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Date: Fri, 22 Aug 2025 19:59:53 +0000
To: Saint Wenhao <saintwenhao@gmail.com>
From: "'conduition' via Bitcoin Development Mailing List" <bitcoindev@googlegroups.com>
Cc: Jameson Lopp <jameson.lopp@gmail.com>, Marc Johnson <marcjohnson518@gmail.com>, Bitcoin Development Mailing List <bitcoindev@googlegroups.com>
Subject: Re: [bitcoindev] Re: A Post Quantum Migration Proposal
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> If someone has some coins, then the public key cannot be changed, if it i=
s present in the output Script. However, R-value can be freely picked by th=
e signer, and can be set to anything.

> ...

> And later, when quantum signatures will be obligatory, then for each and =
every OP_CHECKSIG call, R-value of the old ECDSA signature will be forced t=
o commit to a valid quantum signature.


The ECDSA R value is chosen by the signer, so the quantum attacker could pi=
ck any arbitrary PQ signature data and commit it at spending time too.

Lopp's point is that unless the output script has committed to a PQ public =
key in some way prior=C2=A0to a CRQC arriving, then 3rd party nodes can't k=
now whether a spend that occurs after=C2=A0a CRQC has appeared is genuine. =
Any such commitments require positive action by UTXO holders, i.e. a migrat=
ion.

regards,
conduition
On Tuesday, August 19th, 2025 at 3:11 PM, Saint Wenhao <saintwenhao@gmail.c=
om> wrote:

> > how would currently locked funds be able to spend via a quantum safe si=
gnature scheme if they have not committed to a dual signature scheme?
>=20

> In ECDSA, we have two secp256k1 points in use: one is public key, another=
 is R-value in the signature. If someone has some coins, then the public ke=
y cannot be changed, if it is present in the output Script. However, R-valu=
e can be freely picked by the signer, and can be set to anything. Which mea=
ns, that users can commit to any quantum data, by hashing it, and forming a=
 valid commitment in R-value.
>=20

> Which also means, that old nodes can see only ECDSA signatures, and publi=
c keys, while new, quantum-resistant nodes, can require R-value to commit t=
o something. Then, in the first phase, when quantum commitments will be opt=
ional, users will use only ECDSA on-chain, but new, quantum nodes, will be =
able to see, what is committed to R-values behind signatures, and can store=
 and process it.
>=20

> And later, when quantum signatures will be obligatory, then for each and =
every OP_CHECKSIG call, R-value of the old ECDSA signature will be forced t=
o commit to a valid quantum signature. Which also means, that the new quant=
um data won't be restricted by the current block size limit, but rather by =
a combination of sigops limit, and a quantum commitment size limit (which c=
an be set to different values, for different quantum proposals, depending o=
n a particular signature scheme).
>=20

> pon., 18 sie 2025 o 19:12 Jameson Lopp <jameson.lopp@gmail.com> napisa=C5=
=82(a):
>=20

> >=20

> >=20

> > On Thu, Aug 7, 2025 at 7:26=E2=80=AFPM Marc Johnson <marcjohnson518@gma=
il.com> wrote:
> >=20

> > > Hi All!
> > >=20

> > > I'd first like to say thank you to James for the comprehensive propos=
al. The quantum threat is indeed existential, and I appreciate the detailed=
 thinking that went into this migration plan. However, I=E2=80=99d like to =
respectfully raise some concerns about the approach and share an alternativ=
e perspective from work we=E2=80=99ve been doing in this space.
> > >=20

> > > ## Concerns with the Forced Sunset Approach
> > >=20

> > > The proposal=E2=80=99s Phase B - rendering ECDSA/Schnorr spends inval=
id - essentially threatens users with permanent fund loss. This creates sev=
eral issues:
> > >=20

> > > 1. **Violation of Bitcoin=E2=80=99s Social Contract**: Satoshi=E2=80=
=99s principle that =E2=80=9Clost coins only make everyone else=E2=80=99s c=
oins worth slightly more=E2=80=9D becomes =E2=80=9Ccoins you don=E2=80=99t =
migrate in time are forcibly lost.=E2=80=9D This fundamentally changes Bitc=
oin=E2=80=99s value proposition.
> > >=20

> > > 2. **The 25% Problem**: With ~5.25 million BTC having exposed public =
keys, forcing these to become unspendable could create massive economic dis=
ruption. Many of these may be genuinely lost coins, but some could be long-=
term cold storage, inheritance situations, or users who simply miss the mig=
ration window.
> > >=20

> > > 3. **Timeline Risk**: The 5+ year timeline (3 years post-BIP-360 + 2 =
years) assumes smooth consensus and implementation. Given Bitcoin=E2=80=99s=
 history, this could easily stretch to 7-10 years, most likely pushing impl=
ementation past the 2027-2030 quantum timeline mentioned.
> > >=20

> > > ## An Alternative Approach: Learning from Supernova
> > >=20

> > > Our team has been working on these exact problems and recently reache=
d production readiness with Supernova - a Bitcoin-inspired blockchain that =
implements quantum resistance from genesis. Rather than forced migration, w=
e use a dual-signature scheme that might be instructive for Bitcoin:
> >=20

> >=20

> > I don't see how this solves Bitcoin's migration problem; how would curr=
ently locked funds be able to spend via a quantum safe signature scheme if =
they have not committed to a dual signature scheme? In order to take advant=
age of this setup on Bitcoin, you just end up recreating the migration prob=
lem.
> >=20

> >=20

> > >=20

> > > **Three Modes of Operation:**
> > > - **Legacy Mode**: ECDSA signatures only (Bitcoin-compatible)
> > > - **Transition Mode**: Both ECDSA and quantum signatures required
> > > - **Quantum Mode**: Quantum signatures only
> > >=20

> > > This approach:
> > > - Never locks users out of their funds
> > > - Allows gradual, voluntary migration
> > > - Maintains backwards compatibility indefinitely
> > > - Provides immediate protection for those who want it
> > >=20

> > > ## Key Innovations Worth Considering
> > >=20

> > > 1. **Hybrid Signatures**: Instead of a hard cutoff, transactions can =
require both classical and quantum signatures during transition. This provi=
des quantum security while maintaining compatibility.
> > >=20

> > > 2. **Address Format Compatibility**: Our quantum addresses (snq1...) =
coexist with standard addresses (sn1...), allowing users to choose their se=
curity level per transaction rather than per wallet.
> > >=20

> > > 3. **No Coordination Required**: Users can independently decide when =
to migrate without waiting for ecosystem-wide coordination.
> > >=20

> > > 4. **Proven Implementation**: We=E2=80=99ve demonstrated this works i=
n production, including the world=E2=80=99s first quantum-resistant Lightni=
ng Network.
> > >=20

> > > ## A Cooperative Path Forward
> > >=20

> > > Rather than viewing this as competition, I see opportunity for collab=
oration. Supernova could serve as a real-world testbed for quantum migratio=
n strategies. We=E2=80=99ve already implemented:
> > >=20

> > > - NIST-standardized algorithms (Dilithium, SPHINCS+, Falcon)
> > > - Quantum-resistant atomic swaps with Bitcoin
> > > - Full Lightning Network with quantum HTLCs
> > > - Zero-knowledge proofs for enhanced privacy
> > >=20

> > > Bitcoin could learn from our implementation experience, while we cont=
inue to honor Bitcoin=E2=80=99s principles of decentralization and sound mo=
ney.
> > >=20

> > > ## Invitation to Explore
> > >=20

> > > For those interested in seeing quantum resistance in action today rat=
her than waiting years, I invite you to explore Supernova. We=E2=80=99re la=
unching our public testnet soon and would value feedback from the Bitcoin c=
ommunity.
> > >=20

> > > The quantum threat is real, and we need multiple approaches to ensure=
 the future of decentralized money. Whether through Bitcoin=E2=80=99s event=
ual upgrade or alternatives like Supernova, the important thing is that we =
act before it=E2=80=99s too late.
> > >=20

> > > The code is open source, and we welcome technical review: [github.com=
/Carbon-Twelve-C12/supernova](https://github.com/Carbon-Twelve-C12/supernov=
a)
> > >=20

> > > Would love to hear thoughts on the dual-signature approach and whethe=
r something similar could work for Bitcoin without the harsh sunset provisi=
ons.
> > >=20

> > > ---
> > >=20

> > > *Note: While I represent the Supernova project, I=E2=80=99m also a lo=
ng-time Bitcoin supporter who wants to see the entire ecosystem survive the=
 quantum transition. These challenges affect us all.*
> > >=20

> > > On Sunday, July 20, 2025 at 11:56:48=E2=80=AFPM UTC+1 Boris Nagaev wr=
ote:
> > >=20

> > > > Hi Jameson, hi all!
> > > >=20

> > > > I have a couple of ideas on how to preserve more funds during any k=
ind of fork that constrains or blocks currently used spending scenarios. Th=
is applies to both freezing and commit/reveal schemes; the latter may resul=
t in lost funds if the public key is leaked. I realized that this also appl=
ies to the commit/reveal scheme I proposed in another thread [1].
> > > >=20

> > > > The idea is to roll out such forks incrementally across the UTXO se=
t. Instead of freezing or constraining all UTXOs at once, we split the UTXO=
 set into 256 groups deterministically (for example, by looking at the firs=
t byte of the TXID) and apply the constraints over 256 days, processing one=
 group per day. Procrastinators will learn what is happening through word o=
f mouth, act to save their funds, and only a small percentage of coin owner=
s will be harmed.
> > > >=20

> > > > Another approach is to provide a temporary opt-out option. If someo=
ne finds themselves blocked, they would still have a limited time to take a=
n action, without requiring any extra knowledge, to get unblocked. This wou=
ld help raise awareness. After being temporarily blocked and recovering the=
ir funds through the opt-out mechanism, the person would understand that th=
ey need to take further steps with their remaining coins to avoid being per=
manently blocked once the opt-out period ends. The action to unblock the fu=
nds could be as simple as sending a transaction with OP_RETURN "opt-out <tx=
id>", which would enable the old acceptance rules for the transaction with =
that txid for a period of 2016 blocks.
> > > >=20

> > > >=20

> > > > [1] https://groups.google.com/g/bitcoindev/c/uUK6py0Yjq0/m/57bQJ3VS=
CQAJ
> > > > In that scheme if the pubkey is leaked, anyone can post a valid com=
mitment with a random TXID blocking the coin forever.
> > > >=20

> > > > Best,
> > > > Boris
> > > >=20

> > > > On Saturday, July 12, 2025 at 9:46:09=E2=80=AFPM UTC-3 Jameson Lopp=
 wrote:
> > > >=20

> > > > > Building upon my earlier essay against allowing quantum recovery =
of bitcoin I wish to formalize a proposal after several months of discussio=
ns.
> > > > >=20

> > > > > This proposal does not delve into the multitude of issues regardi=
ng post quantum cryptography and trade-offs of different schemes, but rathe=
r is meant to specifically address the issues of incentivizing adoption and=
 migration of funds after consensus is established that it is prudent to do=
 so.
> > > > >=20

> > > > > As such, this proposal requires P2QRH as described in BIP-360 or =
potential future proposals.
> > > > >=20

> > > > > Abstract
> > > > >=20

> > > > > This proposal follows the implementation of post-quantum (PQ) out=
put type (P2QRH) and introduces a pre-announced sunset of legacy ECDSA/Schn=
orr signatures. It turns quantum security into a private incentive: fail to=
 upgrade and you will certainly lose access to your funds, creating a certa=
inty where none previously existed.
> > > > >=20

> > > > > -   Phase A: Disallows sending of any funds to quantum-vulnerable=
 addresses, hastening the adoption of P2QRH address types.
> > > > >    =20

> > > > > -   Phase B: Renders ECDSA/Schnorr spends invalid, preventing all=
 spending of funds in quantum-vulnerable UTXOs. This is triggered by a well=
-publicized flag-day roughly five years after activation.
> > > > >    =20

> > > > > -   Phase C (optional): Pending further research and demand, a se=
parate BIP proposing a fork to allow recovery of legacy UTXOs through ZK pr=
oof of possession of BIP-39 seed phrase.
> > > > >    =20

> > > > >=20

> > > > > Motivation
> > > > >=20

> > > > > We seek to secure the value of the UTXO set and minimize incentiv=
es for quantum attacks. This proposal is radically different from any in Bi=
tcoin=E2=80=99s history just as the threat posed by quantum computing is ra=
dically different from any other threat in Bitcoin=E2=80=99s history. Never=
 before has Bitcoin faced an existential threat to its cryptographic primit=
ives. A successful quantum attack on Bitcoin would result in significant ec=
onomic disruption and damage across the entire ecosystem. Beyond its impact=
 on price, the ability of miners to provide network security may be signifi=
cantly impacted.
> > > > >=20

