- Developers have proposed implementing the BIP-361 initiative to protect BTC from quantum computers.
- Charles Hoskinson believes that 1,7 million bitcoins cannot be returned with its help.
- If the cryptocurrency is not frozen, it could be stolen within the next 15 years.
Creator of cryptocurrency Cardano (ADA) Charles Hoskinson believes that those belonging Satoshi Nakamoto can’t save Bitcoin. Why does he think so?
On April 14, developers led by James Lopp came forward with a proposal to conduct a soft-fork to protect against the quantum threat and outlined their ideas in the initiative BIP-361, which consists of three stages:
- Phase A – Blocking the sending of BTC to crypto wallets vulnerable to hacking using quantum computers;
- Phase B – freezing of coins in these vaults;
- Phase C – Restoring access to locked bitcoins in a secure manner.
Hoskinson supported Lopp’s project, because otherwise the BTC could be stolen. However, Charles doesn’t believe Phase C will be successfully implemented because some of the coins are in vulnerable wallets created before the key generation mechanism was implemented in 2013. These include, in particular, over 1 million BTC, worth $81,8 billion at the current exchange rate, which owns creator of cryptocurrency Satoshi Nakamoto.
“It’s possible to restore access to a portion of the 8 million compromised bitcoins, but 1,7 million coins cannot be recovered using this scheme. The same applies to all coins stored in wallets created in 2013 or earlier,” Hoskinson stated.
At the end of March, the editorial board Happy Coin News reported Bitcoin blockchain security researcher Justin Drake predicts that quantum computers will be able to crack cryptocurrency vaults by the end of 2032. Charles shares a similar view, believing that the quantum threat will materialize no later than 2039. Therefore, if developers don’t freeze BTC in vulnerable vaults, it could be stolen within the next 15 years.
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