A Post Quantum Migration Proposal

A multi-phased proposal has been introduced, aiming to transition Bitcoin towards adopting post-quantum cryptographic standards. This plan suggests initially prohibiting the transfer of funds to quantum-vulnerable addresses and gradually phasing out legacy ECDSA/Schnorr signatures in favor of a new post-quantum output type known as P2QRH. The objective is to mitigate risks well in advance by setting definite timelines for migration, thereby aligning stakeholders across the ecosystem to minimize inertia and ensure a coordinated defensive strategy.

The urgency of this proposal stems from the rapid advancements in quantum computing technology and its potential to compromise the cryptographic underpinnings of the Bitcoin network. With NIST ratifying post-quantum signature schemes, the pace at which quantum progress is being made signals a narrowing window of safety for classical encryption methods. The implications of a successful quantum attack on Bitcoin are profound, threatening not only the network's trustworthiness but also causing substantial economic repercussions. Therefore, the proposal advocates for a preemptive approach, emphasizing the necessity of moving towards quantum-resistant cryptographic practices before such threats materialize.

The proposed phased approach outlines specific roles and actions required from different stakeholders within the Bitcoin community, including miners, institutional holders, exchanges, custodians, and regular users. Each group is motivated by distinct incentives to upgrade their systems, from safeguarding investments and operational infrastructure to fulfilling legal responsibilities and personal security. The collective aim is to reduce the overall attack surface and minimize potential losses by transitioning to quantum-resistant cryptography, deemed beneficial for the entire ecosystem.

Moreover, the proposal carefully considers backward compatibility, proposing that these changes be implemented through soft forks. This strategy allows older nodes to continue functioning without immediate upgrades while strongly encouraging the adoption of new standards to validate post-quantum transactions fully. By providing a clear, time-bound plan for gradual implementation, the proposal seeks to ensure the Bitcoin network's integrity and security remain intact in the face of looming quantum computing advancements.