> > > > > -   Accelerating quantum progress.
> > > > >    =20

> > > > >     -   NIST ratified three production-grade PQ signature schemes=
 in 2024; academic road-maps now estimate a cryptographically-relevant quan=
tum computer as early as 2027-2030. [McKinsey]
> > > > >        =20

> > > > > -   Quantum algorithms are rapidly improving
> > > > >    =20

> > > > >     -   The safety envelope is shrinking by dramatic increases in=
 algorithms even if the pace of hardware improvements is slower. Algorithms=
 are improving up to 20X, lowering the theoretical hardware requirements fo=
r breaking classical encryption.
> > > > >        =20

> > > > > -   Bitcoin=E2=80=99s exposed public keys.
> > > > >    =20

> > > > >     -   Roughly 25% of all bitcoin have revealed a public key on-=
chain; those UTXOs could be stolen with sufficient quantum power.
> > > > >        =20

> > > > > -   We may not know the attack is underway.
> > > > >    =20

> > > > >     -   Quantum attackers could compute the private key for known=
 public keys then transfer all funds weeks or months later, in a covert ble=
ed to not alert chain watchers. Q-Day may be only known much later if the a=
ttack withholds broadcasting transactions in order to postpone revealing th=
eir capabilities.
> > > > >        =20

> > > > > -   Private keys become public.
> > > > >    =20

> > > > >     -   Assuming that quantum computers are able to maintain thei=
r current trajectories and overcome existing engineering obstacles, there i=
s a near certain chance that all P2PK (and other outputs with exposed pubke=
ys) private keys will be found and used to steal the funds.
> > > > >        =20

> > > > > -   Impossible to know motivations.
> > > > >    =20

> > > > >     -   Prior to a quantum attack, it is impossible to know the m=
otivations of the attacker. An economically motivated attacker will try to =
remain undetected for as long as possible, while a malicious attacker will =
attempt to destroy as much value as possible.
> > > > >        =20

> > > > > -   Upgrade inertia.
> > > > >    =20

> > > > >     -   Coordinating wallets, exchanges, miners and custodians hi=
storically takes years.
> > > > >        =20

> > > > >     -   The longer we postpone migration, the harder it becomes t=
o coordinate wallets, exchanges, miners, and custodians. A clear, time-boxe=
d pathway is the only credible defense.
> > > > >        =20

> > > > >     -   Coordinating distributed groups is more prone to delay, e=
ven if everyone has similar motivations. Historically, Bitcoin has been slo=
w to adopt code changes, often taking multiple years to be approved.
> > > > >        =20

> > > > >=20

> > > > > Benefits at a Glance
> > > > >=20

> > > > > -   Resilience: Bitcoin protocol remains secure for the foreseeab=
le future without waiting for a last-minute emergency.
> > > > >    =20

> > > > > -   Certainty: Bitcoin users and stakeholders gain certainty that=
 a plan is both in place and being implemented to effectively deal with the=
 threat of quantum theft of bitcoin.
> > > > >    =20

> > > > > -   Clarity: A single, publicized timeline aligns the entire ecos=
ystem (wallets, exchanges, hardware vendors).
> > > > >    =20

> > > > > -   Supply Discipline: Abandoned keys that never migrate become u=
nspendable, reducing supply, as Satoshi described.
> > > > >    =20

> > > > >=20

> > > > > Specification
> > > > >=20

> > > > > Phase
> > > > >=20

> > > > > What Happens
> > > > >=20

> > > > > Who Must Act
> > > > >=20

> > > > > Time Horizon
> > > > >=20

> > > > > Phase A - Disallow spends to legacy script types
> > > > >=20

> > > > > Permitted sends are from legacy scripts to P2QRH scripts
> > > > >=20

> > > > > Everyone holding or accepting BTC.
> > > > >=20

> > > > > 3 years after BIP-360 implementation
> > > > >=20

> > > > > Phase B =E2=80=93 Disallow spends from quantum vulnerable outputs
> > > > >=20

> > > > > At a preset block-height, nodes reject transactions that rely on =
ECDSA/Schnorr keys.
> > > > >=20

> > > > > Everyone holding or accepting BTC.
> > > > >=20

> > > > > 2 years after Phase A activation.
> > > > >=20

> > > > > Phase C =E2=80=93 Re-enable spends from quantum vulnerable output=
s via ZK Proof
> > > > >=20

> > > > > Users with frozen quantum vulnerable funds and a HD wallet seed p=
hrase can construct a quantum safe ZK proof to recover funds.
> > > > >=20

> > > > > Users who failed to migrate funds before Phase B.
> > > > >=20

> > > > > TBD pending research, demand, and consensus.
> > > > >=20

> > > > > Rationale
> > > > >=20

> > > > > -   Even if Bitcoin is not a primary initial target of a cryptogr=
aphically relevant quantum computer, widespread knowledge that such a compu=
ter exists and is capable of breaking Bitcoin=E2=80=99s cryptography will d=
amage faith in the network .
> > > > >    =20

> > > > > -   An attack on Bitcoin may not be economically motivated - an a=
ttacker may be politically or maliciously motivated and may attempt to dest=
roy value and trust in Bitcoin rather than extract value. There is no way t=
o know in advance how, when, or why an attack may occur. A defensive positi=
on must be taken well in advance of any attack.
> > > > >    =20

> > > > > -   Bitcoin=E2=80=99s current signatures (ECDSA/Schnorr) will be =
a tantalizing target: any UTXO that has ever exposed its public key on-chai=
n (roughly 25 % of all bitcoin) could be stolen by a cryptographically rele=
vant quantum computer.
> > > > >    =20

> > > > > -   Existing Proposals are Insufficient.
> > > > >    =20

> > > > >     1.  Any proposal that allows for the quantum theft of =E2=80=
=9Clost=E2=80=9D bitcoin is creating a redistribution dilemma. There are 3 =
types of proposals:
> > > > >        =20

> > > > >         1.  Allow anyone to steal vulnerable coins, benefitting t=
hose who reach quantum capability earliest.
> > > > >            =20

> > > > >         2.  Allow throttled theft of coins, which leads to RBF ba=
ttles and ultimately miners subsidizing their revenue from lost coins.
> > > > >            =20

> > > > >         3.  Allow no one to steal vulnerable coins.
> > > > >            =20

> > > > > -   Minimizes attack surface
> > > > >    =20

> > > > >     1.  By disallowing new spends to quantum vulnerable script ty=
pes, we minimize the attack surface with each new UTXO.
> > > > >        =20

> > > > >     2.  Upgrades to Bitcoin have historically taken many years; t=
his will hasten and speed up the adoption of new quantum resistant script t=
ypes.
> > > > >        =20

> > > > >     3.  With a clear deadline, industry stakeholders will more re=
adily upgrade existing infrastructure to ensure continuity of services.
> > > > >        =20

> > > > > -   Minimizes loss of access to funds
> > > > >    =20

> > > > >     1.  If there is sufficient demand and research proves possibl=
e, submitting a ZK proof of knowledge of a BIP-39 seed phrase corresponding=
 to a public key hash or script hash would provide a trustless means for le=
gacy outputs to be spent in a quantum resistant manner, even after the suns=
et.
> > > > >        =20

> > > > >=20

> > > > >=20

> > > > >=20

> > > > > Stakeholder
> > > > >=20

> > > > > Incentive to Upgrade
> > > > >=20

> > > > > Miners
> > > > >=20

> > > > > =E2=80=A2 Larger size PQ signatures along with incentive for user=
s to migrate will create more demand for block space and thus higher fees c=
ollected by miners.
> > > > >=20

> > > > > =E2=80=A2 Post-Phase B, non-upgraded miners produce invalid block=
s.
> > > > >=20

> > > > > =E2=80=A2 A quantum attack on Bitcoin will significantly devalue =
both their hardware and Bitcoin as a whole.
> > > > >=20

> > > > > Institutional Holders
> > > > >=20

> > > > > =E2=80=A2 Fiduciary duty: failing to act to prevent a quantum att=
ack on Bitcoin would violate the fiduciary duty to shareholders.
> > > > >=20

> > > > > =E2=80=A2 Demonstrating Bitcoin=E2=80=99s ability to effectively =
mitigate emerging threats will prove Bitcoin to be an investment grade asse=
t.
> > > > >=20

> > > > > Exchanges & Custodians
> > > > >=20

> > > > > =E2=80=A2 Concentrated risk: a quantum hack could bankrupt them o=
vernight.
> > > > >=20

> > > > > =E2=80=A2 Early migration is cheap relative to potential losses, =
potential lawsuits over improper custody and reputational damage.
> > > > >=20

> > > > > Everyday Users
> > > > >=20

> > > > > =E2=80=A2 Self-sovereign peace of mind.
> > > > >=20

> > > > > =E2=80=A2 Sunset date creates a clear deadline and incentive to i=
mprove their security rather than an open-ended =E2=80=9Csome day=E2=80=9D =
that invites procrastination.
> > > > >=20

> > > > > Attackers
> > > > >=20

> > > > > =E2=80=A2 Economic incentive diminishes as sunset nears, stolen c=
oins cannot be spent after Q-day.
> > > > >=20

> > > > > Key Insight: As mentioned earlier, the proposal turns quantum sec=
urity into a private incentive to upgrade.
> > > > >=20

> > > > > This is not an offensive attack, rather, it is defensive: our the=
sis 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 t=
o destroy both value and trust.
> > > > >=20

> > > > >=20

> > > > >=20

> > > > > > "Lost coins only make everyone else's coins worth slightly more=
. Think of it as a donation to everyone." - Satoshi Nakamoto
> > > > >=20

> > > > >=20

> > > > >=20

> > > > > If true, the corollary is:
> > > > >=20

> > > > >=20

> > > > >=20

> > > > > > "Quantum recovered coins only make everyone else's coins worth =
less. Think of it as a theft from everyone."
> > > > >=20

> > > > >=20

> > > > >=20

> > > > > The timelines that we are proposing are meant to find the best ba=
lance between giving ample ability for account owners to migrate while main=
taining the integrity of the overall ecosystem to avoid catastrophic attack=
s.
> > > > >=20

> > > > >=20

> > > > > Backward Compatibility
> > > > >=20

> > > > > As a series of soft forks, older nodes will continue to operate w=
ithout modification. Non-upgraded nodes, however, will consider all post-qu=
antum witness programs as anyone-can-spend scripts. They are strongly encou=
raged to upgrade in order to fully validate the new programs.
> > > > >=20

> > > > >=20

> > > > >=20

> > > > > Non-upgraded wallets can receive and send bitcoin from non-upgrad=
ed and upgraded wallets until Phase A. After Phase A, they can no longer re=
ceive from any other wallets and can only send to upgraded wallets. After P=
hase B, both senders and receivers will require upgraded wallets. Phase C w=
ould likely require a loosening of consensus rules (a hard fork) to allow v=
ulnerable funds recovery via ZK proofs.
> > >=20

> > > --
> > > You received this message because you are subscribed to the Google Gr=
oups "Bitcoin Development Mailing List" group.
> > > To unsubscribe from this group and stop receiving emails from it, sen=
d an email to bitcoindev+unsubscribe@googlegroups.com.
> > > To view this discussion visit https://groups.google.com/d/msgid/bitco=
indev/173b3bc4-7052-4e0e-9042-ca15cd5b0587n%40googlegroups.com.
> >=20

> > --
> > You received this message because you are subscribed to the Google Grou=
ps "Bitcoin Development Mailing List" group.
> > To unsubscribe from this group and stop receiving emails from it, send =
an email to bitcoindev+unsubscribe@googlegroups.com.
> > To view this discussion visit https://groups.google.com/d/msgid/bitcoin=
dev/CADL_X_cgqHUOU6V9%2BGsEKz--ekxmgyYJwOg4BeLajAr_cTVN_g%40mail.gmail.com.
>=20

> --
> You received this message because you are subscribed to the Google Groups=
 "Bitcoin Development Mailing List" group.
> To unsubscribe from this group and stop receiving emails from it, send an=
 email to bitcoindev+unsubscribe@googlegroups.com.
> To view this discussion visit https://groups.google.com/d/msgid/bitcoinde=
v/CACgYNO%2B1tFwsd-V67fyCWv%3DWtAXp4V6RQhsTw8XpzYULF7u_UA%40mail.gmail.com.

--=20
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Bitcoin Development Mailing List" group.
To unsubscribe from this group and stop receiving emails from it, send an e=
mail to bitcoindev+unsubscribe@googlegroups.com.
To view this discussion visit https://groups.google.com/d/msgid/bitcoindev/=
rCO-ee8FiX-prHxWh07O38oxSkVxhkV7vBbk7I0IS7RxqkJydKN9b_ubg_BWwdCzw0lkskcD0zd=
yoJx6cr67cc-BQWS64snWYhex_2W7g6o%3D%40proton.me.

