Bitcoin Developers Propose 'Wait and React' Plan to Counter Quantum Threats

The Bitcoin community is considering a novel approach to address the potential threat of quantum computing to the network's security. Instead of implementing a pre-emptive freeze on vulnerable coins, developers are debating a 'wait and react' strategy that would only trigger a network-wide response if a quantum-capable attacker demonstrates their capabilities. This approach, outlined in a recent proposal by BitMEX Research, involves creating a 'canary' address that contains a small amount of bitcoin, which can only be unlocked by a quantum-capable attacker. If the address is compromised, it would serve as public proof that the quantum threat is real, automatically triggering a network-wide freeze on older wallets. The proposal also includes a bounty system, where users can contribute bitcoin to incentivize the first entity to demonstrate a quantum attack, rather than exploiting the vulnerability for personal gain. However, this approach relies on the assumption that the first entity to demonstrate a quantum capability will claim the bounty rather than attempting a large-scale theft. This assumption has sparked debate, as it goes against the network's historical emphasis on preventing worst-case scenarios. The proposal is seen as an alternative to a controversial plan that would impose a fixed five-year timeline for phasing out vulnerable addresses, which has been criticized for being 'authoritarian and confiscatory.' The 'wait and react' strategy aims to balance the need for security with the need to preserve the network's core principles of user control and decentralization.