BitMEX Research has introduced a novel approach to address the potential risks posed by quantum computing to Bitcoin, proposing a “canary fund” instead of outright freezing dormant, quantum-vulnerable coins. Their plan involves a soft fork that would only trigger a freeze if a quantum computer capable of stealing Bitcoins is confirmed to exist. This mechanism utilizes a special Bitcoin address, known as a “Nothing-Up-My-Sleeve Number” (NUMS), where users can donate BTC as a bounty, incentivizing any quantum-capable actor to alert the community by spending from it.
This proposal counters the controversial BIP-361, which faced significant backlash for its authoritarian implications. The canary fund allows for continued spending of old coins unless a quantum threat is validated, thus providing a more flexible solution. Investors can withdraw their BTC at any time, adding a layer of safety while maintaining engagement with the evolving threat landscape.
The key takeaway for market professionals is that this approach could mitigate potential panic and volatility in Bitcoin markets by allowing for a more measured response to quantum risks, rather than an immediate freeze that could disrupt trading and investor confidence.
Source: cointelegraph.com