Bitcoin Developers Propose 'Wait and React' Strategy to Counter Quantum Computing Threat

A new approach to mitigating the risk of quantum computing attacks on the Bitcoin network has been proposed, focusing on a 'wait and react' strategy rather than a pre-emptive freeze. The plan, outlined by BitMEX Research, involves placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker, with the spend from that address serving as proof that the threat has materialized and triggering a network-wide freeze of older wallets. This system is designed to provide an alternative to BIP-361, a proposal that would impose restrictions on a fixed timeline, potentially resulting in the permanent freezing of unmigrated coins. The new proposal includes a financial incentive, where users can contribute to a bounty that rewards the first entity to demonstrate a quantum attack, rather than allowing them to quietly exploit vulnerable wallets. However, this approach relies on the assumption that the first capable attacker will claim the bounty rather than executing a large-scale theft, which may not align with the network's historical risk management approach.