Cryptography
The Debate on Freezing Satoshi Nakamoto's Bitcoin Due to Quantum Computing Threats
Tuesday. December 10 at 1:00 PM
1 min. readAva Labs founder and CEO Emin Gün Sirer has suggested freezing Satoshi Nakamoto's estimated 1.1 million BTC due to potential vulnerabilities in early wallet cryptography. Sirer's proposal comes as quantum computing advances, posing a threat to outdated Pay-to-Public-Key systems used in Nakamoto's original wallets. While quantum computers excel at certain tasks like factoring large numbers, they face challenges with one-way hash functions crucial to cryptocurrency security. The debate on freezing Nakamoto's coins has sparked controversy, with critics questioning the impact on crypto's ownership principles. Despite concerns, current quantum computers like Google's Willow chip still lack the processing power to break Bitcoin's encryption. Experts emphasize the need for proactive measures, such as developing quantum-resistant algorithms to safeguard cryptocurrencies against future threats.