Bitcoin Developers Propose 'Wait and React' Strategy Against Quantum Computing Threats

Bitcoin developers are considering a novel approach to addressing the potential threat of quantum computing to the network's security. Instead of imposing a pre-scheduled freeze on vulnerable coins, the new proposal suggests waiting for an attacker to demonstrate their capabilities and then reacting accordingly. This 'wait and react' strategy is based on a 'canary' system, which involves placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker. If the attacker succeeds in unlocking the address, it would trigger a network-wide freeze on older wallets. The proposal also includes a financial incentive, allowing users to contribute to a bounty that would reward the first entity to demonstrate a quantum attack publicly. However, this approach relies on the assumption that the attacker will choose to claim the bounty rather than carrying out a large-scale theft. This assumption has raised concerns, 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 new approach aims to balance the need to protect the network against the risk of prematurely disrupting users.