Major BIP 360 Update

The recent discussion in the Bitcoin Development Mailing List highlights a growing concern among developers about the potential vulnerability of public keys to quantum computing, rather than just implementation bugs. The conversation suggests that through the advancement and application of BIP360 along with technologies like TXHASH, it's feasible to construct quantum-safe scripts and multi-step commit-reveal vaults. These innovations offer a way forward without relying solely on traditional signatures, addressing broader security issues by making it easier to identify and rectify implementation flaws while also enhancing functionality through established, lightweight technology.

The proposition includes pushing forward with BIPs 360, 119, and 346 as part of a comprehensive strategy for ensuring "quantum-readiness" within the Bitcoin framework. This approach aims to safeguard Bitcoin through the use of commitments and hashes, bridging the gap until the cryptocurrency ecosystem can adopt post-quantum (PQ) signatures backed by a hardened, efficient, and reliable library akin to what libsecp256k1 provides for elliptic curve cryptography (ECC). Given the recent compromise of SIKE and identified structural correlations in SPHINCS, the urgency for developing such quantum-resistant measures is underscored, acknowledging the extended timeframe necessary to achieve this goal amidst ongoing advancements and setbacks in PQ cryptography research.