Paradigm Unveils ‘PACTs’ Proposal to Protect Satoshi-Era Bitcoin Wallets From Quantum Attacks
Summary
- Paradigm has unveiled PACTs, a new design aimed at protecting early Bitcoin (BTC) wallets from hacking by quantum computers.
- The proposal would allow Bitcoin holders to secure their assets using encrypted proof of ownership without moving them to quantum-resistant wallets.
- PACTs could provide a way to protect early wallets, including about 1.1 million Bitcoin held by Satoshi Nakamoto, from security threats without moving the coins.
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Paradigm has unveiled a new technical proposal aimed at protecting early Bitcoin wallets from hacking threats posed by quantum computers.
CoinDesk reported on May 2 that the firm released a new design called “Provable Address Control Timestamps,” or PACTs. The proposal would allow Bitcoin holders to protect their assets through encrypted proof of ownership without moving them to quantum-resistant wallets.
The system works in two steps. First, a holder generates proof of ownership by combining random data, or a salt, with a private signature and recording it on-chain. Later, even if the network freezes older addresses as a security measure, the holder can restore access to the assets by submitting a quantum-resistant STARK proof without disclosing the address or balance.
PACTs could help protect early wallets with exposed public keys, including about 1.1 million Bitcoin held by Satoshi Nakamoto. Existing security measures require Satoshi to move the coins and reveal his identity to avoid losing them. Under this design, the coins could be protected from security threats without ever being moved.
Dan Robinson, a general partner at Paradigm, said PACTs offer a balanced option between defending against quantum threats and protecting ownership of dormant assets.
Uk Jin
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