliant on traditional cryptographic methods. An optional third phase explores the possibility of recovering frozen assets through zero-knowledge proofs, pending further research and consensus within the community.

This strategic initiative underscores the critical need for a proactive stance against the quantum threat, motivated by recent advancements in quantum algorithms and NIST's endorsement of post-quantum signature schemes. A successful quantum breach could drastically erode confidence in Bitcoin, inflicting substantial economic repercussions. Hence, the proposal articulates a defensive maneuver, prescribing deadlines for adopting quantum-resistant cryptographic practices to galvanize stakeholders across the Bitcoin ecosystem towards a unified response.

The proposal delineates specific expectations from various ecosystem participants, including miners, institutional holders, exchanges, custodians, and regular users, highlighting the tailored incentives for each group to upgrade. This collective effort aims to diminish the attack surface and mitigate potential losses, portraying the shift to quantum-resistant cryptography as a communal benefit. Moreover, it addresses the technical feasibility of implementing these changes via soft forks, ensuring backward compatibility and offering a gradual, inclusive path towards enhancing Bitcoin's resilience in the quantum era.