P2QRH / BIP-360 Update

The discussion revolves around the intricacies of implementing post-quantum schemes in cryptocurrency security, particularly focusing on the hierarchical deterministic seed characteristic of private keys. The email points to FALCON as a notable candidate for such schemes but raises a critical question regarding the management and backup of private keys within this framework. It questions whether, under FALCON or similar post-quantum schemes, it would be necessary to create a new wallet backup every time a new public key is generated, highlighting a potential challenge in user experience and security management.

Furthermore, the message touches upon security levels, referencing a previous proposal deemed excessive. The sender suggests that adhering to the current security standards established by ECDSA (Elliptic Curve Digital Signature Algorithm) should suffice. This viewpoint is supported by the extensive scrutiny and years of practical application that ECDSA has undergone, implying that matching its security levels would be adequate for future cryptographic systems. This perspective underscores a pragmatic approach to balancing security needs with practical usability within the evolving landscape of cryptocurrency and blockchain technology.