Good to see a proposal. Anyone out here that can provide this author feedback is appreciated.
He recognizes variants of shor are coming. Our timelines to act are becoming shorter as algos improve and quantum scales.
"A variant of Shor's algorithm is believed to be capable of deriving the private key from a public key exponentially faster than classical means. The application of this variant of Shor's algorithm is herein referred to as quantum key decryption. Note that doubling the public key length, such as with a hypothetical secp512k1 curve, would only make deriving the private key twice as hard"
https://github.com/cryptoquick/bips/blob/p2qrh/bip-p2qrh.mediawiki
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> Note that doubling the public key length, such as with a hypothetical secp512k1 curve, would only make deriving the private key twice as hard”
Well that’s useless then. Adding a single bit should double the difficulty. If it requires doubling the length of the key, then it’s extremely inefficient. Imagine needing to include a header bigger than the Transaction size just to increase the security by a noticeable amount.
Also, this wouldn’t prevent decrypting any previously-used keys. Satoshi’s keys and 95% of all Bitcoins would still be at risk.
“The vulnerability of existing bitcoin addresses is investigated in this Deloitte report. The report estimates that in 2020 approximately 25% of the bitcoin supply is held within addresses vulnerable to quantum attack. As of the time of writing, that number is now closer to 20%. Additionally, Peter Wuille estimates even more might be vulnerable, for the reasons provided here.”