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Content-Transfer-Encoding: quoted-printable

<blockquote style=3D"border-left: 3px solid rgb(200, 200, 200); border-top-=
color: rgb(200, 200, 200); border-right-color: rgb(200, 200, 200); border-b=
ottom-color: rgb(200, 200, 200); padding-left: 10px; color: rgb(102, 102, 1=
02);"><span>If someone has some coins, then the public key cannot be change=
d, if it is present in the output Script. However, R-value can be freely pi=
cked by the signer, and can be set to anything.</span></blockquote><blockqu=
ote style=3D"border-left: 3px solid rgb(200, 200, 200); border-top-color: r=
gb(200, 200, 200); border-right-color: rgb(200, 200, 200); border-bottom-co=
lor: rgb(200, 200, 200); padding-left: 10px; color: rgb(102, 102, 102);"><s=
pan>...</span></blockquote><blockquote style=3D"border-left: 3px solid rgb(=
200, 200, 200); border-top-color: rgb(200, 200, 200); border-right-color: r=
gb(200, 200, 200); border-bottom-color: rgb(200, 200, 200); padding-left: 1=
0px; color: rgb(102, 102, 102);"><span>And later, when quantum signatures w=
ill be obligatory, then for each and every OP_CHECKSIG call, R-value of the=
 old ECDSA signature will be forced to commit to a valid quantum signature.=
</span></blockquote><div style=3D"font-family: Arial, sans-serif; font-size=
: 14px;" class=3D"protonmail_signature_block"><div class=3D"protonmail_sign=
ature_block-proton">
    </div>
</div>
<div style=3D"font-family: Arial, sans-serif; font-size: 14px;"><br></div><=
div style=3D"font-family: Arial, sans-serif; font-size: 14px;">The ECDSA R =
value is chosen by the signer, so the quantum attacker could pick any arbit=
rary PQ signature data and commit it at spending time too.</div><div style=
=3D"font-family: Arial, sans-serif; font-size: 14px;"><br></div><div style=
=3D"font-family: Arial, sans-serif; font-size: 14px;">Lopp's point is that =
unless the output script has committed to a PQ public key in some way <i>pr=
ior</i>&nbsp;to a CRQC arriving, then 3rd party nodes can't know whether a =
spend that occurs <i>after</i>&nbsp;a CRQC has appeared is genuine. Any suc=
h commitments require positive action by UTXO holders, i.e. a migration.</d=
iv><div style=3D"font-family: Arial, sans-serif; font-size: 14px;"><br></di=
v><div style=3D"font-family: Arial, sans-serif; font-size: 14px;">regards,<=
/div><div style=3D"font-family: Arial, sans-serif; font-size: 14px;">condui=
tion</div><div class=3D"protonmail_quote">
        On Tuesday, August 19th, 2025 at 3:11 PM, Saint Wenhao &lt;saintwen=
hao@gmail.com&gt; wrote:<br>
        <blockquote class=3D"protonmail_quote" type=3D"cite">
            <div dir=3D"ltr">&gt; how would currently locked funds be able =
to spend via a quantum safe signature scheme if they have not committed to =
a dual signature scheme?<br><br>In ECDSA, we have two secp256k1 points in u=
se: one is public key, another is R-value in the signature. If someone has =
some coins, then the public key cannot be changed, if it is present in the =
output Script. However, R-value can be freely picked by the signer, and can=
 be set to anything. Which means, that users can commit to any quantum data=
, by hashing it, and forming a valid commitment in R-value.<br><br>Which al=
so means, that old nodes can see only ECDSA signatures, and public keys, wh=
ile new, quantum-resistant nodes, can require R-value to commit to somethin=
g. Then, in the first phase, when quantum commitments will be optional, use=
rs will use only ECDSA on-chain, but new, quantum nodes, will be able to se=
e, what is committed to R-values behind signatures, and can store and proce=
ss it.<br><br>And later, when quantum signatures will be obligatory, then f=
or each and every OP_CHECKSIG call, R-value of the old ECDSA signature will=
 be forced to commit to a valid quantum signature. Which also means, that t=
he new quantum data won't be restricted by the current block size limit, bu=
t rather by a combination of sigops limit, and a quantum commitment size li=
mit (which can be set to different values, for different quantum proposals,=
 depending on a particular signature scheme).</div><br><div class=3D"gmail_=
quote gmail_quote_container"><div dir=3D"ltr" class=3D"gmail_attr">pon., 18=
 sie 2025 o 19:12 Jameson Lopp &lt;<a href=3D"mailto:jameson.lopp@gmail.com=
" rel=3D"noreferrer nofollow noopener">jameson.lopp@gmail.com</a>&gt; napis=
a=C5=82(a):<br></div><blockquote class=3D"gmail_quote" style=3D"margin:0px =
0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div=
 dir=3D"ltr"><div dir=3D"ltr"><br></div><br><div class=3D"gmail_quote"><div=
 dir=3D"ltr" class=3D"gmail_attr">On Thu, Aug 7, 2025 at 7:26=E2=80=AFPM Ma=
rc Johnson &lt;<a href=3D"mailto:marcjohnson518@gmail.com" target=3D"_blank=
" rel=3D"noreferrer nofollow noopener">marcjohnson518@gmail.com</a>&gt; wro=
te:<br></div><blockquote class=3D"gmail_quote" style=3D"margin:0px 0px 0px =
0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex">Hi All!<br><=
br>I'd first like to say thank you to James for the comprehensive proposal.=
 The quantum threat is indeed existential, and I appreciate the detailed th=
inking that went into this migration plan. However, I=E2=80=99d like to res=
pectfully raise some concerns about the approach and share an alternative p=
erspective from work we=E2=80=99ve been doing in this space.<br><br>## Conc=
erns with the Forced Sunset Approach<br><br>The proposal=E2=80=99s Phase B =
- rendering ECDSA/Schnorr spends invalid - essentially threatens users with=
 permanent fund loss. This creates several issues:<br><br>1. **Violation of=
 Bitcoin=E2=80=99s Social Contract**: Satoshi=E2=80=99s principle that =E2=
=80=9Clost coins only make everyone else=E2=80=99s coins worth slightly mor=
e=E2=80=9D becomes =E2=80=9Ccoins you don=E2=80=99t migrate in time are for=
cibly lost.=E2=80=9D This fundamentally changes Bitcoin=E2=80=99s value pro=
position.<br><br>2. **The 25% Problem**: With ~5.25 million BTC having expo=
sed public keys, forcing these to become unspendable could create massive e=
conomic disruption. Many of these may be genuinely lost coins, but some cou=
ld be long-term cold storage, inheritance situations, or users who simply m=
iss the migration window.<br><br>3. **Timeline Risk**: The 5+ year timeline=
 (3 years post-BIP-360 + 2 years) assumes smooth consensus and implementati=
on. Given Bitcoin=E2=80=99s history, this could easily stretch to 7-10 year=
s, most likely pushing implementation past the 2027-2030 quantum timeline m=
entioned.<br><br>## An Alternative Approach: Learning from Supernova<br><br=
>Our team has been working on these exact problems and recently reached pro=
duction readiness with Supernova - a Bitcoin-inspired blockchain that imple=
ments quantum resistance from genesis. Rather than forced migration, we use=
 a dual-signature scheme that might be instructive for Bitcoin:<br></blockq=
uote><div><br></div><div>I don't see how this solves Bitcoin's migration pr=
oblem; how would currently locked funds be able to spend via a quantum safe=
 signature scheme if they have not committed to a dual signature scheme? In=
 order to take advantage of this setup on Bitcoin, you just end up recreati=
ng the migration problem.</div><div><br></div><blockquote class=3D"gmail_qu=
ote" style=3D"margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,20=
4);padding-left:1ex"><br>**Three Modes of Operation:**<br>- **Legacy Mode**=
: ECDSA signatures only (Bitcoin-compatible)<br>- **Transition Mode**: Both=
 ECDSA and quantum signatures required<br>- **Quantum Mode**: Quantum signa=
tures only<br><br>This approach:<br>- Never locks users out of their funds<=
br>- Allows gradual, voluntary migration<br>- Maintains backwards compatibi=
lity indefinitely<br>- Provides immediate protection for those who want it<=
br><br>## Key Innovations Worth Considering<br><br>1. **Hybrid Signatures**=
: Instead of a hard cutoff, transactions can require both classical and qua=
ntum signatures during transition. This provides quantum security while mai=
ntaining compatibility.<br><br>2. **Address Format Compatibility**: Our qua=
ntum addresses (snq1...) coexist with standard addresses (sn1...), allowing=
 users to choose their security level per transaction rather than per walle=
t.<br><br>3. **No Coordination Required**: Users can independently decide w=
hen to migrate without waiting for ecosystem-wide coordination.<br><br>4. *=
*Proven Implementation**: We=E2=80=99ve demonstrated this works in producti=
on, including the world=E2=80=99s first quantum-resistant Lightning Network=
.<br><br>## A Cooperative Path Forward<br><br>Rather than viewing this as c=
ompetition, I see opportunity for collaboration. Supernova could serve as a=
 real-world testbed for quantum migration strategies. We=E2=80=99ve already=
 implemented:<br><br>- NIST-standardized algorithms (Dilithium, SPHINCS+, F=
alcon)<br>- Quantum-resistant atomic swaps with Bitcoin<br>- Full Lightning=
 Network with quantum HTLCs<br>- Zero-knowledge proofs for enhanced privacy=
<br><br>Bitcoin could learn from our implementation experience, while we co=
ntinue to honor Bitcoin=E2=80=99s principles of decentralization and sound =
money.<br><br>## Invitation to Explore<br><br>For those interested in seein=
g quantum resistance in action today rather than waiting years, I invite yo=
u to explore Supernova. We=E2=80=99re launching our public testnet soon and=
 would value feedback from the Bitcoin community. <br><br>The quantum threa=
t is real, and we need multiple approaches to ensure the future of decentra=
lized money. Whether through Bitcoin=E2=80=99s eventual upgrade or alternat=
ives like Supernova, the important thing is that we act before it=E2=80=99s=
 too late.<br><br>The code is open source, and we welcome technical review:=
 [<a href=3D"http://github.com/Carbon-Twelve-C12/supernova%5D(https://githu=
b.com/Carbon-Twelve-C12/supernova)" target=3D"_blank" rel=3D"noreferrer nof=
ollow noopener">github.com/Carbon-Twelve-C12/supernova](https://github.com/=
Carbon-Twelve-C12/supernova)</a><br><br>Would love to hear thoughts on the =
dual-signature approach and whether something similar could work for Bitcoi=
n without the harsh sunset provisions.<br><br>---<br><br>*Note: While I rep=
resent the Supernova project, I=E2=80=99m also a long-time Bitcoin supporte=
r who wants to see the entire ecosystem survive the quantum transition. The=
se challenges affect us all.*<br><br><div class=3D"gmail_quote"><div dir=3D=
"auto" class=3D"gmail_attr">On Sunday, July 20, 2025 at 11:56:48=E2=80=AFPM=
 UTC+1 Boris Nagaev wrote:<br></div><blockquote class=3D"gmail_quote" style=
=3D"margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding=
-left:1ex">Hi Jameson, hi all!<br><br>I have a couple of ideas on how to pr=
eserve more funds during any kind of fork that constrains or blocks current=
ly used spending scenarios. This applies to both freezing and commit/reveal=
 schemes; the latter may result in lost funds if the public key is leaked. =
I realized that this also applies to the commit/reveal scheme I proposed in=
 another thread [1].<br><br><div>The idea is to <b>roll out such forks incr=
ementally across the UTXO set</b>. Instead of freezing or constraining all =
UTXOs at once, we split the UTXO set into 256 groups deterministically (for=
 example, by looking at the first byte of the TXID) and apply the constrain=
ts over 256 days, processing one group per day. Procrastinators will learn =
what is happening through word of mouth, act to save their funds, and only =
a small percentage of coin owners will be harmed.</div><div><br></div><div>=
Another approach is to <b>provide a temporary opt-out option</b>. If someon=
e finds themselves blocked, they would still have a limited time to take an=
 action, without requiring any extra knowledge, to get unblocked. This woul=
d help raise awareness. After being temporarily blocked and recovering thei=
r funds through the opt-out mechanism, the person would understand that the=
y need to take further steps with their remaining coins to avoid being perm=
anently blocked once the opt-out period ends. The action to unblock the fun=
ds could be as simple as sending a transaction with OP_RETURN "opt-out &lt;=
txid&gt;", which would enable the old acceptance rules for the transaction =
with that txid for a period of 2016 blocks.</div><div><br></div><div><br></=
div><div>[1] <a href=3D"https://groups.google.com/g/bitcoindev/c/uUK6py0Yjq=
0/m/57bQJ3VSCQAJ" rel=3D"noreferrer nofollow noopener" target=3D"_blank">ht=
tps://groups.google.com/g/bitcoindev/c/uUK6py0Yjq0/m/57bQJ3VSCQAJ</a></div>=
<div>In that scheme if the pubkey is leaked, anyone can post a valid commit=
