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

The Bitcoin community is considering a novel approach to addressing the potential threat of quantum computing to the network's security. Instead of implementing a pre-emptive freeze on vulnerable coins, the proposal involves a 'wait and react' strategy that relies on the assumption that a quantum-capable attacker would claim a bounty rather than exploiting the vulnerability for personal gain. This approach is based on a 'canary' system, which would place a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker. If the attacker demonstrates their capabilities by spending the bitcoin, it would trigger a network-wide freeze on older wallets. The proposal is designed to provide an alternative to the controversial BIP-361 proposal, which would impose a fixed five-year timeline for phasing out vulnerable addresses. Critics of BIP-361 have argued that it undermines Bitcoin's core principle of giving control to private key holders. The new proposal introduces a financial incentive for users to contribute to a bounty, which would reward the first entity to demonstrate a quantum attack publicly. The proposal also includes a 'safety window' that would make it harder for attackers to quietly drain vulnerable wallets. However, the approach relies on a bet that the first entity capable of breaking Bitcoin would claim the bounty rather than carrying out a large-scale theft. This bet goes against the network's historical approach to preventing worst-case scenarios, and it remains to be seen whether the proposal will gain traction within the Bitcoin community.