Will I have to generate a new word phrase when Bitcoin or other cryptos upgrade to post quantum cryptography?

Security
1

From what I understand, Bitcoin and most cryptocurrencies will be cracked by quantum computers in the future (next 10 - 15 years). Therefore we will expect Bitcoin and other cryptos to upgrade their nodes and wallets to be quantum safe.

I know The latest hardware wallet the Trezor 7 is “quantum ready”. However will I need to generate a new word phrase since all 12/24 bip39 and all 20/33 slip39 will not be quantum safe? Or does it seem that we can keep our 12/24 bip39 and 20/33 slip39 phrases but using those we can generate new private and public keys and new addresses which we will have to move our funds to the new address?

2

It’s expected that a new address type will be introduced in accordance with the consensus process for whatever cryptocurrency you’re using.

We expect BIP39 and SLIP39 backups to remain reliable tools for securing post-quantum private keys.

1 Like
3

Therefore as of now we can expect to use the same bip39 or slip39 phrases, just need to move coins to new addresses?

4

Yes, that is the current expectation based on all available research. If it changes, we will make an announcement.

1 Like