A team of researchers in the Bitcoin field has proposed a plan aimed at mitigating the potential risks posed by quantum computing to the core cryptography of digital currency. Bitcoin Improvement Proposal 361, authored by Jimson Loeb and others, offers a possible migration path to secure the network against quantum attacks. The proposed timeline may ultimately freeze billions of dollars worth of unspent old coins if their holders do not adopt quantum-resistant systems.

Quantum risks drive a defensive move
Currently, Bitcoin security relies on elliptic curve cryptography, specifically the ECDSA algorithm and Schnorr signatures, protected against traditional computer attacks. However, the development of quantum computers capable of running Shor's algorithm poses a threat, as these devices could eventually reconstruct private keys from public keys on the blockchain.