ment with a random TXID blocking the coin forever.</div><div><br></div>Best=
,<br><div>Boris</div><div><br></div><div><div dir=3D"auto">On Saturday, Jul=
y 12, 2025 at 9:46:09=E2=80=AFPM UTC-3 Jameson Lopp wrote:<br></div><blockq=
uote style=3D"margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,20=
4);padding-left:1ex"><div dir=3D"ltr"><span><p dir=3D"ltr" style=3D"line-he=
ight:1.44;background-color:rgb(255,255,255);margin-top:12pt;margin-bottom:0=
pt;padding:0pt 0pt 12pt"><span style=3D"font-size:11pt;font-family:&quot;Co=
urier New&quot;,monospace;color:rgb(34,34,34);background-color:transparent;=
font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;=
vertical-align:baseline;white-space:pre-wrap">Building upon my earlier essa=
y </span><a href=3D"https://groups.google.com/g/bitcoindev/c/uUK6py0Yjq0/m/=
6peEaa90AQAJ" style=3D"text-decoration:none" rel=3D"noreferrer nofollow noo=
pener" target=3D"_blank"><span style=3D"font-size:11pt;font-family:&quot;Co=
urier New&quot;,monospace;color:rgb(17,85,204);background-color:transparent=
;font-weight:400;font-style:normal;font-variant:normal;text-decoration:unde=
rline;vertical-align:baseline;white-space:pre-wrap">against allowing quantu=
m recovery of bitcoin</span></a><span style=3D"font-size:11pt;font-family:&=
quot;Courier New&quot;,monospace;color:rgb(34,34,34);background-color:trans=
parent;font-weight:400;font-style:normal;font-variant:normal;text-decoratio=
n:none;vertical-align:baseline;white-space:pre-wrap"> I wish to formalize a=
 proposal after several months of discussions.</span></p><p dir=3D"ltr" sty=
le=3D"line-height:1.44;background-color:rgb(255,255,255);margin-top:0pt;mar=
gin-bottom:0pt;padding:0pt 0pt 12pt"><span style=3D"font-size:11pt;font-fam=
ily:&quot;Courier New&quot;,monospace;color:rgb(34,34,34);background-color:=
transparent;font-weight:400;font-style:normal;font-variant:normal;text-deco=
ration:none;vertical-align:baseline;white-space:pre-wrap">This proposal doe=
s not delve into the multitude of issues regarding post quantum cryptograph=
y and trade-offs of different schemes, but rather is meant to specifically =
address the issues of incentivizing adoption and migration of funds </span>=
<span style=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace=
;color:rgb(34,34,34);background-color:transparent;font-weight:400;font-vari=
ant:normal;text-decoration:none;vertical-align:baseline;white-space:pre-wra=
p"><i>after</i></span><span style=3D"font-size:11pt;font-family:&quot;Couri=
er New&quot;,monospace;color:rgb(34,34,34);background-color:transparent;fon=
t-weight:400;font-style:normal;font-variant:normal;text-decoration:none;ver=
tical-align:baseline;white-space:pre-wrap"> consensus is established that i=
t is prudent to do so.</span></p><p dir=3D"ltr" style=3D"line-height:1.44;b=
ackground-color:rgb(255,255,255);margin-top:0pt;margin-bottom:12pt"><span s=
tyle=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color:=
rgb(0,0,0);background-color:transparent;font-weight:400;font-style:normal;f=
ont-variant:normal;text-decoration:none;vertical-align:baseline;white-space=
:pre-wrap">As such, this proposal requires P2QRH as described in BIP-360 or=
 potential future proposals.</span></p><span dir=3D"ltr" style=3D"line-heig=
ht:1.38;margin-top:18pt;margin-bottom:4pt"><span style=3D"font-size:17pt;fo=
nt-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-col=
or:transparent;font-variant-numeric:normal;font-variant-east-asian:normal;f=
ont-variant-alternates:normal;vertical-align:baseline">Abstract</span></spa=
n><p dir=3D"ltr" style=3D"line-height:1.38;margin-top:12pt;margin-bottom:12=
pt"><span style=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monos=
pace;color:rgb(0,0,0);background-color:transparent;font-variant-numeric:nor=
mal;font-variant-east-asian:normal;font-variant-alternates:normal;vertical-=
align:baseline">This proposal follows the implementation of post-quantum (P=
Q) output type (P2QRH) and introduces a pre-announced sunset of legacy ECDS=
A/Schnorr signatures. It turns quantum security into a </span><span style=
=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(=
0,0,0);background-color:transparent;font-style:italic;font-variant-numeric:=
normal;font-variant-east-asian:normal;font-variant-alternates:normal;vertic=
al-align:baseline">private incentive</span><span style=3D"font-size:11pt;fo=
nt-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-col=
or:transparent;font-variant-numeric:normal;font-variant-east-asian:normal;f=
ont-variant-alternates:normal;vertical-align:baseline">: fail to upgrade an=
d you will certainly lose access to your funds, creating a certainty where =
none previously existed. </span></p><ul style=3D"margin-top:0px;margin-bott=
om:0px"><li dir=3D"ltr" style=3D"list-style-type:disc;font-size:11pt;font-f=
amily:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-color:t=
ransparent;font-variant-numeric:normal;font-variant-east-asian:normal;font-=
variant-alternates:normal;vertical-align:baseline;white-space:pre-wrap"><p =
dir=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt" rol=
e=3D"presentation"><span style=3D"font-size:11pt;background-color:transpare=
nt;font-weight:700;font-variant-numeric:normal;font-variant-east-asian:norm=
al;font-variant-alternates:normal;vertical-align:baseline">Phase A:</span><=
span style=3D"font-size:11pt;background-color:transparent;font-variant-nume=
ric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;ve=
rtical-align:baseline"> Disallows sending of any funds to quantum-vulnerabl=
e addresses, hastening the adoption of P2QRH address types.</span></p></li>=
<li dir=3D"ltr" style=3D"list-style-type:disc;font-size:11pt;font-family:&q=
uot;Courier New&quot;,monospace;color:rgb(0,0,0);background-color:transpare=
nt;font-variant-numeric:normal;font-variant-east-asian:normal;font-variant-=
alternates:normal;vertical-align:baseline;white-space:pre-wrap"><p dir=3D"l=
tr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt" role=3D"pre=
sentation"><span style=3D"font-size:11pt;background-color:transparent;font-=
weight:700;font-variant-numeric:normal;font-variant-east-asian:normal;font-=
variant-alternates:normal;vertical-align:baseline">Phase B:</span><span sty=
le=3D"font-size:11pt;background-color:transparent;font-variant-numeric:norm=
al;font-variant-east-asian:normal;font-variant-alternates:normal;vertical-a=
lign:baseline"> Renders ECDSA/Schnorr spends invalid, preventing all spendi=
ng of funds in quantum-vulnerable UTXOs. This is triggered by a well-public=
ized flag-day roughly five years after activation.</span></p></li><li dir=
=3D"ltr" style=3D"list-style-type:disc;font-size:11pt;font-family:&quot;Cou=
rier New&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font=
-variant-numeric:normal;font-variant-east-asian:normal;font-variant-alterna=
tes:normal;vertical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" sty=
le=3D"line-height:1.38;margin-top:0pt;margin-bottom:6pt" role=3D"presentati=
on"><span style=3D"font-size:11pt;background-color:transparent;font-weight:=
700;font-variant-numeric:normal;font-variant-east-asian:normal;font-variant=
-alternates:normal;vertical-align:baseline">Phase C (optional):</span><span=
 style=3D"font-size:11pt;background-color:transparent;font-variant-numeric:=
normal;font-variant-east-asian:normal;font-variant-alternates:normal;vertic=
al-align:baseline"> Pending further research and demand, a separate BIP pro=
posing a fork to allow recovery of legacy UTXOs through ZK proof of possess=
ion of BIP-39 seed phrase.  </span></p></li></ul><span dir=3D"ltr" style=3D=
"line-height:1.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><sp=
an style=3D"font-size:16pt;font-family:&quot;Courier New&quot;,monospace;co=
lor:rgb(0,0,0);background-color:transparent;font-variant-numeric:normal;fon=
t-variant-east-asian:normal;font-variant-alternates:normal;vertical-align:b=
aseline">Motivation</span></span><p dir=3D"ltr" style=3D"line-height:1.38;t=
ext-align:justify;margin-top:12pt;margin-bottom:12pt"><span style=3D"font-s=
ize:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);bac=
kground-color:transparent;font-variant-numeric:normal;font-variant-east-asi=
an:normal;font-variant-alternates:normal;vertical-align:baseline">We seek t=
o secure the value of the UTXO set</span><span style=3D"font-size:11pt;font=
-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-color=
:transparent;font-weight:700;font-variant-numeric:normal;font-variant-east-=
asian:normal;font-variant-alternates:normal;vertical-align:baseline"> </spa=
n><span style=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospa=
ce;color:rgb(0,0,0);background-color:transparent;font-variant-numeric:norma=
l;font-variant-east-asian:normal;font-variant-alternates:normal;vertical-al=
ign:baseline">and minimize incentives for quantum attacks. This proposal is=
 radically different from any in Bitcoin=E2=80=99s history just as the thre=
at posed by quantum computing is radically different from any other threat =
in Bitcoin=E2=80=99s history.  Never before has Bitcoin faced an existentia=
l threat to its cryptographic primitives. A successful quantum attack on Bi=
tcoin would result in significant economic disruption and damage across the=
 entire ecosystem. Beyond its impact on price, the ability of miners to pro=
vide network security may be significantly impacted.  </span></p><ul style=
=3D"margin-top:0px;margin-bottom:0px"><li dir=3D"ltr" style=3D"list-style-t=
ype:disc;font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color=
:rgb(0,0,0);background-color:transparent;font-variant-numeric:normal;font-v=
ariant-east-asian:normal;font-variant-alternates:normal;vertical-align:base=
line;white-space:pre-wrap"><p dir=3D"ltr" style=3D"line-height:1.38;margin-=
top:12pt;margin-bottom:0pt" role=3D"presentation"><span style=3D"font-size:=
11pt;background-color:transparent;font-weight:700;font-variant-numeric:norm=
al;font-variant-east-asian:normal;font-variant-alternates:normal;vertical-a=
lign:baseline">Accelerating quantum progress.</span><span style=3D"font-siz=
e:11pt;background-color:transparent;font-variant-numeric:normal;font-varian=
t-east-asian:normal;font-variant-alternates:normal;vertical-align:baseline"=
> </span></p><ul style=3D"margin-top:0px;margin-bottom:0px"><li dir=3D"ltr"=
 style=3D"list-style-type:circle;font-size:11pt;font-family:&quot;Courier N=
ew&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font-varia=
nt-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:no=
rmal;vertical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"=
line-height:1.38;margin-top:0pt;margin-bottom:0pt" role=3D"presentation"><s=
pan style=3D"font-size:11pt;background-color:transparent;font-variant-numer=
ic:normal;font-variant-east-asian:normal;font-variant-alternates:normal;ver=
tical-align:baseline">NIST ratified three production-grade PQ signature sch=
emes in 2024; academic road-maps now estimate a cryptographically-relevant =
quantum computer as early as 2027-2030. [</span><a href=3D"https://www.mcki=
nsey.com/~/media/mckinsey/business%20functions/mckinsey%20digital/our%20ins=
ights/the%20year%20of%20quantum%20from%20concept%20to%20reality%20in%202025=
/quantum-monitor-2025.pdf?shouldIndex=3Dfalse" style=3D"text-decoration-lin=
e:none" rel=3D"noreferrer nofollow noopener" target=3D"_blank"><span style=
=3D"font-size:11pt;background-color:transparent;font-variant-numeric:normal=
;font-variant-east-asian:normal;font-variant-alternates:normal;text-decorat=
ion-line:underline;vertical-align:baseline">McKinsey</span></a><span style=
=3D"font-size:11pt;background-color:transparent;font-variant-numeric:normal=
;font-variant-east-asian:normal;font-variant-alternates:normal;vertical-ali=
gn:baseline">]</span></p></li></ul></li><li dir=3D"ltr" style=3D"list-style=
-type:disc;font-size:11pt;font-family:&quot;Courier New&quot;,monospace;col=
or:rgb(0,0,0);background-color:transparent;font-weight:700;font-variant-num=
eric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;v=
ertical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"line-h=
eight:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt" role=3D"pre=
sentation"><span style=3D"font-size:11pt;background-color:transparent;font-=
variant-numeric:normal;font-variant-east-asian:normal;font-variant-alternat=
es:normal;vertical-align:baseline">Quantum algorithms are rapidly improving=
</span></p><ul style=3D"margin-top:0px;margin-bottom:0px"><li dir=3D"ltr" s=
tyle=3D"list-style-type:circle;font-size:11pt;font-family:&quot;Courier New=
&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font-variant=
-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:norm=
