Key Highlights
- BitMEX Research proposes a canary fund for Bitcoin, delaying action until quantum attacks are proven real, not just feared.
- The plan shifts crypto policy from preemptive freezes to evidence-based action using a live quantum bounty test.
- Debate intensifies as BitMEX challenges BIP-361, balancing user control, risk, and uncertainty around quantum threats.
BitMEX Research has introduced a new proposal amidst the current debate among the crypto community over the risks of quantum computing to Bitcoin. Instead of rushing to freeze potentially vulnerable coins, the team is urging a more cautious approach.
It suggests creating a canary fund and only taking action if there is clear proof that quantum computers can actually break Bitcoin’s security.
Though the proposal is addressing the rising threat of quantum attacks in the future, it rejects an approach of acting too hastily. According to BitMEX Research, freezing money based on assumptions of an impending attack can create much unnecessary trouble.
Unlike BIP-361, which advocates for preventive measures, the proposed plan focuses on only acting once something concrete happens.
Canary fund and quantum proof mechanism
The central theme of the proposal is what they refer to as “Nothing-Up-My-Sleeve Number,” which is a form of cryptography that enables the generation of a Bitcoin address without a private key. What this means is that it shouldn’t be possible for anyone to access funds in such an address.
However, if a powerful quantum computer exists, it could potentially break that rule. That makes the address a live test for whether such technology is real.
BitMEX Research suggests turning this address into a kind of bounty pool. Users can send Bitcoin to it, offering a reward to anyone who can successfully move the funds. If that ever happens, it would serve as clear proof of quantum capability. At that point, the network could respond by activating a planned soft fork.
In addition, the proposal also incorporates a mechanism that allows users to invest in the system without committing themselves for life. The multisignature structure, combined with the canary protocol, will allow users to withdraw their Bitcoin while supporting the bounty.
Governance debate and industry reactions
The proposal also challenges BIP-361, co-authored by Jameson Lopp along with five co-authors, which recently suggested freezing older Bitcoin that could be exposed to quantum attacks. Critics were quick to push back, describing the idea as too forceful and raising concerns about user control. In response, BitMEX Research is presenting its approach as a more balanced option that avoids taking action before any real threat is proven.
Lopp himself acknowledged the backlash. He stated, “I know folks don’t like it. I don’t like it myself.” He added that BIP-361 remains a “rough idea for a contingency plan.” Moreover, he stressed the need for further research before any activation.
At the same time, competition across the blockchain industry is picking up pace. Justin Sun recently announced a post-quantum upgrade for the TRON network. He stated, “Quantum security shouldn’t be a debate. It should be a feature.” Consequently, the move is adding pressure on other projects to speed up their own plans.
BitMEX also proposed a “safety window” to delay strict enforcement. Vulnerable transactions could remain valid for a defined period, possibly one year. However, this introduces risks if malicious actors act first. Additionally, non-upgraded wallets may still accept compromised funds.
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