New BIP-361 proposal aims to protect Bitcoin from quantum threats

A new proposal, BIP-361, has been introduced to the Bitcoin network to address the threat of quantum computing, Unfolded reported. The proposal calls for the gradual phasing out of the existing ECDSA and Schnorr signature methods. ECDSA is the elliptic curve digital signature algorithm that underpins both Bitcoin and Ethereum. The plan would initially restrict new transactions to vulnerable addresses, followed by a grace period of several years before invalidating the assets held within them. The transition is scheduled to begin around 2029.