al;vertical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"li=
ne-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt" role=3D=
"presentation"><span style=3D"font-size:11pt;background-color:transparent;f=
ont-variant-numeric:normal;font-variant-east-asian:normal;font-variant-alte=
rnates:normal;vertical-align:baseline">The safety envelope is shrinking by =
dramatic increases in algorithms even if the pace of hardware improvements =
is slower. Algorithms are <a href=3D"https://security.googleblog.com/2025/0=
5/tracking-cost-of-quantum-factori.html" rel=3D"noreferrer nofollow noopene=
r" target=3D"_blank">improving up to 20X</a>, lowering the theoretical hard=
ware requirements for breaking classical encryption.</span></p></li></ul></=
li><li dir=3D"ltr" style=3D"list-style-type:disc;font-size:11pt;font-family=
:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-color:transp=
arent;font-variant-numeric:normal;font-variant-east-asian:normal;font-varia=
nt-alternates:normal;vertical-align:baseline;white-space:pre-wrap"><p dir=
=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt" role=
=3D"presentation"><span style=3D"font-size:11pt;background-color:transparen=
t;font-weight:700;font-variant-numeric:normal;font-variant-east-asian:norma=
l;font-variant-alternates:normal;vertical-align:baseline">Bitcoin=E2=80=99s=
 exposed public keys.</span><span style=3D"font-size:11pt;background-color:=
transparent;font-variant-numeric:normal;font-variant-east-asian:normal;font=
-variant-alternates:normal;vertical-align:baseline"> </span></p><ul style=
=3D"margin-top:0px;margin-bottom:0px"><li dir=3D"ltr" style=3D"list-style-t=
ype:circle;font-size:11pt;font-family:&quot;Courier New&quot;,monospace;col=
or:rgb(0,0,0);background-color:transparent;font-variant-numeric:normal;font=
-variant-east-asian:normal;font-variant-alternates:normal;vertical-align:ba=
seline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"line-height:1.38;margi=
n-top:0pt;margin-bottom:0pt" role=3D"presentation"><span style=3D"font-size=
:11pt;background-color:transparent;font-variant-numeric:normal;font-variant=
-east-asian:normal;font-variant-alternates:normal;vertical-align:baseline">=
Roughly 25% of all bitcoin have revealed a public key on-chain; those UTXOs=
 could be stolen with sufficient quantum power.  </span></p></li></ul></li>=
<li dir=3D"ltr" style=3D"list-style-type:disc;font-size:11pt;font-family:&q=
uot;Courier New&quot;,monospace;color:rgb(0,0,0);background-color:transpare=
nt;font-variant-numeric:normal;font-variant-east-asian:normal;font-variant-=
alternates:normal;vertical-align:baseline;white-space:pre-wrap"><p dir=3D"l=
tr" style=3D"line-height:1.38;text-align:justify;margin-top:0pt;margin-bott=
om:0pt" role=3D"presentation"><span style=3D"font-size:11pt;background-colo=
r:transparent;font-weight:700;font-variant-numeric:normal;font-variant-east=
-asian:normal;font-variant-alternates:normal;vertical-align:baseline">We ma=
y not know the attack is underway. </span></p><ul style=3D"margin-top:0px;m=
argin-bottom:0px"><li dir=3D"ltr" style=3D"list-style-type:circle;font-size=
:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);backgr=
ound-color:transparent;font-variant-numeric:normal;font-variant-east-asian:=
normal;font-variant-alternates:normal;vertical-align:baseline;white-space:p=
re-wrap"><p dir=3D"ltr" style=3D"line-height:1.38;text-align:justify;margin=
-top:0pt;margin-bottom:0pt" role=3D"presentation"><span style=3D"font-size:=
11pt;background-color:transparent;font-variant-numeric:normal;font-variant-=
east-asian:normal;font-variant-alternates:normal;vertical-align:baseline">Q=
uantum attackers could compute the private key for known public keys then t=
ransfer all funds weeks or months later, in a covert bleed to not alert cha=
in watchers. Q-Day may be only known much later if the attack withholds bro=
adcasting transactions in order to postpone revealing their capabilities.</=
span></p></li></ul></li><li dir=3D"ltr" style=3D"list-style-type:disc;font-=
size:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);ba=
ckground-color:transparent;font-weight:700;font-variant-numeric:normal;font=
-variant-east-asian:normal;font-variant-alternates:normal;vertical-align:ba=
seline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"line-height:1.38;margi=
n-top:0pt;margin-bottom:0pt" role=3D"presentation"><span style=3D"font-size=
:11pt;background-color:transparent;font-variant-numeric:normal;font-variant=
-east-asian:normal;font-variant-alternates:normal;vertical-align:baseline">=
Private keys become public. </span></p><ul style=3D"margin-top:0px;margin-b=
ottom:0px"><li dir=3D"ltr" style=3D"list-style-type:circle;font-size:11pt;f=
ont-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-co=
lor:transparent;font-weight:700;font-variant-numeric:normal;font-variant-ea=
st-asian:normal;font-variant-alternates:normal;vertical-align:baseline;whit=
e-space:pre-wrap"><p dir=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;m=
argin-bottom:0pt" role=3D"presentation"><span style=3D"font-size:11pt;backg=
round-color:transparent;font-weight:400;font-variant-numeric:normal;font-va=
riant-east-asian:normal;font-variant-alternates:normal;vertical-align:basel=
ine">Assuming that quantum computers are able to maintain their current tra=
jectories and overcome existing engineering obstacles, there is a near cert=
ain chance that all P2PK (and other outputs with exposed pubkeys) private k=
eys will be found and used to steal the funds.</span></p></li></ul></li><li=
 dir=3D"ltr" style=3D"list-style-type:disc;font-size:11pt;font-family:&quot=
;Courier New&quot;,monospace;color:rgb(0,0,0);background-color:transparent;=
font-weight:700;font-variant-numeric:normal;font-variant-east-asian:normal;=
font-variant-alternates:normal;vertical-align:baseline;white-space:pre-wrap=
"><p dir=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt=
" role=3D"presentation"><span style=3D"font-size:11pt;background-color:tran=
sparent;font-variant-numeric:normal;font-variant-east-asian:normal;font-var=
iant-alternates:normal;vertical-align:baseline">Impossible to know motivati=
ons. </span></p><ul style=3D"margin-top:0px;margin-bottom:0px"><li dir=3D"l=
tr" style=3D"list-style-type:circle;font-size:11pt;font-family:&quot;Courie=
r New&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font-we=
ight:700;font-variant-numeric:normal;font-variant-east-asian:normal;font-va=
riant-alternates:normal;vertical-align:baseline;white-space:pre-wrap"><p di=
r=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt" role=
=3D"presentation"><span style=3D"font-size:11pt;background-color:transparen=
t;font-weight:400;font-variant-numeric:normal;font-variant-east-asian:norma=
l;font-variant-alternates:normal;vertical-align:baseline">Prior to a quantu=
m attack, it is impossible to know the motivations of the attacker.  An eco=
nomically motivated attacker will try to remain undetected for as long as p=
ossible, while a malicious attacker will attempt to destroy as much value a=
s possible.  </span></p></li></ul></li><li dir=3D"ltr" style=3D"list-style-=
type:disc;font-size:11pt;font-family:&quot;Courier New&quot;,monospace;colo=
r:rgb(0,0,0);background-color:transparent;font-variant-numeric:normal;font-=
variant-east-asian:normal;font-variant-alternates:normal;vertical-align:bas=
eline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"line-height:1.38;margin=
-top:0pt;margin-bottom:0pt" role=3D"presentation"><span style=3D"font-size:=
11pt;background-color:transparent;font-weight:700;font-variant-numeric:norm=
al;font-variant-east-asian:normal;font-variant-alternates:normal;vertical-a=
lign:baseline">Upgrade inertia.</span><span style=3D"font-size:11pt;backgro=
und-color:transparent;font-variant-numeric:normal;font-variant-east-asian:n=
ormal;font-variant-alternates:normal;vertical-align:baseline"> </span></p><=
ul style=3D"margin-top:0px;margin-bottom:0px"><li dir=3D"ltr" style=3D"list=
-style-type:circle;font-size:11pt;font-family:&quot;Courier New&quot;,monos=
pace;color:rgb(0,0,0);background-color:transparent;font-variant-numeric:nor=
mal;font-variant-east-asian:normal;font-variant-alternates:normal;vertical-=
align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"line-height:1.=
38;margin-top:0pt;margin-bottom:0pt" role=3D"presentation"><span style=3D"f=
ont-size:11pt;background-color:transparent;font-variant-numeric:normal;font=
-variant-east-asian:normal;font-variant-alternates:normal;vertical-align:ba=
seline">Coordinating wallets, exchanges, miners and custodians historically=
 takes years.</span></p></li><li dir=3D"ltr" style=3D"list-style-type:circl=
e;font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(0,=
0,0);background-color:transparent;font-variant-numeric:normal;font-variant-=
east-asian:normal;font-variant-alternates:normal;vertical-align:baseline;wh=
ite-space:pre-wrap"><p dir=3D"ltr" style=3D"line-height:1.38;text-align:jus=
tify;margin-top:0pt;margin-bottom:0pt" role=3D"presentation"><span style=3D=
"font-size:11pt;background-color:transparent;font-variant-numeric:normal;fo=
nt-variant-east-asian:normal;font-variant-alternates:normal;vertical-align:=
baseline">The longer we postpone migration, the harder it becomes to coordi=
nate wallets, exchanges, miners, and custodians. A clear, time-boxed pathwa=
y is the only credible defense.</span></p></li><li dir=3D"ltr" style=3D"lis=
t-style-type:circle;font-size:11pt;font-family:&quot;Courier New&quot;,mono=
space;color:rgb(0,0,0);background-color:transparent;font-variant-numeric:no=
rmal;font-variant-east-asian:normal;font-variant-alternates:normal;vertical=
-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"line-height:1=
.38;text-align:justify;margin-top:0pt;margin-bottom:12pt" role=3D"presentat=
ion"><span style=3D"font-size:11pt;background-color:transparent;font-varian=
t-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:nor=
mal;vertical-align:baseline">Coordinating distributed groups is more prone =
to delay, even if everyone has similar motivations. Historically, Bitcoin h=
as been slow to adopt code changes, often taking multiple years to be appro=
ved.</span></p></li></ul></li></ul><span dir=3D"ltr" style=3D"line-height:1=
.38;text-align:justify;margin-top:14pt;margin-bottom:6pt"><span style=3D"fo=
nt-size:16pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0)=
;background-color:transparent;font-variant-numeric:normal;font-variant-east=
-asian:normal;font-variant-alternates:normal;vertical-align:baseline">Benef=
its at a Glance</span></span><ul style=3D"margin-top:0px;margin-bottom:0px"=
><li dir=3D"ltr" style=3D"list-style-type:disc;font-size:11pt;font-family:A=
rial,sans-serif;color:rgb(0,0,0);background-color:transparent;font-variant-=
numeric:normal;font-variant-east-asian:normal;font-variant-alternates:norma=
l;vertical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"lin=
e-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:0pt" role=3D=
"presentation"><span style=3D"font-size:11pt;font-family:&quot;Courier New&=
quot;,monospace;background-color:transparent;font-weight:700;font-variant-n=
umeric:normal;font-variant-east-asian:normal;font-variant-alternates:normal=
;vertical-align:baseline">Resilience:</span><span style=3D"font-size:11pt;f=
ont-family:&quot;Courier New&quot;,monospace;background-color:transparent;f=
ont-variant-numeric:normal;font-variant-east-asian:normal;font-variant-alte=
rnates:normal;vertical-align:baseline"> Bitcoin protocol remains secure for=
 the foreseeable future without waiting for a last-minute emergency.</span>=
</p></li><li dir=3D"ltr" style=3D"list-style-type:disc;font-size:11pt;font-=
family:Arial,sans-serif;color:rgb(0,0,0);background-color:transparent;font-=
variant-numeric:normal;font-variant-east-asian:normal;font-variant-alternat=
es:normal;vertical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" styl=
e=3D"line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt" =
role=3D"presentation"><span style=3D"font-size:11pt;font-family:&quot;Couri=
er New&quot;,monospace;background-color:transparent;font-weight:700;font-va=
riant-numeric:normal;font-variant-east-asian:normal;font-variant-alternates=
:normal;vertical-align:baseline">Certainty</span><span style=3D"font-size:1=
1pt;font-family:&quot;Courier New&quot;,monospace;background-color:transpar=
ent;font-variant-numeric:normal;font-variant-east-asian:normal;font-variant=
-alternates:normal;vertical-align:baseline">: Bitcoin users and stakeholder=
s gain certainty that a plan is both in place and being implemented to effe=
ctively deal with the threat of quantum theft of bitcoin.  </span></p></li>=
<li dir=3D"ltr" style=3D"list-style-type:disc;font-size:11pt;font-family:Ar=
