Jameson Lopp’s comments have been added to this article (April 15, 6.45am UTC).
Jameson Lopp, a cryptopunk, and his five colleagues from the Bitcoin Quantum Security space propose freezing the quantum-vulnerable bitcoins on the Bitcoin Network, including Satoshi’s $74 billion hoard, in order to stop them being stolen when quantum computers are available.
This is part two of the three-stage BIP-361 proposal called the “Post Quantum Migration and Legacy Signature Sunset,” What was? posted As a Draft to GitHub by Tuesday.
This address is a major risk to Bitcoin — the potential use of quantum computers to steal roughly 1.7 million BTC locked in early P2PK addresses, including Satoshi’s stash, which are not quantum-proof.
These coins, if in the wrong hands could have a significant impact on the value of your network.
Lopp said to Cointelegraph that BIP-361 was not in a state of readiness for adoption at this time.
“Rather, it’s a rough sketch of one way we could approach the issue of a looming circulating supply shock if quantum computing advances to the point that a post-quantum signature scheme achieves consensus for being added to Bitcoin.”
BIP-361 is expected to have various effects on him. “continue to evolve over the years as more research and development is conducted in this area.”
The three stages of quantum security
BIP-361 expands on BIP-361 released in FebruaryThis soft fork is a compromise between a new output type Pay-to-Merkle Root (P2MR) is also known as. This works in a similar way to Bitcoin Taproot addresses (P2TR), except that the key-path quantum-vulnerable has been removed.
BIP-360 does protect new coins, but it doesn’t address 34% of supply which is still vulnerable until it has been transferred to new addresses.
BIP-361 suggests that phase A would prohibit any BTC being sent to addresses with old-style address types three years after activation.
In the second phase, (B), old-style signatures will be invalidated and Bitcoin held in unprotected addresses is no longer valid. effectively frozen Five years after activation.
Related: Bitcoin can be made quantum-safe without protocol upgrade: Researcher
This phase provides an alternative rescue method that uses proofs of zero knowledge. It allows people to recover their frozen funds even if they missed the date but have their original seed phrase.
Authors described it as a “private incentive to upgrade” The value of all coins is affected by the amount recovered.
“This is not an offensive attack, rather, it is defensive: our thesis is that the Bitcoin ecosystem wishes to defend itself and its interests against those who would prefer to do nothing and allow a malicious actor to destroy both value and trust.”
Bitcoin community backs off
The proposal, however, would make some existing UTXOs inaccessible to their owners if the fail to upgrade. This has been viewed by some as a major philosophical deviation from Bitcoin.
Mark Erhardt was a Bitcoin developer and researcher who developed the Bitcoin protocol. shared The community reacted strongly to BIP-361, which was implemented on X Tuesday. comments As well as “this quantum proposal is highly authoritarian and confiscatory … there is no good rationale for forcing the upgrade and rendering old spends invalid.”
Bitcoin Magazine’s editor Brian Trollz has rejected this proposal, TFTC founder Martt Bent. called It is a good idea to get a hold of someone else. “laughable,” Phil Geiger is the head of Metaplanet’s business development. “We have to steal people’s money to prevent their money from being stolen.”
Magazine: Nobody knows if quantum-secure cryptography will even work
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Source: cointelegraph.com
