Major BIP 360 Update

In response to community feedback and the need for clearer, more coherent documentation, Ethan Heilman, Isabel Foxen Duke, and Hunter Beast have undertaken a comprehensive rewrite of BIP 360. The decision for a complete overhaul instead of minor revisions comes after previous updates introduced significant technical changes that necessitated a fresh approach to enhance the proposal's clarity and articulate the strategy for mitigating quantum-related risks effectively.

The revised BIP 360 maintains its original stance against incorporating post-quantum signature schemes. Instead, it introduces a novel output type dubbed "Pay-to-Tapscript-Hash (P2TSH)," which omits the key path spend, thereby shielding it from potential vulnerabilities in Elliptic Curve Cryptography (ECC) posed by quantum computing breakthroughs or other cryptographic advancements. This modification aims to fortify Bitcoin's defenses against emerging threats to ECC, marking an essential step in the cryptocurrency's evolution towards quantum resistance.

Moreover, the updated proposal enriches its technical framework with the inclusion of test vectors in Python and Rust, facilitating a broader understanding and easier implementation of the proposed changes. The authors invite the community to review these modifications at the BIP Repo or on BIP360.org, emphasizing their commitment to refining Bitcoin's security in collaboration with users, developers, and enthusiasts. Through this initiative, the team aspires to contribute significantly to making Bitcoin quantum-resistant, underscoring the importance of proactive measures in the face of advancing cryptanalytic technologies.