ial,sans-serif;color:rgb(0,0,0);background-color:transparent;font-variant-n=
umeric:normal;font-variant-east-asian:normal;font-variant-alternates:normal=
;vertical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"line=
-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt" role=3D"p=
resentation"><span style=3D"font-size:11pt;font-family:&quot;Courier New&qu=
ot;,monospace;background-color:transparent;font-weight:700;font-variant-num=
eric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;v=
ertical-align:baseline">Clarity:</span><span style=3D"font-size:11pt;font-f=
amily:&quot;Courier New&quot;,monospace;background-color:transparent;font-v=
ariant-numeric:normal;font-variant-east-asian:normal;font-variant-alternate=
s:normal;vertical-align:baseline"> A single, publicized timeline aligns the=
 entire ecosystem (wallets, exchanges, hardware vendors).</span></p></li><l=
i dir=3D"ltr" style=3D"list-style-type:disc;font-size:11pt;font-family:Aria=
l,sans-serif;color:rgb(0,0,0);background-color:transparent;font-variant-num=
eric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;v=
ertical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"line-h=
eight:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt" role=3D"pr=
esentation"><span style=3D"font-size:11pt;font-family:&quot;Courier New&quo=
t;,monospace;background-color:transparent;font-weight:700;font-variant-nume=
ric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;ve=
rtical-align:baseline">Supply Discipline:</span><span style=3D"font-size:11=
pt;font-family:&quot;Courier New&quot;,monospace;background-color:transpare=
nt;font-variant-numeric:normal;font-variant-east-asian:normal;font-variant-=
alternates:normal;vertical-align:baseline"> Abandoned keys that never migra=
te become unspendable, reducing supply, <a href=3D"https://bitcointalk.org/=
index.php?topic=3D198.msg1647#msg1647" rel=3D"noreferrer nofollow noopener"=
 target=3D"_blank">as Satoshi described</a></span><span style=3D"font-size:=
11pt;font-family:&quot;Courier New&quot;,monospace;background-color:transpa=
rent;font-variant-numeric:normal;font-variant-east-asian:normal;font-varian=
t-alternates:normal;vertical-align:baseline">.  </span></p></li></ul><span =
dir=3D"ltr" style=3D"line-height:1.38;text-align:justify;margin-top:12pt;ma=
rgin-bottom:12pt"><span style=3D"font-size:16pt;font-family:&quot;Courier N=
ew&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font-varia=
nt-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:no=
rmal;vertical-align:baseline">Specification</span></span><span dir=3D"ltr" =
style=3D"line-height:1.38;text-align:justify;margin-top:12pt;margin-bottom:=
12pt"><span style=3D"font-weight:normal"><div dir=3D"ltr" style=3D"margin-l=
eft:0pt" align=3D"left"><span style=3D"border:medium;border-collapse:collap=
se"><span><span width=3D"181"></span><span width=3D"224"></span><span width=
=3D"137"></span><span width=3D"130"></span></span><span><span style=3D"min-=
height:0pt"><span style=3D"border-width:1pt;border-style:solid;border-color=
:rgb(0,0,0);vertical-align:top;padding:5pt;overflow:hidden"><p dir=3D"ltr" =
style=3D"line-height:1.38;text-align:center;margin-top:0pt;margin-bottom:0p=
t"><span style=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monosp=
ace;color:rgb(0,0,0);background-color:transparent;font-weight:700;font-vari=
ant-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:n=
ormal;vertical-align:baseline">Phase</span></p></span><span style=3D"border=
-width:1pt;border-style:solid;border-color:rgb(0,0,0);vertical-align:top;pa=
dding:5pt;overflow:hidden"><p dir=3D"ltr" style=3D"line-height:1.38;text-al=
ign:center;margin-top:0pt;margin-bottom:0pt"><span style=3D"font-size:11pt;=
font-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-c=
olor:transparent;font-weight:700;font-variant-numeric:normal;font-variant-e=
ast-asian:normal;font-variant-alternates:normal;vertical-align:baseline">Wh=
at Happens</span></p></span><span style=3D"border-width:1pt;border-style:so=
lid;border-color:rgb(0,0,0);vertical-align:top;padding:5pt;overflow:hidden"=
><p dir=3D"ltr" style=3D"line-height:1.38;text-align:center;margin-top:0pt;=
margin-bottom:0pt"><span style=3D"font-size:11pt;font-family:&quot;Courier =
New&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font-weig=
ht:700;font-variant-numeric:normal;font-variant-east-asian:normal;font-vari=
ant-alternates:normal;vertical-align:baseline">Who Must Act</span></p></spa=
n><span style=3D"border-width:1pt;border-style:solid;border-color:rgb(0,0,0=
);vertical-align:top;padding:5pt;overflow:hidden"><p dir=3D"ltr" style=3D"l=
ine-height:1.38;text-align:center;margin-top:0pt;margin-bottom:0pt"><span s=
tyle=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color:=
rgb(0,0,0);background-color:transparent;font-weight:700;font-variant-numeri=
c:normal;font-variant-east-asian:normal;font-variant-alternates:normal;vert=
ical-align:baseline">Time Horizon</span></p></span></span><span style=3D"mi=
n-height:0pt"><span style=3D"border-width:1pt;border-style:solid;border-col=
or:rgb(0,0,0);vertical-align:top;padding:5pt;overflow:hidden"><p dir=3D"ltr=
" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style=
=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(=
0,0,0);background-color:transparent;font-weight:700;font-variant-numeric:no=
rmal;font-variant-east-asian:normal;font-variant-alternates:normal;vertical=
-align:baseline">Phase A - </span><span style=3D"font-size:11pt;font-family=
:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-color:transp=
arent;font-variant-numeric:normal;font-variant-east-asian:normal;font-varia=
nt-alternates:normal;vertical-align:baseline">Disallow spends to legacy scr=
ipt types</span></p></span><span style=3D"border-width:1pt;border-style:sol=
id;border-color:rgb(0,0,0);vertical-align:middle;padding:5pt;overflow:hidde=
n"><p dir=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0p=
t"><span style=3D"font-size:10pt;font-family:&quot;Courier New&quot;,monosp=
ace;color:rgb(0,0,0);background-color:transparent;font-variant-numeric:norm=
al;font-variant-east-asian:normal;font-variant-alternates:normal;vertical-a=
lign:baseline">Permitted sends are from legacy scripts to P2QRH scripts</sp=
an></p></span><span style=3D"border-width:1pt;border-style:solid;border-col=
or:rgb(0,0,0);vertical-align:middle;padding:5pt;overflow:hidden"><p dir=3D"=
ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span styl=
e=3D"font-size:10pt;font-family:&quot;Courier New&quot;,monospace;color:rgb=
(0,0,0);background-color:transparent;font-style:italic;font-variant-numeric=
:normal;font-variant-east-asian:normal;font-variant-alternates:normal;verti=
cal-align:baseline">Everyone</span><span style=3D"font-size:10pt;font-famil=
y:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-color:trans=
parent;font-variant-numeric:normal;font-variant-east-asian:normal;font-vari=
ant-alternates:normal;vertical-align:baseline"> holding or accepting BTC.</=
span></p></span><span style=3D"border-width:1pt;border-style:solid;border-c=
olor:rgb(0,0,0);vertical-align:middle;padding:5pt;overflow:hidden"><p dir=
=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span =
style=3D"font-size:10pt;font-family:&quot;Courier New&quot;,monospace;color=
:rgb(0,0,0);background-color:transparent;font-variant-numeric:normal;font-v=
ariant-east-asian:normal;font-variant-alternates:normal;vertical-align:base=
line">3 years after BIP-360 implementation</span></p></span></span><span st=
yle=3D"min-height:0pt"><span style=3D"border-width:1pt;border-style:solid;b=
order-color:rgb(0,0,0);vertical-align:top;padding:5pt;overflow:hidden"><p d=
ir=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><spa=
n style=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;col=
or:rgb(0,0,0);background-color:transparent;font-weight:700;font-variant-num=
eric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;v=
ertical-align:baseline">Phase B =E2=80=93 </span><span style=3D"font-size:1=
1pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);backgrou=
nd-color:transparent;font-variant-numeric:normal;font-variant-east-asian:no=
rmal;font-variant-alternates:normal;vertical-align:baseline">Disallow spend=
s from quantum vulnerable outputs</span></p></span><span style=3D"border-wi=
dth:1pt;border-style:solid;border-color:rgb(0,0,0);vertical-align:middle;pa=
dding:5pt;overflow:hidden"><p dir=3D"ltr" style=3D"line-height:1.38;margin-=
top:0pt;margin-bottom:0pt"><span style=3D"font-size:10pt;font-family:&quot;=
Courier New&quot;,monospace;color:rgb(0,0,0);background-color:transparent;f=
ont-variant-numeric:normal;font-variant-east-asian:normal;font-variant-alte=
rnates:normal;vertical-align:baseline">At a preset block-height, nodes reje=
ct transactions that rely on ECDSA/Schnorr keys. </span></p></span><span st=
yle=3D"border-width:1pt;border-style:solid;border-color:rgb(0,0,0);vertical=
-align:middle;padding:5pt;overflow:hidden"><p dir=3D"ltr" style=3D"line-hei=
ght:1.38;margin-top:0pt;margin-bottom:0pt"><span style=3D"font-size:10pt;fo=
nt-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-col=
or:transparent;font-style:italic;font-variant-numeric:normal;font-variant-e=
ast-asian:normal;font-variant-alternates:normal;vertical-align:baseline">Ev=
eryone</span><span style=3D"font-size:10pt;font-family:&quot;Courier New&qu=
ot;,monospace;color:rgb(0,0,0);background-color:transparent;font-variant-nu=
meric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;=
vertical-align:baseline"> holding or accepting BTC.</span></p></span><span =
style=3D"border-width:1pt;border-style:solid;border-color:rgb(0,0,0);vertic=
al-align:middle;padding:5pt;overflow:hidden"><p dir=3D"ltr" style=3D"line-h=
eight:1.38;margin-top:0pt;margin-bottom:0pt"><span style=3D"font-size:10pt;=
font-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-c=
olor:transparent;font-variant-numeric:normal;font-variant-east-asian:normal=
;font-variant-alternates:normal;vertical-align:baseline">2 years after Phas=
e A activation.</span></p></span></span><span style=3D"min-height:0pt"><spa=
n style=3D"border-width:1pt;border-style:solid;border-color:rgb(0,0,0);vert=
ical-align:top;padding:5pt;overflow:hidden"><p dir=3D"ltr" style=3D"line-he=
ight:1.38;margin-top:0pt;margin-bottom:0pt"><span style=3D"font-size:11pt;f=
ont-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-co=
lor:transparent;font-weight:700;font-variant-numeric:normal;font-variant-ea=
st-asian:normal;font-variant-alternates:normal;vertical-align:baseline">Pha=
se C =E2=80=93 </span><span style=3D"font-size:11pt;font-family:&quot;Couri=
er New&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font-v=
ariant-numeric:normal;font-variant-east-asian:normal;font-variant-alternate=
s:normal;vertical-align:baseline">Re-enable spends from quantum vulnerable =
outputs via ZK Proof</span></p></span><span style=3D"border-width:1pt;borde=
r-style:solid;border-color:rgb(0,0,0);vertical-align:middle;padding:5pt;ove=
rflow:hidden"><p dir=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margi=
n-bottom:0pt"><span style=3D"font-size:10pt;font-family:&quot;Courier New&q=
uot;,monospace;color:rgb(0,0,0);background-color:transparent;font-variant-n=
umeric:normal;font-variant-east-asian:normal;font-variant-alternates:normal=
;vertical-align:baseline">Users with frozen quantum vulnerable funds and a =
HD wallet seed phrase can construct a quantum safe ZK proof to recover fund=
s.</span></p></span><span style=3D"border-width:1pt;border-style:solid;bord=
er-color:rgb(0,0,0);vertical-align:middle;padding:5pt;overflow:hidden"><p d=
ir=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><spa=
n style=3D"font-size:10pt;font-family:&quot;Courier New&quot;,monospace;col=
or:rgb(0,0,0);background-color:transparent;font-variant-numeric:normal;font=
-variant-east-asian:normal;font-variant-alternates:normal;vertical-align:ba=
seline">Users who failed to migrate funds before Phase B.</span></p></span>=
<span style=3D"border-width:1pt;border-style:solid;border-color:rgb(0,0,0);=
vertical-align:middle;padding:5pt;overflow:hidden"><p dir=3D"ltr" style=3D"=
line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style=3D"font-size=
:10pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);backgr=
ound-color:transparent;font-variant-numeric:normal;font-variant-east-asian:=
normal;font-variant-alternates:normal;vertical-align:baseline">TBD pending =
research, demand, and consensus.</span></p></span></span></span></span></di=
v></span></span><span dir=3D"ltr" style=3D"line-height:1.38;margin-top:14pt=
;margin-bottom:6pt"><span style=3D"font-size:16pt;font-family:&quot;Courier=
 New&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font-wei=
