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

The Bitcoin community is considering a novel approach to mitigating the risks associated with quantum computing, which could potentially compromise the security of the network. This new strategy, outlined in a proposal by BitMEX Research, involves implementing a 'canary' system that would trigger a network-wide freeze on older bitcoin wallets only if a quantum-capable attacker demonstrates their capabilities on-chain. The proposal is centered around a 'wait and react' strategy, which would replace earlier plans to impose a pre-scheduled freeze on the network. The 'canary' system works by placing a small amount of bitcoin into a special address that can only be unlocked by a quantum-capable attacker, with any spend from that address serving as public proof that the threat has arrived, automatically triggering a network-wide freeze of older wallets. This approach is designed to provide a more flexible and adaptive response to the emerging threat of quantum computing, rather than relying on a fixed timeline for upgrading the network's security. The proposal also includes a financial incentive, where users can contribute bitcoin to the address, creating a bounty that rewards the first entity to demonstrate a quantum attack publicly. However, this approach rests on the assumption that the first entity capable of breaking Bitcoin's security would claim the bounty rather than executing a large-scale theft, which is a bet that cuts against the network's historical emphasis on preventing worst-case scenarios.