Bitcoin Improvement Proposal 3 (BIP): Utilization of a Fraction of Bitcoin’s Computing Power for Ransomware Decryption Assistance

Please note, this was written with the help of ChatGPT:

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Title: Utilization of a Fraction 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 the allocation of a small percentage (ranging from 0.01% to 1%) of Bitcoin’s total computing power to assist in efforts to decrypt or mitigate ransomware attacks. This initiative aims to leverage the vast computational resources of the Bitcoin network to support cybersecurity efforts, enhancing the overall security landscape.

Motivation: Ransomware attacks pose a significant threat to individuals, businesses, and public institutions, often leading to substantial financial and data losses. The Bitcoin network’s immense computational power can be partially redirected to assist in decryption efforts, providing a valuable tool in combating ransomware and enhancing public trust in the cryptocurrency ecosystem.

Specification:

Allocation: A designated percentage (between 0.01% and 1%) of the total hash rate of the Bitcoin network will be utilized for decryption efforts.

Mechanism:

• A system will be developed to temporarily divert a portion of mining power to work on decryption tasks related to active ransomware attacks.
• Participation will be voluntary, with miners opting in to contribute their computational resources to the decryption pool.

Governance:

• A decentralized committee or organization will be established to oversee the allocation and ensure the fair and transparent use of computing power.
• The community will be consulted to determine the specific criteria and processes for identifying and responding to ransomware threats.

Impact on Mining: The proposal will ensure that the diversion of computing power does not significantly impact the overall security and operation of the Bitcoin network.

Rationale: By contributing a fraction of its computing power, the Bitcoin network can play a proactive role in addressing a critical cybersecurity challenge. This initiative can improve Bitcoin’s public image, demonstrating its potential to provide societal benefits beyond financial transactions.

Backwards Compatibility: This proposal does not affect the Bitcoin protocol itself 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.
• Testing: Conduct extensive testing to ensure the system’s security, efficiency, and minimal impact on regular mining activities.
• Deployment: Roll out the system in phases, starting with a pilot program involving volunteer miners.

Bitcoin Improvement Proposal 1 (BIP): Allocation of Bitcoin’s Computing Power for Ransomware

Please note, this was written with the help of ChatGPT:

Photo by Fahim Reza on Unsplash

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.

https://bbcdsatoshi.medium.com/bip-allocation-of-bitcoins-computing-power-for-ransomware-decryption-assistance-291b65df077b