ght:700;font-style:normal;font-variant:normal;text-decoration:none;vertical=
-align:baseline;white-space:pre-wrap">Rationale</span></span><ul style=3D"m=
argin-top:0px;margin-bottom:0px"><li dir=3D"ltr" style=3D"list-style-type:d=
isc;font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(=
0,0,0);background-color:transparent;font-variant-numeric:normal;font-varian=
t-east-asian:normal;font-variant-alternates:normal;vertical-align:baseline;=
white-space:pre-wrap"><p dir=3D"ltr" style=3D"line-height:1.38;text-align:j=
ustify;margin-top:12pt;margin-bottom:0pt" role=3D"presentation"><span style=
=3D"font-size:11pt;background-color:transparent;font-variant-numeric:normal=
;font-variant-east-asian:normal;font-variant-alternates:normal;vertical-ali=
gn:baseline">Even if Bitcoin is not a primary initial target of a cryptogra=
phically relevant quantum computer, widespread knowledge that such a comput=
er exists and is capable of breaking Bitcoin=E2=80=99s cryptography will da=
mage faith in the network . </span></p></li><li dir=3D"ltr" style=3D"list-s=
tyle-type:disc;font-size:11pt;font-family:&quot;Courier New&quot;,monospace=
;color:rgb(0,0,0);background-color:transparent;font-variant-numeric:normal;=
font-variant-east-asian:normal;font-variant-alternates:normal;vertical-alig=
n:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"line-height:1.38;t=
ext-align:justify;margin-top:0pt;margin-bottom:0pt" role=3D"presentation"><=
span style=3D"font-size:11pt;background-color:transparent;font-variant-nume=
ric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;ve=
rtical-align:baseline">An attack on Bitcoin may not be economically motivat=
ed - an attacker may be politically or maliciously motivated and may attemp=
t to destroy value and trust in Bitcoin rather than extract value.  There i=
s no way to know in advance how, when, or why an attack may occur.  A defen=
sive position must be taken well in advance of any attack.  </span></p></li=
><li dir=3D"ltr" style=3D"list-style-type:disc;font-size:11pt;font-family:&=
quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-color:transpar=
ent;font-variant-numeric:normal;font-variant-east-asian:normal;font-variant=
-alternates:normal;vertical-align:baseline;white-space:pre-wrap"><p dir=3D"=
ltr" style=3D"line-height:1.38;text-align:justify;margin-top:0pt;margin-bot=
tom:0pt" role=3D"presentation"><span style=3D"font-size:11pt;background-col=
or:transparent;font-variant-numeric:normal;font-variant-east-asian:normal;f=
ont-variant-alternates:normal;vertical-align:baseline">Bitcoin=E2=80=99s cu=
rrent signatures (ECDSA/Schnorr) will be a tantalizing target: any UTXO tha=
t has ever exposed its public key on-chain (roughly 25 % of all bitcoin) co=
uld be stolen by a cryptographically relevant quantum computer.</span></p><=
/li><li dir=3D"ltr" style=3D"list-style-type:disc;font-size:11pt;font-famil=
y:Arial,sans-serif;color:rgb(0,0,0);background-color:transparent;font-varia=
nt-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:no=
rmal;vertical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"=
line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt" role=
=3D"presentation"><span style=3D"font-size:11pt;font-family:&quot;Courier N=
ew&quot;,monospace;background-color:transparent;font-weight:700;font-varian=
t-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:nor=
mal;vertical-align:baseline">Existing Proposals are Insufficient.</span><sp=
an style=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;ba=
ckground-color:transparent;font-variant-numeric:normal;font-variant-east-as=
ian:normal;font-variant-alternates:normal;vertical-align:baseline">  </span=
></p><ol style=3D"margin-top:0px;margin-bottom:0px"><li dir=3D"ltr" style=
=3D"list-style-type:lower-alpha;font-size:11pt;font-family:&quot;Courier Ne=
w&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font-varian=
t-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:nor=
mal;vertical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"l=
ine-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt" role=
=3D"presentation"><span style=3D"font-size:11pt;background-color:transparen=
t;font-variant-numeric:normal;font-variant-east-asian:normal;font-variant-a=
lternates:normal;vertical-align:baseline">Any proposal that allows for the =
quantum theft of =E2=80=9Clost=E2=80=9D bitcoin is creating a redistributio=
n dilemma. There are 3 types of proposals:</span></p><ol style=3D"margin-to=
p:0px;margin-bottom:0px"><li dir=3D"ltr" style=3D"list-style-type:lower-rom=
an;font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(0=
,0,0);background-color:transparent;font-variant-numeric:normal;font-variant=
-east-asian:normal;font-variant-alternates:normal;vertical-align:baseline;w=
hite-space:pre-wrap"><p dir=3D"ltr" style=3D"line-height:1.38;text-align:ju=
stify;margin-top:0pt;margin-bottom:0pt" role=3D"presentation"><span style=
=3D"font-size:11pt;background-color:transparent;font-variant-numeric:normal=
;font-variant-east-asian:normal;font-variant-alternates:normal;vertical-ali=
gn:baseline">Allow anyone to steal vulnerable coins, benefitting those who =
reach quantum capability earliest.</span></p></li><li dir=3D"ltr" style=3D"=
list-style-type:lower-roman;font-size:11pt;font-family:&quot;Courier New&qu=
ot;,monospace;color:rgb(0,0,0);background-color:transparent;font-variant-nu=
meric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;=
vertical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"line-=
height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt" role=3D"pr=
esentation"><span style=3D"font-size:11pt;background-color:transparent;font=
-variant-numeric:normal;font-variant-east-asian:normal;font-variant-alterna=
tes:normal;vertical-align:baseline">Allow throttled theft of coins, which l=
eads to RBF battles and ultimately miners subsidizing their revenue from lo=
st coins.</span></p></li><li dir=3D"ltr" style=3D"list-style-type:lower-rom=
an;font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(0=
,0,0);background-color:transparent;font-variant-numeric:normal;font-variant=
-east-asian:normal;font-variant-alternates:normal;vertical-align:baseline;w=
hite-space:pre-wrap"><p dir=3D"ltr" style=3D"line-height:1.38;text-align:ju=
stify;margin-top:0pt;margin-bottom:0pt" role=3D"presentation"><span style=
=3D"font-size:11pt;background-color:transparent;font-variant-numeric:normal=
;font-variant-east-asian:normal;font-variant-alternates:normal;vertical-ali=
gn:baseline">Allow no one to steal vulnerable coins.</span></p></li></ol></=
li></ol></li><li dir=3D"ltr" style=3D"list-style-type:disc;font-size:11pt;f=
ont-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-co=
lor:transparent;font-weight:700;font-variant-numeric:normal;font-variant-ea=
st-asian:normal;font-variant-alternates:normal;vertical-align:baseline;whit=
e-space:pre-wrap"><p dir=3D"ltr" style=3D"line-height:1.38;text-align:justi=
fy;margin-top:0pt;margin-bottom:0pt" role=3D"presentation"><span style=3D"f=
ont-size:11pt;background-color:transparent;font-variant-numeric:normal;font=
-variant-east-asian:normal;font-variant-alternates:normal;vertical-align:ba=
seline">Minimizes attack surface</span></p><ol style=3D"margin-top:0px;marg=
in-bottom:0px"><li dir=3D"ltr" style=3D"list-style-type:lower-alpha;font-si=
ze:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);back=
ground-color:transparent;font-variant-numeric:normal;font-variant-east-asia=
n:normal;font-variant-alternates:normal;vertical-align:baseline;white-space=
:pre-wrap"><p dir=3D"ltr" style=3D"line-height:1.38;text-align:justify;marg=
in-top:0pt;margin-bottom:0pt" role=3D"presentation"><span style=3D"font-siz=
e:11pt;background-color:transparent;font-variant-numeric:normal;font-varian=
t-east-asian:normal;font-variant-alternates:normal;vertical-align:baseline"=
>By disallowing new spends to quantum vulnerable script types, we minimize =
the attack surface with each new UTXO.  </span></p></li><li dir=3D"ltr" sty=
le=3D"list-style-type:lower-alpha;font-size:11pt;font-family:&quot;Courier =
New&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font-vari=
ant-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:n=
ormal;vertical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D=
"line-height:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt" role=
=3D"presentation"><span style=3D"font-size:11pt;background-color:transparen=
t;font-variant-numeric:normal;font-variant-east-asian:normal;font-variant-a=
lternates:normal;vertical-align:baseline">Upgrades to Bitcoin have historic=
ally taken many years; this will hasten and speed up the adoption of new qu=
antum resistant script types. </span></p></li><li dir=3D"ltr" style=3D"list=
-style-type:lower-alpha;font-size:11pt;font-family:&quot;Courier New&quot;,=
monospace;color:rgb(0,0,0);background-color:transparent;font-variant-numeri=
c:normal;font-variant-east-asian:normal;font-variant-alternates:normal;vert=
ical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"line-heig=
ht:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt" role=3D"presen=
tation"><span style=3D"font-size:11pt;background-color:transparent;font-var=
iant-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:=
normal;vertical-align:baseline">With a clear deadline, industry stakeholder=
s will more readily upgrade existing infrastructure to ensure continuity of=
 services.  </span></p></li></ol></li><li dir=3D"ltr" style=3D"list-style-t=
ype:disc;font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color=
:rgb(0,0,0);background-color:transparent;font-weight:700;font-variant-numer=
ic:normal;font-variant-east-asian:normal;font-variant-alternates:normal;ver=
tical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"line-hei=
ght:1.38;text-align:justify;margin-top:0pt;margin-bottom:0pt" role=3D"prese=
ntation"><span style=3D"font-size:11pt;background-color:transparent;font-va=
riant-numeric:normal;font-variant-east-asian:normal;font-variant-alternates=
:normal;vertical-align:baseline">Minimizes loss of access to funds </span><=
/p><ol style=3D"margin-top:0px;margin-bottom:0px"><li dir=3D"ltr" style=3D"=
list-style-type:lower-alpha;font-size:11pt;font-family:&quot;Courier New&qu=
ot;,monospace;color:rgb(0,0,0);background-color:transparent;font-variant-nu=
meric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;=
vertical-align:baseline;white-space:pre-wrap"><p dir=3D"ltr" style=3D"line-=
height:1.38;text-align:justify;margin-top:0pt;margin-bottom:12pt" role=3D"p=
resentation"><span style=3D"font-size:11pt;background-color:transparent;fon=
t-variant-numeric:normal;font-variant-east-asian:normal;font-variant-altern=
ates:normal;vertical-align:baseline">If there is sufficient demand and rese=
arch proves possible, submitting a ZK proof of knowledge of a BIP-39 seed p=
hrase corresponding to  a public key hash or script hash would provide a tr=
ustless means for legacy outputs to be spent in a quantum resistant manner,=
 even after the sunset.  </span></p></li></ol></li></ul><br><div dir=3D"ltr=
" style=3D"margin-left:0pt" align=3D"left"><span style=3D"border:medium;bor=
der-collapse:collapse"><span><span width=3D"143"></span><span width=3D"539"=
></span></span><span><span style=3D"min-height:27.4463pt"><span style=3D"bo=
rder-width:1pt;border-style:solid;border-color:rgb(0,0,0);vertical-align:to=
p;padding:5pt;overflow:hidden"><p dir=3D"ltr" style=3D"line-height:1.38;mar=
gin-top:0pt;margin-bottom:0pt"><span style=3D"font-size:11pt;font-family:&q=
uot;Courier New&quot;,monospace;color:rgb(0,0,0);background-color:transpare=
nt;font-weight:700;font-variant-numeric:normal;font-variant-east-asian:norm=
al;font-variant-alternates:normal;vertical-align:baseline">Stakeholder</spa=
n></p></span><span style=3D"border-width:1pt;border-style:solid;border-colo=
r:rgb(0,0,0);vertical-align:top;padding:5pt;overflow:hidden"><p dir=3D"ltr"=
 style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style=3D=
"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(0,0=
,0);background-color:transparent;font-weight:700;font-variant-numeric:norma=
l;font-variant-east-asian:normal;font-variant-alternates:normal;vertical-al=
ign:baseline">Incentive to Upgrade</span></p></span></span><span style=3D"m=
in-height:53.5388pt"><span style=3D"border-width:1pt;border-style:solid;bor=
der-color:rgb(0,0,0);vertical-align:middle;padding:5pt;overflow:hidden"><p =
dir=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><sp=
an style=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;co=
lor:rgb(0,0,0);background-color:transparent;font-weight:700;font-variant-nu=
meric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;=
vertical-align:baseline">Miners</span></p></span><span style=3D"border-widt=
