New Proposal Offers Solution for Bitcoin's Quantum Computing Concerns

Bitcoin has long been concerned about the potential risks of quantum computing, with millions of coins, including those owned by Satoshi Nakamoto, potentially at risk of theft. One proposed solution is to implement a soft fork that phases out the use of legacy address types, forcing holders to move to quantum-safe formats. However, this approach has its own set of problems, as it would require long-dormant holders, including Satoshi, to publicly reveal their presence or risk losing access to their assets. A new proposal, put forth by Dan Robinson of Paradigm, offers a potential solution to this dilemma through the use of Provable Address-Control Timestamps, or PACTs. This approach involves generating a proof of ownership and timestamping it without revealing any information publicly. The proof and timestamp are then bundled together and committed to the blockchain, allowing the holder to later submit a zero-knowledge proof to redeem their coins if a soft fork is implemented. This approach also addresses a gap in a previous proposal, BIP-361, by providing a rescue path for wallets derived through BIP-32. However, the proposal requires the adoption of a STARK verification protocol, which would need a separate soft fork and broad community consensus. The verification infrastructure does not currently exist in Bitcoin and would require significant new development. Ultimately, the proposal offers a way to make the debate around quantum computing and Bitcoin less binary, but its success depends on the willingness of holders, including Satoshi, to take action.