Please note, this was written with the help of ChatGPT:
Title: Allocation of Bitcoin’s Computing Power for Ransomware
Decryption Assistance
Author: BBCD Satoshi
Status: Draft
Type: Informational BIP
Created: 21 June 2024
Abstract: This proposal suggests allocating a small percentage (ranging from 0.01% to 1%) of Bitcoin’s total computing power to assist in decrypting ransomware attacks, particularly those where the ransom is demanded in Bitcoin. This initiative aims to leverage the Bitcoin network’s computational resources to combat ransomware, thereby improving the overall image of Bitcoin.
Motivation: Ransomware attacks represent a significant threat to individuals, businesses, and public institutions, often resulting in severe financial and data losses. Many of these attacks demand payment in Bitcoin, which can negatively affect the cryptocurrency’s reputation. By dedicating a portion of the Bitcoin network’s computing power to decryption efforts, the community can help mitigate these attacks and demonstrate Bitcoin’s potential to support cybersecurity initiatives.
Specification:
- Allocation: A designated percentage (between 0.01% and 1%) of the total hash rate of the Bitcoin network will be used for ransomware decryption efforts.
Mechanism:
- Develop a system to temporarily redirect a portion of mining power to work on decryption tasks associated with active ransomware attacks.
- Participation will be voluntary, allowing miners to opt-in and contribute their computational resources to the decryption pool.
Governance:
- Establish a decentralized committee or organization to oversee the allocation of resources and ensure fair and transparent use of computing power.
- Consult the community to define criteria and processes for identifying and responding to ransomware threats.
Impact on Mining:
- Ensure that the diversion of computing power does not significantly affect the overall security and operation of the Bitcoin network.
Rationale: By contributing a fraction of its computing power to ransomware decryption efforts, the Bitcoin network can actively participate in addressing a critical cybersecurity challenge. This initiative can enhance Bitcoin’s public image by showcasing its ability to provide societal benefits beyond financial transactions.
Backwards Compatibility: This proposal does not alter the Bitcoin protocol and is compatible with existing mining operations. Participation is optional, ensuring no adverse impact on miners who choose not to participate.
Implementation:
- Development: Create the necessary software and infrastructure to facilitate the redirection of computing power for decryption tasks.
- Testing: Conduct thorough testing to ensure the system’s security, efficiency, and minimal impact on regular mining activities.
- Deployment: Implement the system in phases, starting with a pilot program involving volunteer miners.