h:1pt;border-style:solid;border-color:rgb(0,0,0);vertical-align:top;padding=
:5pt;overflow:hidden"><p dir=3D"ltr" style=3D"line-height:1.38;margin-top:0=
pt;margin-bottom:0pt"><span style=3D"font-size:11pt;font-family:&quot;Couri=
er New&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font-v=
ariant-numeric:normal;font-variant-east-asian:normal;font-variant-alternate=
s:normal;vertical-align:baseline">=E2=80=A2 Larger size PQ signatures along=
 with incentive for users to migrate will create more demand for block spac=
e and thus higher fees collected by miners.</span></p><p dir=3D"ltr" style=
=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style=3D"font-=
size:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);ba=
ckground-color:transparent;font-variant-numeric:normal;font-variant-east-as=
ian:normal;font-variant-alternates:normal;vertical-align:baseline">=E2=80=
=A2 Post-Phase B, non-upgraded miners produce invalid blocks.</span></p><p =
dir=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><sp=
an style=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;co=
lor:rgb(0,0,0);background-color:transparent;font-variant-numeric:normal;fon=
t-variant-east-asian:normal;font-variant-alternates:normal;vertical-align:b=
aseline">=E2=80=A2 A quantum attack on Bitcoin will significantly devalue b=
oth their hardware and Bitcoin as a whole. </span></p></span></span><span s=
tyle=3D"min-height:52pt"><span style=3D"border-width:1pt;border-style:solid=
;border-color:rgb(0,0,0);vertical-align:middle;padding:5pt;overflow:hidden"=
><p dir=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"=
><span style=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospac=
e;color:rgb(0,0,0);background-color:transparent;font-weight:700;font-varian=
t-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:nor=
mal;vertical-align:baseline">Institutional Holders</span></p></span><span s=
tyle=3D"border-width:1pt;border-style:solid;border-color:rgb(0,0,0);vertica=
l-align:top;padding:5pt;overflow:hidden"><p dir=3D"ltr" style=3D"line-heigh=
t:1.38;margin-top:0pt;margin-bottom:0pt"><span style=3D"font-size:11pt;font=
-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-color=
:transparent;font-variant-numeric:normal;font-variant-east-asian:normal;fon=
t-variant-alternates:normal;vertical-align:baseline">=E2=80=A2 Fiduciary du=
ty: failing to act to prevent a quantum attack on Bitcoin would violate the=
 fiduciary duty to shareholders.  </span></p><p dir=3D"ltr" style=3D"line-h=
eight:1.38;margin-top:0pt;margin-bottom:0pt"><span style=3D"font-size:11pt;=
font-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-c=
olor:transparent;font-variant-numeric:normal;font-variant-east-asian:normal=
;font-variant-alternates:normal;vertical-align:baseline">=E2=80=A2 Demonstr=
ating Bitcoin=E2=80=99s ability to effectively mitigate emerging threats wi=
ll prove Bitcoin to be an investment grade asset.</span></p></span></span><=
span style=3D"min-height:52pt"><span style=3D"border-width:1pt;border-style=
:solid;border-color:rgb(0,0,0);vertical-align:middle;padding:5pt;overflow:h=
idden"><p dir=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-botto=
m:0pt"><span style=3D"font-size:11pt;font-family:&quot;Courier New&quot;,mo=
nospace;color:rgb(0,0,0);background-color:transparent;font-weight:700;font-=
variant-numeric:normal;font-variant-east-asian:normal;font-variant-alternat=
es:normal;vertical-align:baseline">Exchanges &amp; Custodians</span></p></s=
pan><span style=3D"border-width:1pt;border-style:solid;border-color:rgb(0,0=
,0);vertical-align:top;padding:5pt;overflow:hidden"><p dir=3D"ltr" style=3D=
"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style=3D"font-siz=
e:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);backg=
round-color:transparent;font-variant-numeric:normal;font-variant-east-asian=
:normal;font-variant-alternates:normal;vertical-align:baseline">=E2=80=A2 C=
oncentrated risk: a quantum hack could bankrupt them overnight.</span></p><=
p dir=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><=
span style=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;=
color:rgb(0,0,0);background-color:transparent;font-variant-numeric:normal;f=
ont-variant-east-asian:normal;font-variant-alternates:normal;vertical-align=
:baseline">=E2=80=A2 Early migration is cheap relative to potential losses,=
 potential lawsuits over improper custody and reputational damage.</span></=
p></span></span><span style=3D"min-height:52pt"><span style=3D"border-width=
:1pt;border-style:solid;border-color:rgb(0,0,0);vertical-align:middle;paddi=
ng:5pt;overflow:hidden"><p dir=3D"ltr" style=3D"line-height:1.38;margin-top=
:0pt;margin-bottom:0pt"><span style=3D"font-size:11pt;font-family:&quot;Cou=
rier New&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font=
-weight:700;font-variant-numeric:normal;font-variant-east-asian:normal;font=
-variant-alternates:normal;vertical-align:baseline">Everyday Users</span></=
p></span><span style=3D"border-width:1pt;border-style:solid;border-color:rg=
b(0,0,0);vertical-align:top;padding:5pt;overflow:hidden"><p dir=3D"ltr" sty=
le=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style=3D"fon=
t-size:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);=
background-color:transparent;font-variant-numeric:normal;font-variant-east-=
asian:normal;font-variant-alternates:normal;vertical-align:baseline">=E2=80=
=A2 Self-sovereign peace of mind.</span></p><p dir=3D"ltr" style=3D"line-he=
ight:1.38;margin-top:0pt;margin-bottom:0pt"><span style=3D"font-size:11pt;f=
ont-family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-co=
lor:transparent;font-variant-numeric:normal;font-variant-east-asian:normal;=
font-variant-alternates:normal;vertical-align:baseline">=E2=80=A2 Sunset da=
te creates a clear deadline and incentive to improve their security rather =
than an open-ended =E2=80=9Csome day=E2=80=9D that invites procrastination.=
</span></p></span></span><span style=3D"min-height:43.7925pt"><span style=
=3D"border-width:1pt;border-style:solid;border-color:rgb(0,0,0);vertical-al=
ign:middle;padding:5pt;overflow:hidden"><p dir=3D"ltr" style=3D"line-height=
:1.38;margin-top:0pt;margin-bottom:0pt"><span style=3D"font-size:11pt;font-=
family:&quot;Courier New&quot;,monospace;color:rgb(0,0,0);background-color:=
transparent;font-weight:700;font-variant-numeric:normal;font-variant-east-a=
sian:normal;font-variant-alternates:normal;vertical-align:baseline">Attacke=
rs</span></p></span><span style=3D"border-width:1pt;border-style:solid;bord=
er-color:rgb(0,0,0);vertical-align:top;padding:5pt;overflow:hidden"><p dir=
=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span =
style=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color=
:rgb(0,0,0);background-color:transparent;font-variant-numeric:normal;font-v=
ariant-east-asian:normal;font-variant-alternates:normal;vertical-align:base=
line">=E2=80=A2 Economic incentive diminishes as sunset nears, stolen coins=
 cannot be spent after Q-day.</span></p></span></span></span></span></div><=
p dir=3D"ltr" style=3D"line-height:1.38;text-align:justify;margin-top:12pt;=
margin-bottom:12pt"><span style=3D"font-size:11pt;font-family:&quot;Courier=
 New&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font-wei=
ght:700;font-variant-numeric:normal;font-variant-east-asian:normal;font-var=
iant-alternates:normal;vertical-align:baseline">Key Insight:</span><span st=
yle=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color:r=
gb(0,0,0);background-color:transparent;font-variant-numeric:normal;font-var=
iant-east-asian:normal;font-variant-alternates:normal;vertical-align:baseli=
ne"> As mentioned earlier, the proposal turns quantum security into a </spa=
n><span style=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospa=
ce;color:rgb(0,0,0);background-color:transparent;font-style:italic;font-var=
iant-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:=
normal;vertical-align:baseline">private incentive to upgrade</span><span st=
yle=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color:r=
gb(0,0,0);background-color:transparent;font-variant-numeric:normal;font-var=
iant-east-asian:normal;font-variant-alternates:normal;vertical-align:baseli=
ne">.  </span></p><p dir=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;m=
argin-bottom:0pt"><span style=3D"font-size:11pt;font-family:&quot;Courier N=
ew&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font-varia=
nt-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:no=
rmal;vertical-align:baseline">This is not an offensive attack, rather, it i=
s defensive: our thesis is that the Bitcoin ecosystem wishes to defend itse=
lf and its interests against those who would prefer to do nothing and allow=
 a malicious actor to destroy both value and trust.  </span></p><p dir=3D"l=
tr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style=
=3D"background-color:transparent;color:rgb(0,0,0);font-family:&quot;Courier=
 New&quot;,monospace;font-size:11pt;text-align:center"><br></span></p><bloc=
kquote style=3D"margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,=
204);padding-left:1ex"><span style=3D"background-color:transparent;color:rg=
b(0,0,0);font-family:&quot;Courier New&quot;,monospace;font-size:11pt;text-=
align:center">"Lost coins only make everyone else's coins worth slightly mo=
re. Think of it as a donation to everyone." - Satoshi Nakamoto</span></bloc=
kquote><br><p dir=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-b=
ottom:0pt"><span style=3D"font-size:11pt;font-family:&quot;Courier New&quot=
;,monospace;color:rgb(0,0,0);background-color:transparent;font-variant-nume=
ric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;ve=
rtical-align:baseline">If true, the corollary is:</span></p><p dir=3D"ltr" =
style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style=3D"=
background-color:transparent;color:rgb(0,0,0);font-family:&quot;Courier New=
&quot;,monospace;font-size:11pt;text-align:center"><br></span></p><blockquo=
te style=3D"margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204)=
;padding-left:1ex"><span style=3D"background-color:transparent;color:rgb(0,=
0,0);font-family:&quot;Courier New&quot;,monospace;font-size:11pt;text-alig=
n:center">"Quantum recovered coins only make everyone else's coins worth le=
ss. Think of it as a theft from everyone."</span></blockquote><br><p dir=3D=
"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span sty=
le=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color:rg=
b(0,0,0);background-color:transparent;font-variant-numeric:normal;font-vari=
ant-east-asian:normal;font-variant-alternates:normal;vertical-align:baselin=
e">The timelines that we are proposing are meant to find the best balance b=
etween giving ample ability for account owners to migrate while maintaining=
 the integrity of the overall ecosystem to avoid catastrophic attacks.  </s=
pan></p><br><span dir=3D"ltr" style=3D"line-height:1.38;margin-top:18pt;mar=
gin-bottom:4pt"><span style=3D"font-size:17pt;font-family:&quot;Courier New=
&quot;,monospace;color:rgb(0,0,0);background-color:transparent;font-variant=
-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:norm=
al;vertical-align:baseline">Backward Compatibility</span></span><p dir=3D"l=
tr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style=
=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color:rgb(=
0,0,0);background-color:transparent;font-variant-numeric:normal;font-varian=
t-east-asian:normal;font-variant-alternates:normal;vertical-align:baseline"=
>As a series of soft forks, older nodes will continue to operate without mo=
dification. Non-upgraded nodes, however, will consider all post-quantum wit=
ness programs as anyone-can-spend scripts. They are strongly encouraged to =
upgrade in order to fully validate the new programs.</span></p><br><p dir=
=3D"ltr" style=3D"line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span =
style=3D"font-size:11pt;font-family:&quot;Courier New&quot;,monospace;color=
:rgb(0,0,0);background-color:transparent;font-variant-numeric:normal;font-v=
ariant-east-asian:normal;font-variant-alternates:normal;vertical-align:base=
line">Non-upgraded wallets can receive and send bitcoin from non-upgraded a=
nd upgraded wallets until Phase A. After Phase A, they can no longer receiv=
e from any other wallets and can only send to upgraded wallets.  After Phas=
e B, both senders and receivers will require upgraded wallets. Phase C woul=
d likely require a loosening of consensus rules (a hard fork) to allow vuln=
erable funds recovery via ZK proofs.</span></p></span></div>
</blockquote></div></blockquote></div>

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